OneDigital Investment Advisors LLC Trims Stock Position in Cenovus Energy Inc. (NYSE:CVE)

OneDigital Investment Advisors LLC trimmed its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 2.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,279 shares of the oil and gas company’s stock after selling 1,218 shares during the period. OneDigital Investment Advisors LLC’s holdings in Cenovus Energy were worth $891,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of CVE. Vanguard Group Inc. raised its position in shares of Cenovus Energy by 2.1% in the first quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after buying an additional 1,008,341 shares in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Cenovus Energy during the 1st quarter valued at about $270,000. Clearbridge Investments LLC boosted its position in shares of Cenovus Energy by 21.6% during the 1st quarter. Clearbridge Investments LLC now owns 2,510,946 shares of the oil and gas company’s stock valued at $50,268,000 after acquiring an additional 445,826 shares during the last quarter. UniSuper Management Pty Ltd increased its position in shares of Cenovus Energy by 83.3% in the first quarter. UniSuper Management Pty Ltd now owns 19,800 shares of the oil and gas company’s stock worth $396,000 after purchasing an additional 9,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in Cenovus Energy by 5.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 236,503 shares of the oil and gas company’s stock valued at $4,740,000 after purchasing an additional 11,731 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $16.05 on Wednesday. The firm has a fifty day simple moving average of $16.73 and a two-hundred day simple moving average of $18.43. Cenovus Energy Inc. has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a market capitalization of $29.31 billion, a PE ratio of 11.07 and a beta of 2.05. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. The company had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. Cenovus Energy’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 EPS. Research analysts expect that Cenovus Energy Inc. will post 1.5 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.133 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.32%. Cenovus Energy’s dividend payout ratio (DPR) is currently 36.55%.

Analysts Set New Price Targets

Several research firms have recently weighed in on CVE. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. StockNews.com upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday. Finally, BMO Capital Markets cut their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. One analyst has rated the stock with a hold rating and six have issued a 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 $30.00.

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.