Wealth Enhancement Advisory Services LLC Sells 151,289 Shares of Cenovus Energy Inc $CVE

Key Points

• Wealth Enhancement Advisory Services LLC has substantially reduced its stake in Cenovus Energy by selling 151,289 shares, leading to a remaining ownership of just 11,934 shares valued at $169,000.
• Despite Wealth Enhancement's sell-off, other large investors, such as Mackenzie Financial Corp and Vanguard Group Inc., have increased their holdings in Cenovus Energy, contributing to a significant institutional ownership rate of 51.19%.
• Cenovus Energy recently declared a quarterly dividend of $0.20 per share, reflecting a 4.6% dividend yield and a payout ratio of 57.43%.

Wealth Enhancement Advisory Services LLC lessened its stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 92.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,934 shares of the oil and gas company's stock after selling 151,289 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Cenovus Energy were worth $169,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in the business. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 56.5% in the 1st quarter. Mackenzie Financial Corp now owns 19,481,233 shares of the oil and gas company's stock valued at $270,742,000 after buying an additional 7,035,004 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Cenovus Energy by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after purchasing an additional 4,401,045 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock valued at $241,513,000 after buying an additional 4,362,384 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Cenovus Energy by 2,719.3% during the first quarter. Acadian Asset Management LLC now owns 4,141,434 shares of the oil and gas company's stock worth $57,533,000 after purchasing an additional 3,994,539 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Cenovus Energy by 40.2% in the first quarter. Invesco Ltd. now owns 11,281,543 shares of the oil and gas company's stock worth $156,926,000 after acquiring an additional 3,237,659 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $17.32 on Friday. The company's fifty day moving average is $16.44 and its 200 day moving average is $14.44. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $18.60. The stock has a market cap of $30.95 billion, a price-to-earnings ratio of 17.15 and a beta of 0.92. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24.

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

Cenovus Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date was Monday, September 15th. Cenovus Energy's dividend payout ratio is presently 57.43%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CVE. National Bank Financial raised Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, August 22nd. Raymond James Financial raised Cenovus Energy from an "outperform" rating to a "strong-buy" rating in a research note on Thursday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Tuesday, September 2nd. TD Securities reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Tuesday, September 30th. Finally, Royal Bank Of Canada boosted their price target on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $23.33.

About Cenovus Energy

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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