Ritholtz Wealth Management Trims Stake in Cenovus Energy Inc. (NYSE:CVE)

Ritholtz Wealth Management cut its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 10.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 16,677 shares of the oil and gas company’s stock after selling 1,893 shares during the quarter. Ritholtz Wealth Management’s holdings in Cenovus Energy were worth $279,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new position in Cenovus Energy in the first quarter valued at about $30,000. Wolff Wiese Magana LLC raised its stake in shares of Cenovus Energy by 71.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Cenovus Energy by 124.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,558 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 1,417 shares during the last quarter. American National Bank purchased a new position in shares of Cenovus Energy during the 1st quarter worth approximately $52,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in Cenovus Energy by 42.1% in the 1st 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 last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $16.99 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The company has a market cap of $31.58 billion, a price-to-earnings ratio of 9.44 and a beta of 2.04. The stock’s 50-day moving average is $17.75 and its two-hundred day moving average is $19.22. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The firm had revenue of $10.88 billion for the quarter, compared to analysts’ expectations 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 fiscal year.

Cenovus Energy Cuts Dividend

The company also recently disclosed 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 was Friday, September 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.11%. Cenovus Energy’s payout ratio is 29.44%.

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.