Adams Natural Resources Fund Inc. Sells 48,400 Shares of Cenovus Energy Inc. (NYSE:CVE)

Adams Natural Resources Fund Inc. reduced its stake in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 16.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 244,900 shares of the oil and gas company's stock after selling 48,400 shares during the quarter. Adams Natural Resources Fund Inc.'s holdings in Cenovus Energy were worth $4,097,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CVE. Capital International Investors raised its position in Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company's stock valued at $678,250,000 after buying an additional 23,202,018 shares during the last quarter. Boston Partners raised its position in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company's stock valued at $750,435,000 after buying an additional 8,438,979 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Cenovus Energy by 22,396.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company's stock valued at $146,054,000 after purchasing an additional 7,396,013 shares during the last quarter. 1832 Asset Management L.P. increased its position in shares of Cenovus Energy by 81.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company's stock valued at $246,507,000 after purchasing an additional 5,613,320 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Cenovus Energy by 32,791.8% during the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company's stock valued at $87,246,000 after purchasing an additional 4,426,891 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Stock Performance

Shares of CVE stock traded up $0.20 on Wednesday, hitting $16.68. 10,019,557 shares of the stock were exchanged, compared to its average volume of 8,849,981. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $30.50 billion, a PE ratio of 8.97 and a beta of 2.04. Cenovus Energy Inc. has a one year low of $14.69 and a one year high of $21.90. The firm's 50 day moving average is $17.32 and its two-hundred day moving average is $18.93.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). The firm had revenue of $10.88 billion for the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Sell-side analysts expect that Cenovus Energy Inc. will post 1.84 earnings per share for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.132 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.53 annualized dividend and a dividend yield of 3.17%. Cenovus Energy's payout ratio is 28.49%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CVE. StockNews.com raised Cenovus Energy from a "hold" rating to a "buy" rating in a research report on Monday. BMO Capital Markets decreased their target price on Cenovus Energy from $33.00 to $31.00 and set an "outperform" rating for the company in a research report on Friday, October 4th. TD Securities lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. Finally, Scotiabank decreased their target price on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a research report on Friday, July 12th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and an average price target of $30.75.

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.