Adams Natural Resources Fund Inc. Takes $3.88 Million Position in Cenovus Energy Inc $CVE

Adams Natural Resources Fund Inc. acquired a new stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 228,100 shares of the oil and gas company’s stock, valued at approximately $3,875,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter valued at $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Cenovus Energy in the second quarter valued at $27,000. Allworth Financial LP boosted its stake in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,168 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after acquiring an additional 1,384 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Cenovus Energy by 39.9% during the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock worth $57,000 after acquiring an additional 1,199 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CVE shares. National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 16th. BMO Capital Markets set a $29.00 price target on Cenovus Energy in a report on Monday, November 17th. Finally, Royal Bank Of Canada raised their price objective on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Four investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $27.00.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $16.23 on Wednesday. Cenovus Energy Inc has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The firm’s 50 day simple moving average is $17.41 and its 200-day simple moving average is $16.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. The company has a market cap of $30.59 billion, a P/E ratio of 13.31 and a beta of 0.49.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.40 by $0.12. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, equities research analysts predict that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is 46.72%.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.