Bank of New York Mellon Corp Takes $39.85 Million Position in Cenovus Energy Inc $CVE

Key Points

• Bank of New York Mellon acquired 1.61 million Cenovus Energy shares worth approximately $39.85 million, representing a 0.09% stake. Institutional investors collectively own 51.19% of the company.
• Cenovus reported quarterly earnings of $1.11 per share, matching estimates, while revenue surged 47.9% year over year to $14.59 billion. The stock opened at $31.60, near its 52-week high of $33.40.
• The company declared a quarterly dividend of $0.22 per share, equivalent to an annualized yield of 2.8%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $36.25.

Bank of New York Mellon Corp acquired a new stake in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,606,423 shares of the oil and gas company's stock, valued at approximately $39,855,000. Bank of New York Mellon Corp owned 0.09% of Cenovus Energy as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Transamerica Financial Advisors LLC boosted its position in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 1,433 shares in the last quarter. NBC Securities Inc. increased its position in shares of Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock valued at $28,000 after buying an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Cenovus Energy during the 4th quarter worth $38,000. Advisory Services Network LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth $50,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after buying an additional 1,384 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Stock Performance

NYSE:CVE opened at $31.60 on Friday. Cenovus Energy Inc has a 1-year low of $15.63 and a 1-year high of $33.40. The firm has a 50-day moving average of $28.40 and a two-hundred day moving average of $26.87. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The stock has a market cap of $58.44 billion, a P/E ratio of 12.15 and a beta of 0.34.

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, hitting the consensus estimate of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company's revenue was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.45 EPS. On average, research analysts expect that Cenovus Energy Inc will post 3.2 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy's dividend payout ratio is presently 24.62%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CVE shares. Wall Street Zen upgraded shares of Cenovus Energy from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of Cenovus Energy in a report on Thursday. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Zacks Research cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. Finally, Raymond James Financial downgraded Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy 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.

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