Cenovus Energy Inc. (NYSE:CVE) Shares Sold by DRW Securities LLC

DRW Securities LLC lessened its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 37.0% during the third quarter, Holdings Channel reports. The firm owned 39,707 shares of the oil and gas company’s stock after selling 23,282 shares during the period. DRW Securities LLC’s holdings in Cenovus Energy were worth $664,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. SVB Wealth LLC increased its stake in Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after acquiring an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after purchasing an additional 643 shares in the last quarter. Cetera Advisors LLC lifted its position in Cenovus Energy by 5.2% during the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 801 shares in the last quarter. First Hawaiian Bank lifted its position in Cenovus Energy by 1.6% during the second quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock valued at $1,362,000 after buying an additional 1,071 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Cenovus Energy by 1.6% in the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock worth $1,287,000 after acquiring an additional 1,209 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CVE shares. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. BMO Capital Markets decreased their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Finally, TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Performance

NYSE:CVE opened at $15.49 on Wednesday. The firm has a 50-day moving average of $16.72 and a two-hundred day moving average of $18.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock has a market cap of $28.29 billion, a P/E ratio of 10.64 and a beta of 2.05. Cenovus Energy Inc. has a 1-year low of $14.69 and a 1-year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same quarter last year, the firm earned $0.72 EPS. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. On average, research analysts expect that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. Cenovus Energy’s payout ratio is 36.55%.

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.