Foundation Resource Management Inc. Buys 16,087 Shares of Cenovus Energy Inc $CVE

Key Points

• Foundation Resource Management Inc. increased its holdings in Cenovus Energy by 3.6%, acquiring an additional 16,087 shares, bringing its total stake to valued at $6,361,000.
• The firm announced a quarterly dividend of $0.20 per share to be paid on September 29th, representing a 4.7% annualized dividend yield.
• Cenovus Energy reported an EPS of $0.33 for the last quarter, exceeding estimates, but experienced a 12.6% decline in quarterly revenue year-over-year.

Foundation Resource Management Inc. increased its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 3.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 467,702 shares of the oil and gas company's stock after purchasing an additional 16,087 shares during the quarter. Foundation Resource Management Inc.'s holdings in Cenovus Energy were worth $6,361,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of CVE. Bruce G. Allen Investments LLC acquired a new stake in shares of Cenovus Energy during the 1st quarter worth about $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Cenovus Energy in the first quarter valued at approximately $42,000. Cromwell Holdings LLC raised its holdings in Cenovus Energy by 1,165.1% during the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after purchasing an additional 2,808 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Cenovus Energy by 190.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 5,988 shares of the oil and gas company's stock worth $81,000 after acquiring an additional 3,924 shares during the last quarter. Finally, Clarius Group LLC acquired a new position in Cenovus Energy in the first quarter valued at $150,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Price Performance

NYSE:CVE traded up $0.09 during mid-day trading on Monday, reaching $17.08. The stock had a trading volume of 23,611,033 shares, compared to its average volume of 16,880,758. The stock has a 50-day simple moving average of $15.65 and a two-hundred day simple moving average of $14.08. The stock has a market capitalization of $30.53 billion, a PE ratio of 16.91 and a beta of 0.99. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $18.61. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The business had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. During the same quarter in the prior year, the firm posted $0.62 earnings per share. The business's quarterly revenue was down 12.6% compared to the same quarter last year. On average, equities analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 57.43%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. National Bank Financial raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. UBS Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research note on Monday, August 25th. National Bankshares reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Jefferies Financial Group restated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Finally, Royal Bank Of Canada lifted their price objective on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $23.33.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.