Sequoia Financial Advisors LLC Buys 6,959 Shares of Cenovus Energy Inc. (NYSE:CVE)

Sequoia Financial Advisors LLC lifted its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 37.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 25,604 shares of the oil and gas company’s stock after acquiring an additional 6,959 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Cenovus Energy were worth $426,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CVE. Wellington Management Group LLP grew its stake in shares of Cenovus Energy by 68.8% during the 1st quarter. Wellington Management Group LLP now owns 19,871,360 shares of the oil and gas company’s stock valued at $331,500,000 after acquiring an additional 8,098,474 shares during the period. Capital World Investors lifted its holdings in Cenovus Energy by 30.0% in the 1st quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock worth $474,791,000 after purchasing an additional 6,570,038 shares in the last quarter. Merewether Investment Management LP purchased a new position in Cenovus Energy in the 4th quarter worth approximately $77,489,000. Assenagon Asset Management S.A. lifted its holdings in Cenovus Energy by 9,511.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 3,303,904 shares of the oil and gas company’s stock worth $55,013,000 after purchasing an additional 3,269,531 shares in the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in Cenovus Energy by 959.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 2,784,238 shares of the oil and gas company’s stock worth $42,853,000 after purchasing an additional 2,521,360 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVE has been the topic of a number of research analyst reports. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. Morgan Stanley boosted their price target on Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a report on Friday, January 26th. Finally, StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a report on Thursday, April 11th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $26.67.

Cenovus Energy Price Performance

Shares of CVE stock opened at $20.71 on Thursday. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90. The stock’s 50-day moving average is $18.79 and its 200 day moving average is $17.99. The company has a market cap of $38.63 billion, a P/E ratio of 13.11 and a beta of 2.15. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.56 and a quick ratio of 0.91.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.04. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. The company had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter last year, the company earned $0.29 earnings per share. Research analysts predict that Cenovus Energy Inc. will post 1.77 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.1033 per share. The ex-dividend date was Thursday, March 14th. This represents a $0.41 dividend on an annualized basis and a yield of 2.00%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio (DPR) is presently 25.95%.

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.