Cenovus Energy Inc $CVE Stock Sold by Beverly Hills Private Wealth LLC

Beverly Hills Private Wealth LLC trimmed its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 43.4% in the 3rd quarter, Holdings Channel.com reports. The firm owned 61,125 shares of the oil and gas company’s stock after selling 46,798 shares during the period. Beverly Hills Private Wealth LLC’s holdings in Cenovus Energy were worth $1,900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of Cenovus Energy by 111.2% during the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock worth $604,107,000 after acquiring an additional 11,990,405 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Cenovus Energy by 13.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company’s stock valued at $470,118,000 after acquiring an additional 2,117,875 shares during the period. GQG Partners LLC purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at about $411,552,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Cenovus Energy in the 2nd quarter valued at about $355,752,000. Finally, TD Waterhouse Canada Inc. increased its stake in shares of Cenovus Energy by 0.3% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 9,696,020 shares of the oil and gas company’s stock valued at $305,599,000 after purchasing an additional 32,151 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Trading Up 0.0%

Shares of CVE stock opened at $27.45 on Monday. The stock’s fifty day moving average is $31.93 and its two-hundred day moving average is $27.66. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.64. The firm has a market capitalization of $49.62 billion, a P/E ratio of 8.10 and a beta of 0.38. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $34.16.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be given a C$0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, December 15th. Cenovus Energy’s dividend payout ratio is 18.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating in a research report on Tuesday, September 8th. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Raymond James Financial reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, October 14th. Finally, Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $39.00.

Cenovus Energy Company 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.