Bank of America Corp DE Buys New Shares in Cenovus Energy Inc $CVE

Key Points

• Bank of America acquired 14.9 million Cenovus Energy shares during the second quarter, valued at approximately $369.7 million and representing about 0.81% of the company.
• Institutional ownership stands at 51.19%, while analysts maintain a favorable outlook with a consensus “Moderate Buy” rating and a $39.00 target price.
• Cenovus reported quarterly revenue of $14.59 billion, up 47.9% year over year, and declared a quarterly dividend of $0.22 per share, equivalent to a 2.6% annualized yield.

Bank of America Corp DE purchased a new position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 14,901,286 shares of the oil and gas company's stock, valued at approximately $369,701,000. Bank of America Corp DE owned about 0.81% of Cenovus Energy at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Jupiter Topco LLC purchased a new position in Cenovus Energy in the second quarter valued at about $2,137,000. Bristol Gate Capital Partners Inc. acquired a new position in shares of Cenovus Energy during the second quarter worth approximately $486,000. Hsbc Holdings PLC bought a new position in shares of Cenovus Energy in the second quarter worth $325,000. EFG International AG acquired a new position in Cenovus Energy during the 2nd quarter valued at about $1,044,000. Finally, PDT Partners LLC bought a new stake in Cenovus Energy during the second quarter worth approximately $8,114,000. Hedge funds and other institutional investors own 51.19% of the company's stock.

Wall Street Analyst Weigh In

CVE has been the subject of a number of research reports. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Royal Bank Of Canada lifted their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 price objective on the stock in a research note on Wednesday, September 2nd. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

Cenovus Energy Trading Up 1.9%

CVE stock opened at $33.91 on Wednesday. The business has a fifty day moving average price of $30.35 and a 200 day moving average price of $27.83. The stock has a market capitalization of $62.47 billion, a price-to-earnings ratio of 13.04 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to analysts' expectations of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company's quarterly revenue was up 47.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.45 EPS. Analysts expect that Cenovus Energy Inc will post 3.57 EPS for the current fiscal year.

Cenovus Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy's payout ratio is currently 24.62%.

Cenovus Energy Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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