Paragon Capital Management Ltd Purchases Shares of 17,072 Cenovus Energy Inc $CVE

Key Points

• Paragon Capital Management Ltd has purchased 17,072 shares of Cenovus Energy Inc (NYSE:CVE), valued at approximately $232,000, during the 2nd quarter.
• Several hedge funds, including Public Employees Retirement System of Ohio and Fulton Bank N.A., have also increased their stakes in Cenovus Energy, with institutional investors owning over 51.19% of the company's stock.
• Cenovus Energy recently announced a quarterly dividend of $0.20 per share, which will be paid on September 29th, reflecting an annualized yield of 4.5%.

Paragon Capital Management Ltd bought a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 17,072 shares of the oil and gas company's stock, valued at approximately $232,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its holdings in shares of Cenovus Energy by 0.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company's stock valued at $3,653,000 after purchasing an additional 762 shares in the last quarter. Fulton Bank N.A. raised its stake in Cenovus Energy by 4.4% in the second quarter. Fulton Bank N.A. now owns 19,201 shares of the oil and gas company's stock valued at $261,000 after buying an additional 809 shares in the last quarter. NFP Retirement Inc. raised its stake in Cenovus Energy by 2.7% in the first quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company's stock valued at $480,000 after buying an additional 900 shares in the last quarter. Meridian Investment Counsel Inc. raised its stake in Cenovus Energy by 4.9% in the first quarter. Meridian Investment Counsel Inc. now owns 21,275 shares of the oil and gas company's stock valued at $296,000 after buying an additional 1,000 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC raised its stake in Cenovus Energy by 10.0% in the first quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock valued at $153,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CVE. UBS Group reissued a "buy" rating on shares of Cenovus Energy in a research report on Monday, August 25th. National Bankshares reissued an "outperform" rating on shares of Cenovus Energy in a report on Wednesday, September 10th. Royal Bank Of Canada raised their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a report on Friday, August 1st. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Cenovus Energy has an average rating of "Buy" and an average target price of $23.33.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $17.76 on Friday. The firm's fifty day simple moving average is $15.93 and its 200-day simple moving average is $14.20. The stock has a market capitalization of $31.74 billion, a price-to-earnings ratio of 17.58 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 posted its quarterly earnings data 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. The company had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. Cenovus Energy's quarterly revenue was down 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 earnings per share. As a group, equities analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.5%. The ex-dividend date is Monday, September 15th. Cenovus Energy's payout ratio is 57.43%.

About Cenovus Energy

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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