Recurrent Investment Advisors LLC Sells 563,875 Shares of Cenovus Energy Inc $CVE

Recurrent Investment Advisors LLC trimmed its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 8.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 5,799,641 shares of the oil and gas company’s stock after selling 563,875 shares during the period. Cenovus Energy accounts for approximately 9.6% of Recurrent Investment Advisors LLC’s portfolio, making the stock its largest position. Recurrent Investment Advisors LLC owned about 0.31% of Cenovus Energy worth $159,605,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy during the fourth quarter worth about $25,000. Transamerica Financial Advisors LLC raised its stake in Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. raised its stake in Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Cenovus Energy during the 4th quarter worth approximately $38,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CVE. Desjardins raised Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Royal Bank Of Canada increased their price target on Cenovus Energy from $45.00 to $47.00 and gave the stock an “outperform” rating in a report on Tuesday, May 19th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research report on Friday, June 26th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Finally, Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Stock Down 1.2%

CVE opened at $27.71 on Wednesday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. Cenovus Energy Inc has a 12 month low of $14.48 and a 12 month high of $32.07. The stock has a market capitalization of $51.56 billion, a P/E ratio of 15.22 and a beta of 0.34. The business has a 50 day simple moving average of $27.31 and a 200-day simple moving average of $24.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.47 earnings per share. On average, equities analysts anticipate that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Monday, June 15th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. Cenovus Energy’s payout ratio is 35.16%.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.