Creative Planning Grows Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Creative Planning raised its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 9.9% during the third quarter, Holdings Channel reports. The firm owned 321,808 shares of the oil and gas company’s stock after buying an additional 29,050 shares during the quarter. Creative Planning’s holdings in Cenovus Energy were worth $5,384,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC grew its stake in shares of Cenovus Energy by 71.4% during the first quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Cenovus Energy by 42.1% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 4,827 shares of the oil and gas company’s stock valued at $96,000 after purchasing an additional 1,429 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Cenovus Energy during the 1st quarter valued at approximately $205,000. Finally, Everpar Advisors LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $211,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on CVE shares. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. BMO Capital Markets decreased their price target on shares of Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Scotiabank decreased their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $30.75.

Cenovus Energy Price Performance

NYSE CVE opened at $16.74 on Friday. The company has a 50-day moving average price of $17.52 and a two-hundred day moving average price of $19.08. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The stock has a market cap of $31.13 billion, a price-to-earnings ratio of 9.30 and a beta of 2.04. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.13). The business had revenue of $10.88 billion during the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Analysts forecast that Cenovus Energy Inc. will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.132 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.15%. Cenovus Energy’s dividend payout ratio is 29.44%.

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.