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

Massachusetts Financial Services Co. MA grew its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 53.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,030,017 shares of the oil and gas company's stock after purchasing an additional 2,803,862 shares during the period. Massachusetts Financial Services Co. MA owned about 0.44% of Cenovus Energy worth $111,698,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Farther Finance Advisors LLC lifted its position in Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock valued at $25,000 after purchasing an additional 851 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Cenovus Energy in the first quarter worth about $38,000. Cromwell Holdings LLC increased its stake in Cenovus Energy by 1,165.1% during the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after acquiring an additional 2,808 shares during the last quarter. Natixis bought a new stake in Cenovus Energy during the fourth quarter worth approximately $98,000. Finally, Clarius Group LLC bought a new stake in Cenovus Energy during the first quarter worth approximately $150,000. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Performance

CVE traded up $0.03 during midday trading on Friday, hitting $14.07. 10,697,984 shares of the company were exchanged, compared to its average volume of 9,949,174. The company's 50 day simple moving average is $13.91 and its 200 day simple moving average is $13.75. The firm has a market capitalization of $25.46 billion, a price-to-earnings ratio of 13.15 and a beta of 0.93. The company has a current ratio of 1.46, a quick ratio of 0.84 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $20.60.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, beating analysts' consensus estimates of $0.29 by $0.03. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. The firm had revenue of $11.15 billion for the quarter, compared to analysts' expectations of $12.39 billion. During the same period last year, the firm earned $0.62 EPS. As a group, sell-side analysts predict that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The firm also recently announced a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.20 dividend. This represents a yield of 4.25%. This is a positive change from Cenovus Energy's previous dividend of $0.11. The ex-dividend date of this dividend was Friday, June 13th. Cenovus Energy's dividend payout ratio (DPR) is 54.21%.

Wall Street Analysts Forecast Growth

CVE has been the topic of a number of analyst reports. The Goldman Sachs Group cut their target price on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Royal Bank Of Canada restated an "outperform" rating and set a $25.00 target price on shares of Cenovus Energy in a report on Friday, April 11th. National Bankshares reiterated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

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.