Cenovus Energy Inc. (NYSE:CVE) Shares Sold by Laird Norton Wetherby Wealth Management LLC

Laird Norton Wetherby Wealth Management LLC decreased its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 8.4% in the 4th quarter, Holdings Channel reports. The firm owned 87,085 shares of the oil and gas company’s stock after selling 7,961 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in Cenovus Energy were worth $1,319,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. raised its position in Cenovus Energy by 105.0% during the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company’s stock worth $65,667,000 after acquiring an additional 2,221,549 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in 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 last quarter. Amundi raised its position in Cenovus Energy by 1.7% during the fourth quarter. Amundi now owns 4,678,976 shares of the oil and gas company’s stock worth $71,775,000 after acquiring an additional 77,548 shares during the last quarter. Alberta Investment Management Corp raised its position in Cenovus Energy by 10.1% during the fourth quarter. Alberta Investment Management Corp now owns 4,494,400 shares of the oil and gas company’s stock worth $68,094,000 after acquiring an additional 411,000 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Cenovus Energy during the fourth quarter worth about $3,649,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Tuesday, April 15th. National Bankshares reissued a “sector perform” rating on shares of Cenovus Energy in a research report on Friday, April 25th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research report on Wednesday, March 19th. Finally, The Goldman Sachs Group cut their price objective on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $13.96 on Wednesday. Cenovus Energy Inc. has a 1 year low of $10.23 and a 1 year high of $21.08. The firm has a 50 day moving average price of $12.62 and a 200 day moving average price of $14.27. The company has a market cap of $25.44 billion, a price-to-earnings ratio of 11.54 and a beta of 0.95. 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 (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The firm had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. During the same period in the previous year, the firm earned $0.62 earnings per share. Sell-side analysts predict that Cenovus Energy Inc. will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.1269 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 3.63%. Cenovus Energy’s payout ratio is 51.40%.

Cenovus Energy 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.