Cenovus Energy Inc $CVE Shares Acquired by Sequoia Financial Advisors LLC

Key Points

• Sequoia Financial Advisors LLC increased its holdings in Cenovus Energy by 180.1% in Q2, owning 35,223 shares valued at $479,000 as of the latest SEC filing.
• Cenovus reported $0.33 EPS for the last quarter, surpassing estimates, but saw a year-over-year revenue decrease of 12.6% to $10.66 billion.
• The company announced a quarterly dividend of $0.20 per share, reflecting an annualized yield of 4.7% with a payout ratio of 57.43%.

Sequoia Financial Advisors LLC boosted its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 180.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,223 shares of the oil and gas company's stock after purchasing an additional 22,650 shares during the quarter. Sequoia Financial Advisors LLC's holdings in Cenovus Energy were worth $479,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of CVE. Ridgewood Investments LLC purchased a new stake in shares of Cenovus Energy during the second quarter worth approximately $27,000. Cromwell Holdings LLC raised its position in Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after acquiring an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Cenovus Energy in the first quarter worth $42,000. MassMutual Private Wealth & Trust FSB raised its position in Cenovus Energy by 190.1% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 5,988 shares of the oil and gas company's stock worth $81,000 after acquiring an additional 3,924 shares in the last quarter. Finally, SeaBridge Investment Advisors LLC raised its position in Cenovus Energy by 10.0% in the first quarter. SeaBridge Investment Advisors LLC now owns 11,000 shares of the oil and gas company's stock worth $153,000 after acquiring an additional 1,000 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Shares of CVE opened at $16.97 on Tuesday. The firm has a market cap of $30.32 billion, a price-to-earnings ratio of 16.80 and a beta of 0.92. The stock has a 50 day moving average of $16.71 and a 200-day moving average of $14.60. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $18.60.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The company had revenue of $10.66 billion during the quarter, compared to analyst estimates of $10.64 billion. During the same quarter last year, the firm earned $0.62 EPS. The business's revenue was down 12.6% on a year-over-year basis. As a group, analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a dividend of $0.20 per share. The ex-dividend date was Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 4.7%. Cenovus Energy's payout ratio is currently 57.43%.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Royal Bank Of Canada increased their price objective on Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. Weiss Ratings reiterated a "hold (c-)" rating on shares of Cenovus Energy in a research report on Wednesday, October 8th. National Bankshares reissued an "outperform" rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, Raymond James Financial upgraded Cenovus Energy from an "outperform" rating to a "strong-buy" rating in a report on Thursday, October 9th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy currently has an average rating of "Buy" and a consensus price target of $23.33.

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.

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