Adage Capital Partners GP L.L.C. Boosts Holdings in Cenovus Energy Inc $CVE

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Cenovus Energy Inc by 28.2%, acquiring an additional 870,000 shares, bringing their total holdings to 3,950,000 shares.
• Recent analyses show a mix of upgrades and downgrades for Cenovus Energy, with the stock achieving a consensus rating of "Buy" and an average target price of $23.33.
• Cenovus Energy announced a quarterly dividend of $0.20 per share, representing a 4.7% dividend yield for shareholders, which will be paid on September 29th.

Adage Capital Partners GP L.L.C. boosted its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 28.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,950,000 shares of the oil and gas company's stock after purchasing an additional 870,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.22% of Cenovus Energy worth $54,944,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of CVE. Northern Trust Corp increased its position in shares of Cenovus Energy by 50.0% during the fourth quarter. Northern Trust Corp now owns 946,644 shares of the oil and gas company's stock valued at $14,342,000 after acquiring an additional 315,339 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Cenovus Energy by 37.9% during the fourth quarter. Ameriprise Financial Inc. now owns 92,386 shares of the oil and gas company's stock valued at $1,400,000 after acquiring an additional 25,377 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of Cenovus Energy by 69.2% during the fourth quarter. Balyasny Asset Management L.P. now owns 453,446 shares of the oil and gas company's stock valued at $6,872,000 after acquiring an additional 185,458 shares during the last quarter. Centiva Capital LP increased its position in shares of Cenovus Energy by 153.4% during the fourth quarter. Centiva Capital LP now owns 140,505 shares of the oil and gas company's stock valued at $2,129,000 after acquiring an additional 85,052 shares during the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Cenovus Energy by 8.7% in the fourth quarter. Cetera Investment Advisers now owns 46,096 shares of the oil and gas company's stock valued at $698,000 after buying an additional 3,676 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Down 3.2%

Shares of Cenovus Energy stock traded down $0.53 during trading hours on Friday, hitting $15.95. The company had a trading volume of 13,087,844 shares, compared to its average volume of 13,236,959. The company's 50-day moving average is $15.04 and its two-hundred day moving average is $13.81. Cenovus Energy Inc has a twelve month low of $10.23 and a twelve month high of $18.61. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The company has a market cap of $28.69 billion, a P/E ratio of 15.79 and a beta of 0.99.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The firm had revenue of $10.66 billion during the quarter, compared to analysts' expectations of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. Cenovus Energy's quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.62 EPS. Analysts anticipate that Cenovus Energy Inc will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 56.44%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a research note on Sunday, August 3rd. National Bankshares raised Cenovus Energy from a "sector perform" rating to an "outperform" rating in a research note on Friday, August 22nd. Jefferies Financial Group restated a "buy" rating on shares of Cenovus Energy in a report on Tuesday. Finally, Royal Bank Of Canada lifted their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $23.33.

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.