46,798 Cenovus Energy Inc $CVE Shares Sold by Beverly Hills Private Wealth LLC

Key Points

• Beverly Hills Private Wealth cut its Cenovus Energy stake by 43.4%, selling 46,798 shares in the third quarter and ending with 61,125 shares worth about $1.9 million.
• Several major institutions—including Manufacturers Life, GQG Partners and Bank of America—reported new Cenovus positions; institutional investors collectively own 51.19% of the company.
• Cenovus declared a quarterly dividend of C$0.22 per share, equivalent to an annualized yield of 3.2%. Analysts’ consensus rating was Buy, with an average target price of $39.

Beverly Hills Private Wealth LLC trimmed its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 43.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 61,125 shares of the oil and gas company's stock after selling 46,798 shares during the quarter. Beverly Hills Private Wealth LLC's holdings in Cenovus Energy were worth $1,900,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new stake in Cenovus Energy during the 2nd quarter valued at $423,886,000. GQG Partners LLC purchased a new stake in shares of Cenovus Energy in the 2nd quarter worth $411,552,000. Bank of America Corp DE bought a new position in shares of Cenovus Energy during the 2nd quarter worth $369,701,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Cenovus Energy during the 2nd quarter worth $355,752,000. Finally, Canada Pension Plan Investment Board bought a new position in shares of Cenovus Energy during the 2nd quarter worth $261,811,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $27.45 on Monday. The business's 50 day moving average price is $31.93 and its 200 day moving average price is $27.66. The firm has a market cap of $49.62 billion, a P/E ratio of 8.10 and a beta of 0.38. The company has a quick ratio of 1.16, a current ratio of 1.64 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a 52 week low of $15.63 and a 52 week high of $34.16.

Cenovus Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a C$0.22 dividend. This represents a $0.88 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Tuesday, December 15th. Cenovus Energy's dividend payout ratio is presently 18.58%.

Analyst Ratings Changes

CVE has been the subject of a number of research reports. UBS Group lowered shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Jefferies Financial Group reissued a "buy" rating on shares of Cenovus Energy in a research report on Sunday, October 18th. Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Wednesday, September 2nd. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Finally, Wall Street Zen raised shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research report on Sunday, October 11th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $39.00.

Cenovus Energy Profile

Cenovus Energy is an integrated energy company headquartered in Calgary, Alberta. Its activities include producing oil and natural gas, processing oil sands, refining crude oil and marketing energy products.

The company's upstream operations include oil sands and conventional assets in Western Canada, as well as offshore production. Its downstream business operates refineries in Canada and the United States, helping connect its production with markets for refined products.

Cenovus was created in 2009 when Encana separated its integrated oil business.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.