LPL Financial LLC Sells 8,483 Shares of Cenovus Energy Inc. (NYSE:CVE)

LPL Financial LLC decreased its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 6.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 126,187 shares of the oil and gas company’s stock after selling 8,483 shares during the quarter. LPL Financial LLC’s holdings in Cenovus Energy were worth $1,912,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CVE. Farther Finance Advisors LLC increased its stake in shares of Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Cenovus Energy during the 4th quarter valued at about $67,000. Blue Trust Inc. grew its position in shares of Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after acquiring an additional 1,677 shares during the period. Empirical Asset Management LLC purchased a new position in shares of Cenovus Energy during the 4th quarter valued at about $174,000. Finally, SVB Wealth LLC bought a new stake in shares of Cenovus Energy during the 4th quarter valued at $182,000. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research note on Friday, April 11th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Finally, StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $29.00.

Cenovus Energy Price Performance

NYSE CVE opened at $11.30 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a 1 year low of $10.23 and a 1 year high of $21.58. The company has a market cap of $20.61 billion, a price-to-earnings ratio of 9.34 and a beta of 1.46. The stock’s fifty day moving average price is $13.47 and its 200 day moving average price is $14.97.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.1269 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 4.49%. Cenovus Energy’s dividend payout ratio is currently 40.50%.

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.