Cenovus Energy Inc $CVE Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lessened its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 4.6% in the second quarter, Holdings Channel reports. The fund owned 849,853 shares of the oil and gas company’s stock after selling 40,802 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Cenovus Energy were worth $11,558,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CVE. Fulton Bank N.A. lifted its position in shares of Cenovus Energy by 4.4% during the second quarter. Fulton Bank N.A. now owns 19,201 shares of the oil and gas company’s stock worth $261,000 after purchasing an additional 809 shares in the last quarter. NFP Retirement Inc. boosted its position in Cenovus Energy by 2.7% in the 1st quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company’s stock valued at $480,000 after buying an additional 900 shares during the last quarter. SeaBridge Investment Advisors LLC boosted its position in Cenovus Energy by 10.0% in the 1st quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company’s stock valued at $153,000 after buying an additional 1,000 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its stake in shares of Cenovus Energy by 39.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock valued at $57,000 after acquiring an additional 1,199 shares in the last quarter. Finally, Yousif Capital Management LLC increased its position in shares of Cenovus Energy by 8.3% during the second quarter. Yousif Capital Management LLC now owns 17,539 shares of the oil and gas company’s stock worth $239,000 after acquiring an additional 1,340 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CVE. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. National Bankshares reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th. Finally, Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an “outperform” rating in a report on Friday, August 1st. Four analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $21.00.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $17.44 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $18.60. The company has a fifty day moving average price of $17.05 and a two-hundred day moving average price of $15.12. The company has a market cap of $30.79 billion, a PE ratio of 17.26 and a beta of 0.86.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company had revenue of $10.87 billion for the quarter, compared to the consensus estimate of $12.51 billion. During the same period last year, the firm posted $0.42 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Research analysts expect that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $0.80 dividend on an annualized basis and a yield of 4.6%. Cenovus Energy’s dividend payout ratio (DPR) is currently 45.90%.

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.