Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Raymond James & Associates

Raymond James & Associates trimmed its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 13.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 262,480 shares of the oil and gas company’s stock after selling 41,846 shares during the quarter. Raymond James & Associates’ holdings in Cenovus Energy were worth $4,391,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CVE. Blue Trust Inc. increased its position in Cenovus Energy by 640.3% during the 3rd 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 during the period. Nexus Investment Management ULC boosted its stake in shares of Cenovus Energy by 0.9% in the third quarter. Nexus Investment Management ULC now owns 1,054,350 shares of the oil and gas company’s stock valued at $17,656,000 after buying an additional 9,000 shares in the last quarter. Creative Planning boosted its stake in shares of Cenovus Energy by 9.9% in the third quarter. Creative Planning now owns 321,808 shares of the oil and gas company’s stock valued at $5,384,000 after buying an additional 29,050 shares in the last quarter. Grove Bank & Trust grew its holdings in Cenovus Energy by 4.7% during the third quarter. Grove Bank & Trust now owns 35,271 shares of the oil and gas company’s stock worth $590,000 after acquiring an additional 1,592 shares during the period. Finally, Foundation Resource Management Inc. raised its position in Cenovus Energy by 1.4% in the third quarter. Foundation Resource Management Inc. now owns 428,755 shares of the oil and gas company’s stock worth $7,173,000 after acquiring an additional 5,837 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

NYSE:CVE opened at $15.67 on Friday. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a market capitalization of $28.67 billion, a P/E ratio of 10.81 and a beta of 2.05. 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 firm has a 50-day moving average price of $17.20 and a two-hundred day moving average price of $18.88.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.13). The company had revenue of $10.88 billion for 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, research analysts expect that Cenovus Energy Inc. will post 1.67 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.40%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s payout ratio is 36.55%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CVE. Scotiabank lowered their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Finally, BMO Capital Markets decreased their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average 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.