Bank of New York Mellon Corp Boosts Stock Position in Cenovus Energy Inc $CVE

Key Points

• Bank of New York Mellon increased its Cenovus Energy stake by 12% in the first quarter, buying 165,987 more shares and bringing its total holdings to 1,551,366 shares valued at about $41.2 million.
• Cenovus Energy reported strong quarterly results, with EPS of $0.61 topping estimates of $0.56 and revenue of $10.79 billion beating expectations; analysts now see about 3.02 EPS for the full year.
• The company also raised its quarterly dividend to $0.22 per share, implying an annualized yield of 3.0%, while Wall Street maintains a consensus Buy rating with a $35.25 target price.

Bank of New York Mellon Corp grew its position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 12.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,551,366 shares of the oil and gas company's stock after purchasing an additional 165,987 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.08% of Cenovus Energy worth $41,158,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Jones Financial Companies Lllp lifted its holdings in shares of Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company's stock worth $301,000 after acquiring an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company's stock worth $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Prudential Financial Inc. bought a new stake in Cenovus Energy in the second quarter worth $525,000. EverSource Wealth Advisors LLC boosted its position in Cenovus Energy by 57.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company's stock valued at $67,000 after buying an additional 1,800 shares during the period. Finally, Marshall Wace LLP purchased a new stake in Cenovus Energy during the second quarter valued at about $495,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CVE has been the subject of a number of recent research reports. Wall Street Zen lowered Cenovus Energy from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research report on Wednesday, May 13th. Weiss Ratings raised Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, July 7th. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Zacks Research lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $35.25.

Cenovus Energy Stock Down 1.5%

CVE stock opened at $29.26 on Friday. Cenovus Energy Inc has a fifty-two week low of $14.31 and a fifty-two week high of $32.07. The company has a market capitalization of $54.45 billion, a price-to-earnings ratio of 16.08 and a beta of 0.34. The business's 50 day moving average price is $27.46 and its two-hundred day moving average price is $24.77. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.00 and a current ratio of 1.57.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The company had revenue of $10.79 billion during the quarter, compared to analysts' expectations of $9.47 billion. During the same quarter last year, the business posted $0.47 EPS. The firm's revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, analysts forecast that Cenovus Energy Inc will post 3.02 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.0%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. Cenovus Energy's dividend payout ratio is currently 35.16%.

Cenovus Energy Company 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.

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