317,600 Shares in Cenovus Energy Inc $CVE Acquired by Hennessy Advisors Inc.

Hennessy Advisors Inc. bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 317,600 shares of the oil and gas company’s stock, valued at approximately $7,880,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. J.W. Cole Advisors Inc. raised its stake in shares of Cenovus Energy by 3.9% during the fourth 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 grew its stake in shares of Cenovus Energy by 0.6% in 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 purchasing an additional 523 shares during the last quarter. International Assets Investment Management LLC grew its stake in shares of Cenovus Energy by 0.9% in 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 purchasing an additional 565 shares during the last quarter. OLD National Bancorp IN increased its holdings in 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 during the period. Finally, Farther Finance Advisors LLC increased its holdings in 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 period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on CVE. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Desjardins raised Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $36.25.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $31.60 on Friday. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $33.40. The firm has a fifty day simple moving average of $28.40 and a 200 day simple moving average of $26.87. The company has a market capitalization of $58.44 billion, a PE ratio of 12.15 and a beta of 0.34. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The business had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business’s quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 earnings per share. On average, sell-side analysts forecast that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is currently 24.62%.

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.