ARP Americas LP Invests $510,000 in Cenovus Energy Inc (CVE) Stock
ARP Americas LP bought a new position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 55,800 shares of the oil and gas company’s stock, valued at approximately $510,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sowell Financial Services LLC acquired a new position in Cenovus Energy during the 3rd quarter worth approximately $106,000. Timber Hill LLC acquired a new position in Cenovus Energy during the 3rd quarter worth approximately $114,000. Cutler Capital Management LLC acquired a new position in Cenovus Energy during the 3rd quarter worth approximately $125,000. First Allied Advisory Services Inc. acquired a new position in Cenovus Energy during the 3rd quarter worth approximately $125,000. Finally, HighTower Advisors LLC acquired a new position in Cenovus Energy during the 2nd quarter worth approximately $130,000. Institutional investors own 75.43% of the company’s stock.
CVE has been the topic of several recent analyst reports. Canaccord Genuity reiterated a “buy” rating and set a $15.50 target price on shares of Cenovus Energy in a research report on Monday, October 30th. Zacks Investment Research cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, November 1st. Desjardins reiterated a “hold” rating on shares of Cenovus Energy in a research report on Friday, January 12th. AltaCorp Capital upgraded Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research report on Friday, February 16th. Finally, Scotiabank cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, November 15th. Six equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.42.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.45). The firm had revenue of $4 billion during the quarter, compared to analyst estimates of $3.95 billion. Cenovus Energy had a return on equity of 0.53% and a net margin of 18.92%. During the same quarter in the prior year, the company earned $0.39 EPS. analysts expect that Cenovus Energy Inc will post 0.22 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Investors of record on Thursday, March 15th will be issued a $0.0398 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.17%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is currently 9.64%.
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Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.
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