Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC decreased its holdings in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 5.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,646 shares of the oil and gas company’s stock after selling 873 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Cenovus Energy were worth $278,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position 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 buying an additional 2,651 shares during the last quarter. Nexus Investment Management ULC grew its position in Cenovus Energy by 0.9% during the 3rd quarter. Nexus Investment Management ULC now owns 1,054,350 shares of the oil and gas company’s stock worth $17,656,000 after purchasing an additional 9,000 shares in the last quarter. Creative Planning grew its position in Cenovus Energy by 9.9% during the 3rd quarter. Creative Planning now owns 321,808 shares of the oil and gas company’s stock worth $5,384,000 after purchasing an additional 29,050 shares in the last quarter. Grove Bank & Trust grew its position in Cenovus Energy by 4.7% during the 3rd quarter. Grove Bank & Trust now owns 35,271 shares of the oil and gas company’s stock worth $590,000 after purchasing an additional 1,592 shares in the last quarter. Finally, Foundation Resource Management Inc. grew its position in Cenovus Energy by 1.4% during the 3rd quarter. Foundation Resource Management Inc. now owns 428,755 shares of the oil and gas company’s stock worth $7,173,000 after purchasing an additional 5,837 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Down 1.3 %

Cenovus Energy stock opened at $16.69 on Tuesday. The company’s fifty day simple moving average is $17.41 and its 200-day simple moving average is $18.98. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc. has a 12 month low of $14.69 and a 12 month high of $21.90. The stock has a market cap of $31.02 billion, a P/E ratio of 9.27 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The company had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. As a group, sell-side analysts forecast that Cenovus Energy Inc. will post 1.84 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.132 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Friday, September 13th. Cenovus Energy’s payout ratio is presently 29.44%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CVE shares. TD Securities cut 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. Scotiabank lowered their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Finally, BMO Capital Markets lowered their price objective on shares of Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average target price of $30.75.

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.