Bank of New York Mellon Corp Increases Position in Cenovus Energy Inc (NYSE:CVE)

Bank of New York Mellon Corp boosted its holdings in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 1.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,184,280 shares of the oil and gas company's stock after purchasing an additional 21,281 shares during the quarter. Bank of New York Mellon Corp owned about 0.06% of Cenovus Energy worth $16,473,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Public Employees Retirement System of Ohio boosted its stake in Cenovus Energy by 0.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company's stock worth $3,653,000 after purchasing an additional 762 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Cenovus Energy by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company's stock valued at $1,614,000 after buying an additional 779 shares during the period. Farther Finance Advisors LLC raised its holdings in Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock valued at $25,000 after buying an additional 851 shares during the period. Guggenheim Capital LLC increased its stake in Cenovus Energy by 4.5% during the fourth quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company's stock worth $318,000 after purchasing an additional 908 shares during the period. Finally, Wahed Invest LLC increased its stake in Cenovus Energy by 12.5% during the fourth quarter. Wahed Invest LLC now owns 18,546 shares of the oil and gas company's stock worth $281,000 after purchasing an additional 2,057 shares during the period. Hedge funds and other institutional investors own 51.19% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CVE. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. The Goldman Sachs Group dropped their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. National Bankshares reaffirmed a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $25.00 price target on shares of Cenovus Energy in a research note on Friday, April 11th. Five equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cenovus Energy currently has an average rating of "Moderate Buy" and an average target price of $23.00.

Cenovus Energy Stock Performance

CVE stock traded up $0.27 during trading on Tuesday, reaching $14.32. 10,039,674 shares of the company's stock were exchanged, compared to its average volume of 9,992,324. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $20.40. The company has a quick ratio of 0.84, a current ratio of 1.46 and a debt-to-equity ratio of 0.25. The company's fifty day moving average price is $13.93 and its 200-day moving average price is $13.72. The firm has a market cap of $25.85 billion, a PE ratio of 13.38 and a beta of 0.93.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion for the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same period in the previous year, the firm earned $0.62 earnings per share. On average, research analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a $0.20 dividend. The ex-dividend date was Friday, June 13th. This represents a yield of 4.25%. This is an increase from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's payout ratio is 54.21%.

About Cenovus Energy

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.