Foundation Resource Management Inc. Raises Holdings in Cenovus Energy Inc. (NYSE:CVE)

Foundation Resource Management Inc. raised its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 6.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 384,329 shares of the oil and gas company’s stock after acquiring an additional 22,844 shares during the quarter. Foundation Resource Management Inc.’s holdings in Cenovus Energy were worth $6,526,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CVE. Quilter Plc acquired a new position in Cenovus Energy in the first quarter valued at $866,944,000. Optiver Holding B.V. acquired a new position in shares of Cenovus Energy in the 4th quarter valued at $29,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Cenovus Energy by 68.9% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,746 shares of the oil and gas company’s stock worth $30,000 after buying an additional 712 shares during the period. Sandy Spring Bank purchased a new position in shares of Cenovus Energy in the 4th quarter worth about $34,000. Finally, KB Financial Partners LLC acquired a new position in shares of Cenovus Energy in the 1st quarter valued at about $40,000. 50.01% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 0.2 %

NYSE:CVE traded down $0.05 during mid-day trading on Tuesday, reaching $20.61. The stock had a trading volume of 2,660,220 shares, compared to its average volume of 7,229,285. The stock’s 50 day simple moving average is $19.07 and its two-hundred day simple moving average is $17.69. Cenovus Energy Inc. has a 1-year low of $14.44 and a 1-year high of $22.18. The company has a market capitalization of $39.09 billion, a price-to-earnings ratio of 13.96 and a beta of 2.24. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.50 and a quick ratio of 0.86.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The business had revenue of $9.11 billion for the quarter, compared to analyst estimates of $9.69 billion. Cenovus Energy had a return on equity of 14.29% and a net margin of 6.98%. Equities analysts anticipate that Cenovus Energy Inc. will post 1.56 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.106 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. The ex-dividend date is Thursday, September 14th. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.06%. Cenovus Energy’s dividend payout ratio (DPR) is 27.70%.

Analysts Set New Price Targets

CVE has been the topic of a number of research reports. UBS Group initiated coverage on shares of Cenovus Energy in a research note on Wednesday, July 12th. They issued a “neutral” rating on the stock. StockNews.com assumed coverage on Cenovus Energy in a research report on Thursday, August 17th. They set a “hold” rating on the stock. The Goldman Sachs Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $22.00 in a research note on Tuesday, June 6th. Finally, Scotiabank raised shares of Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, September 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $31.88.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.