Bank of America Corp DE Has $604.11 Million Holdings in Cenovus Energy Inc $CVE

Key Points

• Bank of America more than doubled its Cenovus Energy stake in the first quarter, adding nearly 12 million shares to own 22.77 million shares valued at approximately $604.1 million.
• Cenovus reported quarterly earnings per share of $1.11, in line with estimates, while revenue surged 47.9% year over year to $14.59 billion.
• The company declared a quarterly dividend of $0.22, equivalent to an annualized $0.88 payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $36.25.

Bank of America Corp DE grew its stake in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 111.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 22,770,723 shares of the oil and gas company's stock after buying an additional 11,990,405 shares during the period. Bank of America Corp DE owned approximately 1.21% of Cenovus Energy worth $604,107,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CVE. J.W. Cole Advisors Inc. lifted its stake in Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company's stock worth $227,000 after purchasing an additional 500 shares during the period. Gateway Investment Advisers LLC increased its position in Cenovus Energy by 0.6% in the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company's stock valued at $1,590,000 after acquiring an additional 523 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Cenovus Energy by 0.9% in the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company's stock valued at $1,104,000 after purchasing an additional 565 shares in the last quarter. OLD National Bancorp IN raised its position in shares of Cenovus Energy by 5.2% during the first quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company's stock worth $334,000 after acquiring an additional 618 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in Cenovus Energy by 24.4% during the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company's stock worth $56,000 after purchasing an additional 649 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Trading Down 0.6%

Shares of Cenovus Energy stock opened at $30.14 on Friday. Cenovus Energy Inc has a 12-month low of $14.48 and a 12-month high of $32.07. The stock has a market cap of $56.07 billion, a P/E ratio of 11.59 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The business's 50 day moving average is $27.28 and its 200-day moving average is $25.22.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results 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 business 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 firm's revenue was up 47.9% on a year-over-year basis. During the same period last year, the business earned $0.45 earnings per share. Equities research analysts predict that Cenovus Energy Inc will post 2.89 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.22 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.9%. Cenovus Energy's dividend payout ratio (DPR) is currently 24.62%.

Wall Street Analysts Forecast Growth

Several analysts have commented on CVE shares. Desjardins upgraded shares of Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. Raymond James Financial cut Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research note on Wednesday, May 6th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a report on Wednesday, May 13th. Scotiabank reiterated an "outperform" rating on shares of Cenovus Energy in a report on Thursday. Finally, Weiss Ratings lowered Cenovus Energy from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $36.25.

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.

Want to see what other hedge funds are holding CVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.