Cenovus Energy Inc $CVE is Recurrent Investment Advisors LLC’s Largest Position

Recurrent Investment Advisors LLC lessened its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 8.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,799,641 shares of the oil and gas company’s stock after selling 563,875 shares during the period. Cenovus Energy makes up approximately 9.6% of Recurrent Investment Advisors LLC’s investment portfolio, making the stock its largest position. Recurrent Investment Advisors LLC’s holdings in Cenovus Energy were worth $159,605,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CVE. J.W. Cole Advisors Inc. grew its stake in Cenovus Energy by 3.9% in the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after acquiring an additional 500 shares during the last quarter. Gateway Investment Advisers LLC raised its position in Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after acquiring an additional 523 shares during the last quarter. International Assets Investment Management LLC raised its position in Cenovus Energy by 0.9% during the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after acquiring an additional 565 shares during the last quarter. OLD National Bancorp IN lifted its holdings in shares of Cenovus Energy by 5.2% in the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock valued at $334,000 after purchasing an additional 618 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its position in shares of Cenovus Energy by 24.4% in the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after purchasing an additional 649 shares during the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CVE shares. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Wall Street Zen downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Finally, Raymond James Financial cut Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research report on Wednesday, May 6th. Two investment 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 data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $35.25.

Cenovus Energy Price Performance

CVE stock opened at $27.71 on Wednesday. Cenovus Energy Inc has a 52-week low of $14.48 and a 52-week high of $32.07. The stock’s fifty day simple moving average is $27.31 and its 200-day simple moving average is $24.99. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $51.56 billion, a price-to-earnings ratio of 15.22 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results 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. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The firm had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same period in the prior year, the firm posted $0.47 earnings per share. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. Equities research analysts expect that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.22 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 annualized dividend and a yield of 3.2%. Cenovus Energy’s dividend payout ratio (DPR) is presently 35.16%.

About Cenovus Energy

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.