Foundation Resource Management Inc. Has $6.59 Million Holdings in Cenovus Energy Inc. (NYSE:CVE)

Foundation Resource Management Inc. increased its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 1.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 435,264 shares of the oil and gas company’s stock after buying an additional 6,509 shares during the period. Foundation Resource Management Inc.’s holdings in Cenovus Energy were worth $6,594,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Truvestments Capital LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth $25,000. Blue Trust Inc. boosted its holdings in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares during the last quarter. SevenBridge Financial Group LLC acquired a new position in Cenovus Energy during the third quarter worth $162,000. Finally, Harmony Asset Management LLC bought a new position in Cenovus Energy during the second quarter valued at about $244,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

CVE opened at $14.92 on Wednesday. Cenovus Energy Inc. has a 12-month low of $14.20 and a 12-month high of $21.90. The firm has a market capitalization of $27.23 billion, a P/E ratio of 10.29 and a beta of 2.02. The stock’s 50 day moving average price is $15.42 and its two-hundred day moving average price is $17.21. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter last year, the company posted $0.72 earnings per share. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. On average, equities analysts forecast that Cenovus Energy Inc. will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.133 per share. The ex-dividend date was Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.57%. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CVE. BMO Capital Markets decreased their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $28.00 price objective on shares of Cenovus Energy in a research note on Monday, January 6th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

About Cenovus Energy

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.