Envestnet Asset Management Inc. Trims Holdings in Cenovus Energy Inc. (NYSE:CVE)

Envestnet Asset Management Inc. reduced its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 30.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 701,673 shares of the oil and gas company’s stock after selling 301,729 shares during the period. Envestnet Asset Management Inc.’s holdings in Cenovus Energy were worth $10,630,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Grantham Mayo Van Otterloo & Co. LLC purchased a new position in Cenovus Energy in the 4th quarter valued at $3,442,000. Massachusetts Financial Services Co. MA increased its stake in shares of Cenovus Energy by 4.9% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,226,155 shares of the oil and gas company’s stock worth $79,176,000 after acquiring an additional 245,302 shares during the period. Headlands Technologies LLC purchased a new position in Cenovus Energy during the fourth quarter worth about $209,000. Geode Capital Management LLC boosted its holdings in Cenovus Energy by 29.2% in the 4th quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company’s stock valued at $128,783,000 after purchasing an additional 1,873,415 shares in the last quarter. Finally, Franklin Resources Inc. increased its position in Cenovus Energy by 105.0% during the 4th quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company’s stock worth $65,667,000 after purchasing an additional 2,221,549 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $12.12 on Friday. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $13.28 and its 200 day moving average price is $14.88. Cenovus Energy Inc. has a 52 week low of $10.23 and a 52 week high of $21.58. The stock has a market cap of $22.09 billion, a price-to-earnings ratio of 10.01 and a beta of 1.46.

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

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s payout ratio is 40.50%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CVE shares. Royal Bank of Canada restated an “outperform” rating and issued a $25.00 price target on shares of Cenovus Energy in a research note on Friday, April 11th. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. National Bank Financial downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.00.

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.