Cenovus Energy Inc. (NYSE:CVE) Holdings Reduced by Meridian Wealth Management LLC

Meridian Wealth Management LLC decreased its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 10.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,507 shares of the oil and gas company’s stock after selling 2,426 shares during the period. Meridian Wealth Management LLC’s holdings in Cenovus Energy were worth $326,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. First Trust Direct Indexing L.P. boosted its holdings in shares of Cenovus Energy by 22.2% in the third quarter. First Trust Direct Indexing L.P. now owns 13,879 shares of the oil and gas company’s stock valued at $232,000 after acquiring an additional 2,520 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Cenovus Energy by 5.9% in the third quarter. Van ECK Associates Corp now owns 776,070 shares of the oil and gas company’s stock valued at $12,960,000 after acquiring an additional 43,023 shares in the last quarter. Olympiad Research LP bought a new position in shares of Cenovus Energy in the third quarter valued at approximately $380,000. Washington Trust Bank bought a new position in shares of Cenovus Energy in the third quarter valued at approximately $214,000. Finally, Assetmark Inc. boosted its holdings in shares of Cenovus Energy by 12.3% in the third quarter. Assetmark Inc. now owns 135,362 shares of the oil and gas company’s stock valued at $2,265,000 after acquiring an additional 14,814 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Stock Up 0.9 %

CVE stock opened at $12.35 on Thursday. Cenovus Energy Inc. has a 12 month low of $12.07 and a 12 month high of $21.90. The firm has a market cap of $22.52 billion, a PE ratio of 10.20 and a beta of 1.99. The firm has a 50 day simple moving average of $14.85 and a 200 day simple moving average of $16.00. 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 (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.27). The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. Equities research analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.1269 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 4.11%. Cenovus Energy’s dividend payout ratio (DPR) is presently 40.50%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Royal Bank of Canada decreased their price objective on shares of Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Friday, February 21st. Finally, National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average price target of $29.25.

Cenovus Energy Profile

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.