Atria Investments Inc Sells 14,453 Shares of Cenovus Energy Inc. (NYSE:CVE)

Atria Investments Inc lowered its stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 10.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 119,923 shares of the oil and gas company’s stock after selling 14,453 shares during the quarter. Atria Investments Inc’s holdings in Cenovus Energy were worth $1,817,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Assetmark Inc. grew its stake in shares of Cenovus Energy by 4.8% during the fourth quarter. Assetmark Inc. now owns 141,924 shares of the oil and gas company’s stock valued at $2,150,000 after purchasing an additional 6,562 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Cenovus Energy by 8.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,958,866 shares of the oil and gas company’s stock valued at $59,983,000 after buying an additional 305,674 shares during the period. Metis Global Partners LLC raised its position in shares of Cenovus Energy by 9.8% during the fourth quarter. Metis Global Partners LLC now owns 82,429 shares of the oil and gas company’s stock worth $1,250,000 after acquiring an additional 7,324 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Cenovus Energy during the fourth quarter valued at $182,000. Finally, K.J. Harrison & Partners Inc boosted its holdings in Cenovus Energy by 26.1% in the fourth quarter. K.J. Harrison & Partners Inc now owns 330,045 shares of the oil and gas company’s stock valued at $5,045,000 after acquiring an additional 68,300 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on CVE shares. Royal Bank of Canada dropped their price objective on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Friday, February 21st. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Finally, National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.25.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $12.49 on Tuesday. The company has a market capitalization of $22.77 billion, a price-to-earnings ratio of 10.32 and a beta of 1.99. The firm’s 50 day simple moving average is $14.67 and its 200 day simple moving average is $15.82. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a fifty-two week low of $12.07 and a fifty-two week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $11.08 billion. As a group, sell-side analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 4.06%. Cenovus Energy’s payout ratio is 40.50%.

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.