Wells Fargo & Company MN Has $3 Million Position in Cenovus Energy Inc. (NYSE:CVE)

Wells Fargo & Company MN lessened its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 7.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 197,946 shares of the oil and gas company’s stock after selling 14,977 shares during the quarter. Wells Fargo & Company MN’s holdings in Cenovus Energy were worth $2,999,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its holdings in Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Cenovus Energy in the fourth quarter worth about $67,000. Blue Trust Inc. raised its holdings in 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 worth $72,000 after buying an additional 1,677 shares during the period. Empirical Asset Management LLC acquired a new position in Cenovus Energy in the 4th quarter worth $174,000. Finally, SVB Wealth LLC bought a new position in shares of Cenovus Energy during the fourth quarter worth about $182,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of CVE stock opened at $11.98 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a fifty-two week low of $10.23 and a fifty-two week high of $21.58. The firm has a market cap of $21.83 billion, a P/E ratio of 9.90 and a beta of 1.46. The business’s 50 day moving average price is $13.08 and its 200-day moving average price is $14.76.

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

Cenovus Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.1269 dividend. This represents a $0.51 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend was Friday, March 14th. Cenovus Energy’s dividend payout ratio (DPR) is currently 40.50%.

Analyst Ratings Changes

Several research analysts recently commented on the company. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Royal Bank of Canada reissued an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a report on Friday, April 11th. National Bank Financial cut Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Finally, Scotiabank raised Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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.