Harmony Asset Management LLC Acquires New Holdings in Cenovus Energy Inc. (NYSE:CVE)

Harmony Asset Management LLC bought a new stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 12,400 shares of the oil and gas company’s stock, valued at approximately $244,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CVE. Atria Investments Inc bought a new stake in Cenovus Energy during the first quarter worth approximately $1,482,000. Manning & Napier Advisors LLC acquired a new position in shares of Cenovus Energy in the 2nd quarter worth $2,946,000. TD Asset Management Inc raised its position in shares of Cenovus Energy by 26.5% during the fourth quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the period. International Assets Investment Management LLC raised its position in shares of Cenovus Energy by 39.9% during the first quarter. International Assets Investment Management LLC now owns 35,767 shares of the oil and gas company’s stock worth $719,000 after purchasing an additional 10,200 shares during the period. Finally, M&G Plc lifted its holdings in shares of Cenovus Energy by 2.4% during the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock valued at $69,013,000 after purchasing an additional 82,840 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $17.11 on Monday. The firm has a market cap of $31.81 billion, a price-to-earnings ratio of 9.51 and a beta of 2.05. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $18.53 and a 200 day simple moving average of $19.44.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. As a group, sell-side analysts predict that Cenovus Energy Inc. will post 1.85 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a yield of 3.09%. The ex-dividend date is Friday, September 13th. Cenovus Energy’s payout ratio is presently 29.44%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CVE. Scotiabank cut their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. StockNews.com downgraded shares of Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 26th. Finally, Raymond James raised Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $30.67.

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.