Cenovus Energy Inc $CVE Stock Sold by Castle Rock Wealth Management LLC

Key Points

• Castle Rock Wealth Management cut its Cenovus Energy stake by 67.6% in the third quarter, selling 68,747 shares and retaining 32,925 shares valued at approximately $1.03 million.
• Cenovus reported quarterly EPS of $1.11, matching estimates, while revenue reached $14.59 billion—up 47.9% year over year and above the $11.87 billion consensus forecast.
• The company pays a quarterly dividend of C$0.22 per share, equivalent to an annualized yield of about 2.8%. Analysts maintain a consensus “Buy” rating with a $39 price target, compared with a recent share price of $31.36.

Castle Rock Wealth Management LLC lowered its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 67.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,925 shares of the oil and gas company's stock after selling 68,747 shares during the quarter. Castle Rock Wealth Management LLC's holdings in Cenovus Energy were worth $1,029,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in CVE. Orion Capital Management LLC acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $25,000. Versant Capital Management Inc raised its stake in shares of Cenovus Energy by 990.9% during the third quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 981 shares during the last quarter. Gables Capital Management Inc. purchased a new position in Cenovus Energy in the 2nd quarter valued at $35,000. Allworth Financial LP purchased a new position in Cenovus Energy in the 2nd quarter valued at $68,000. Finally, Global Retirement Partners LLC acquired a new position in Cenovus Energy in the 2nd quarter valued at $83,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Price Performance

CVE stock traded down $0.12 during trading on Friday, reaching $31.36. 9,561,432 shares of the company were exchanged, compared to its average volume of 10,382,263. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The stock's 50 day moving average price is $31.54 and its 200 day moving average price is $28.83. Cenovus Energy Inc has a 52-week low of $15.63 and a 52-week high of $34.16. The company has a market cap of $57.14 billion, a P/E ratio of 12.06 and a beta of 0.46.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company's revenue for the quarter was up 47.9% on a year-over-year basis. During the same period last year, the firm earned $0.45 EPS. As a group, analysts predict that Cenovus Energy Inc will post 4.04 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th were issued a dividend of C$0.22 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.8%. Cenovus Energy's payout ratio is currently 24.23%.

Analyst Upgrades and Downgrades

CVE has been the subject of several recent analyst reports. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Raymond James Financial reissued an "outperform" rating on shares of Cenovus Energy in a report on Wednesday, September 16th. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Weiss Ratings upgraded Cenovus Energy from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Finally, Wall Street Zen downgraded Cenovus Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of "Buy" and a consensus price target of $39.00.

Cenovus Energy Profile

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

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