Bank of New York Mellon Corp Grows Stock Holdings in Cenovus Energy Inc $CVE

Bank of New York Mellon Corp lifted its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 12.0% during the first quarter, HoldingsChannel.com reports. The firm 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’s holdings in Cenovus Energy were worth $41,158,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in CVE. Jones Financial Companies Lllp grew its stake 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 buying an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cenovus Energy by 6.3% during 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 valued at $10,397,000 after buying 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 holdings in Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Cenovus Energy in the second quarter worth $495,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

CVE has been the subject of several analyst reports. Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Raymond James Financial downgraded shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Price Performance

NYSE CVE opened at $29.26 on Friday. Cenovus Energy Inc has a one year low of $14.31 and a one year high of $32.07. The stock has a 50-day moving average of $27.46 and a 200 day moving average of $24.77. 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 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) (TSE:CVE) last issued its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.Cenovus Energy’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 EPS. On average, sell-side analysts forecast that Cenovus Energy Inc will post 3.02 EPS for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.22 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a yield of 3.0%. Cenovus Energy’s payout ratio is presently 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.