Atria Investments Inc Raises Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Atria Investments Inc grew its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 18.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,376 shares of the oil and gas company’s stock after purchasing an additional 21,311 shares during the period. Atria Investments Inc’s holdings in Cenovus Energy were worth $2,248,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of CVE. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Cenovus Energy during the first quarter worth about $205,000. Intech Investment Management LLC acquired a new position in shares of Cenovus Energy during the first quarter worth about $4,671,000. Vanguard Group Inc. grew its position in shares of Cenovus Energy by 2.1% during the first quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after buying an additional 1,008,341 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Cenovus Energy during the first quarter worth about $270,000. Finally, Clearbridge Investments LLC grew its position in shares of Cenovus Energy by 21.6% during the first quarter. Clearbridge Investments LLC now owns 2,510,946 shares of the oil and gas company’s stock worth $50,268,000 after buying an additional 445,826 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CVE. BMO Capital Markets lowered their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Price Performance

CVE stock opened at $15.84 on Friday. The company has a market capitalization of $28.98 billion, a P/E ratio of 10.92 and a beta of 2.05. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The business has a 50 day simple moving average of $16.77 and a 200-day simple moving average of $18.56. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company’s revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.72 earnings per share. As a group, equities analysts anticipate that Cenovus Energy Inc. will post 1.5 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed 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 is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio is presently 36.55%.

Cenovus Energy Company 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.