Bruce G. Allen Investments LLC Makes New $38,000 Investment in Cenovus Energy Inc. (NYSE:CVE)

Bruce G. Allen Investments LLC purchased a new position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,703 shares of the oil and gas company’s stock, valued at approximately $38,000.

A number of other large investors have also recently bought and sold shares of the company. 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 purchasing an additional 16,351 shares in the last quarter. Investors Research Corp raised its stake in shares of Cenovus Energy by 8.9% during the 1st quarter. Investors Research Corp now owns 80,750 shares of the oil and gas company’s stock worth $1,123,000 after purchasing an additional 6,600 shares in the last quarter. First Hawaiian Bank raised its stake in shares of Cenovus Energy by 7.0% during the 1st quarter. First Hawaiian Bank now owns 65,385 shares of the oil and gas company’s stock worth $910,000 after purchasing an additional 4,283 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new stake in Cenovus Energy in the 4th quarter valued at $842,000. Finally, Polar Asset Management Partners Inc. raised its stake in Cenovus Energy by 79.8% in the 4th quarter. Polar Asset Management Partners Inc. now owns 125,637 shares of the oil and gas company’s stock valued at $1,903,000 after acquiring an additional 55,780 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Ratings Changes

CVE has been the topic of a number of research reports. The Goldman Sachs Group decreased their price objective on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, April 30th. National Bankshares reaffirmed a “sector perform” rating on shares of Cenovus Energy in a research note on Friday, April 25th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Finally, National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $13.73 on Tuesday. The firm has a market cap of $25.01 billion, a P/E ratio of 11.34 and a beta of 0.94. The stock’s 50 day moving average is $12.54 and its 200 day moving average is $13.91. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a one year low of $10.23 and a one year high of $20.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. During the same period in the previous year, the company posted $0.62 earnings per share. As a group, research analysts expect that Cenovus Energy Inc. will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a dividend of $0.20 per share. This is an increase from Cenovus Energy’s previous dividend of $0.11. The ex-dividend date is Friday, June 13th. This represents a dividend yield of 4.25%. Cenovus Energy’s payout ratio is currently 54.21%.

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.