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

Sequoia Financial Advisors LLC lifted its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 37.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,604 shares of the oil and gas company’s stock after purchasing 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 quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in Cenovus Energy during the 3rd quarter valued at approximately $34,000. KB Financial Partners LLC purchased a new stake in Cenovus Energy during the 1st quarter valued at approximately $40,000. CWM LLC raised its stake in Cenovus Energy by 19.2% during the 3rd quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock valued at $69,000 after acquiring an additional 537 shares during the last quarter. Operose Advisors LLC purchased a new stake in Cenovus Energy during the 3rd quarter valued at approximately $79,000. Finally, Macquarie Group Ltd. purchased a new stake in Cenovus Energy during the 2nd quarter valued at approximately $80,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CVE. Morgan Stanley upped their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Royal Bank of Canada reissued an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a research note on Friday, January 26th. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Finally, StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Thursday, April 11th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average price target of $26.67.

Cenovus Energy Stock Performance

CVE opened at $20.71 on Thursday. The stock 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. The stock’s 50 day simple moving average is $18.79 and its 200 day simple moving average is $17.99. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The business had revenue of $9.65 billion for the quarter, compared to analysts’ expectations of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same quarter in the prior year, the firm posted $0.29 EPS. As a group, equities analysts anticipate that Cenovus Energy Inc. will post 1.77 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.1033 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.41 dividend on an annualized basis and a dividend yield of 2.00%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.10. Cenovus Energy’s dividend payout ratio is currently 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.