Massachusetts Financial Services Co. MA Increases Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Massachusetts Financial Services Co. MA raised its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 23.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,980,853 shares of the oil and gas company’s stock after purchasing an additional 952,477 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.27% of Cenovus Energy worth $83,330,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. SVB Wealth LLC boosted its position in shares of 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 valued at $394,000 after buying an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of 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 valued at $170,000 after acquiring an additional 643 shares during the last quarter. Cetera Advisors LLC grew its stake in shares of Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock worth $327,000 after acquiring an additional 801 shares during the period. First Hawaiian Bank raised its holdings in shares of 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 purchasing an additional 1,071 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Cenovus Energy by 1.6% during the third quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company’s stock valued at $1,287,000 after purchasing an additional 1,209 shares during the period. Institutional investors own 51.19% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. BMO Capital Markets reduced their price objective 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, StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Price Performance

NYSE CVE opened at $16.19 on Friday. The business’s fifty day moving average is $16.73 and its 200 day moving average is $18.35. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The company has a market capitalization of $29.57 billion, a PE ratio of 11.17 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) 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 company had revenue of $14.20 billion during the quarter, compared to the consensus estimate of $10.25 billion. During the same period in the previous year, the company posted $0.72 EPS. The firm’s revenue was down 17.9% on a year-over-year basis. Sell-side analysts predict that Cenovus Energy Inc. will post 1.5 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.133 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.29%. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is presently 36.55%.

Cenovus Energy Company 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.