Mraz Amerine & Associates Inc. Raises Position in Cenovus Energy Inc $CVE

Key Points

• Mraz Amerine & Associates Inc. increased its stake in Cenovus Energy by 24.5% during the second quarter, owning approximately 331,398 shares valued at $4.5 million.
• Cenovus Energy reported earnings of $0.33 per share for the last quarter, surpassing estimates and showing a revenue of $10.66 billion, though down 12.6% year-over-year.
• The company recently declared a quarterly dividend of $0.20, reflecting an annualized dividend yield of 4.6% and a payout ratio of 57.43%.

Mraz Amerine & Associates Inc. lifted its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 24.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 331,398 shares of the oil and gas company's stock after acquiring an additional 65,305 shares during the quarter. Cenovus Energy accounts for approximately 0.7% of Mraz Amerine & Associates Inc.'s portfolio, making the stock its 21st largest holding. Mraz Amerine & Associates Inc.'s holdings in Cenovus Energy were worth $4,507,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CVE. Foundation Resource Management Inc. raised its stake in shares of Cenovus Energy by 3.8% during the 1st quarter. Foundation Resource Management Inc. now owns 451,615 shares of the oil and gas company's stock worth $6,282,000 after buying an additional 16,351 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in Cenovus Energy during the first quarter worth $38,000. Elevation Point Wealth Partners LLC raised its position in Cenovus Energy by 14.8% in the first quarter. Elevation Point Wealth Partners LLC now owns 24,988 shares of the oil and gas company's stock worth $348,000 after acquiring an additional 3,213 shares in the last quarter. Keystone Wealth Services LLC raised its position in Cenovus Energy by 28.6% in the first quarter. Keystone Wealth Services LLC now owns 15,408 shares of the oil and gas company's stock worth $214,000 after acquiring an additional 3,428 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its holdings in Cenovus Energy by 20.8% in the first quarter. Janney Montgomery Scott LLC now owns 54,405 shares of the oil and gas company's stock valued at $757,000 after acquiring an additional 9,376 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Stock Performance

Shares of CVE opened at $17.45 on Tuesday. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $18.61. The stock has a market cap of $31.19 billion, a P/E ratio of 17.28 and a beta of 0.92. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average of $16.24 and a two-hundred day moving average of $14.34.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $10.64 billion. During the same period last year, the company posted $0.62 EPS. The company's revenue was down 12.6% on a year-over-year basis. As a group, research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend was Monday, September 15th. Cenovus Energy's payout ratio is 57.43%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CVE. Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. National Bank Financial upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. TD Securities reiterated a "buy" rating on shares of Cenovus Energy in a research report on Tuesday, September 30th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, National Bankshares reaffirmed an "outperform" rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of "Buy" and an average price target of $23.33.

Cenovus Energy 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.

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