Sequoia Financial Advisors LLC Sells 7,393 Shares of Cenovus Energy Inc (NYSE:CVE)

Sequoia Financial Advisors LLC lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 37.0% in the first quarter, Holdings Channel reports. The firm owned 12,573 shares of the oil and gas company’s stock after selling 7,393 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cenovus Energy were worth $175,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in CVE. Capital World Investors boosted its position in Cenovus Energy by 15.8% during the fourth quarter. Capital World Investors now owns 191,412,590 shares of the oil and gas company’s stock worth $2,901,131,000 after purchasing an additional 26,127,617 shares during the period. Dimensional Fund Advisors LP boosted its position in Cenovus Energy by 48.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 13,001,002 shares of the oil and gas company’s stock worth $196,935,000 after purchasing an additional 4,220,663 shares during the period. Toronto Dominion Bank boosted its position in Cenovus Energy by 91.7% during the fourth quarter. Toronto Dominion Bank now owns 7,233,491 shares of the oil and gas company’s stock worth $109,515,000 after purchasing an additional 3,460,311 shares during the period. Franklin Resources Inc. boosted its position in Cenovus Energy by 105.0% during the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company’s stock worth $65,667,000 after purchasing an additional 2,221,549 shares during the period. Finally, Geode Capital Management LLC boosted its position in Cenovus Energy by 29.2% during the fourth quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company’s stock worth $128,783,000 after purchasing an additional 1,873,415 shares during the period. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $14.14 on Friday. The business has a fifty day simple moving average of $13.50 and a 200 day simple moving average of $13.77. The company has a current ratio of 1.46, a quick ratio of 0.84 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $25.58 billion, a price-to-earnings ratio of 13.22 and a beta of 0.93. Cenovus Energy Inc has a one year low of $10.23 and a one year high of $20.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. The business had revenue of $11.15 billion during the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same period in the prior year, the company posted $0.62 earnings per share. Sell-side analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a $0.20 dividend. This represents a dividend yield of 4.25%. This is a positive change from Cenovus Energy’s previous dividend of $0.11. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy’s dividend payout ratio is presently 54.21%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CVE. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 14th. Royal Bank Of Canada reiterated an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a report on Friday, April 11th. Finally, The Goldman Sachs Group cut their price target on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, April 30th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.75.

Cenovus Energy Profile

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.