SVB Wealth LLC Sells 2,114 Shares of Cenovus Energy Inc. (NYSE:CVE)

SVB Wealth LLC lowered its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 9.9% in the 4th quarter, Holdings Channel reports. The firm owned 19,203 shares of the oil and gas company’s stock after selling 2,114 shares during the quarter. SVB Wealth LLC’s holdings in Cenovus Energy were worth $320,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in shares of Cenovus Energy during the third quarter valued at approximately $34,000. KB Financial Partners LLC bought a new stake in shares of Cenovus Energy during the first quarter valued at approximately $40,000. GHP Investment Advisors Inc. bought a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $43,000. CWM LLC raised its stake in shares of Cenovus Energy by 19.2% during the third 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 in the last quarter. Finally, Operose Advisors LLC bought a new stake in shares of Cenovus Energy during the third quarter valued at approximately $79,000. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $20.85 on Monday. The company has a market capitalization of $38.89 billion, a price-to-earnings ratio of 13.20 and a beta of 2.15. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90. The company has a quick ratio of 0.91, a current ratio of 1.56 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average of $18.97 and a 200 day moving average of $17.99.

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 (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The business had revenue of $9.65 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period in the previous year, the company earned $0.29 earnings per share. On average, sell-side analysts predict that Cenovus Energy Inc. will post 1.88 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.1033 dividend. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.10. This represents a $0.41 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend was Thursday, March 14th. Cenovus Energy’s payout ratio is currently 25.95%.

Analysts Set New Price Targets

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

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.