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

Bank of New York Mellon Corp lifted its stake in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 1.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund 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.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Farther Finance Advisors LLC boosted its position in shares of Cenovus Energy by 104.9% during 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 acquiring an additional 851 shares during the last quarter. Bruce G. Allen Investments LLC purchased a new stake in Cenovus Energy during the first quarter worth about $38,000. Natixis purchased a new stake in Cenovus Energy during the fourth quarter worth about $98,000. Clarius Group LLC acquired a new stake in Cenovus Energy in the first quarter valued at approximately $150,000. Finally, Black Maple Capital Management LP acquired a new stake in Cenovus Energy in the fourth quarter valued at approximately $167,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVE has been the subject of several recent research reports. Veritas downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 14th. The Goldman Sachs Group cut their target price on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Cenovus Energy in a research note on Friday, April 11th. National Bankshares reiterated a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and an average price target of $23.00.

Cenovus Energy Trading Up 0.2%

NYSE:CVE opened at $14.07 on Friday. The company has a quick ratio of 0.84, a current ratio of 1.46 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $20.40. The firm has a market capitalization of $25.46 billion, a price-to-earnings ratio of 13.15 and a beta of 0.93. The stock has a fifty day simple moving average of $13.93 and a 200 day simple moving average of $13.74.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion for the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a return on equity of 9.56% and a net margin of 5.22%. During the same quarter in the prior year, the company earned $0.62 EPS. Sell-side analysts forecast that Cenovus Energy Inc will post 1.49 earnings per share for the current year.

Cenovus Energy Increases Dividend

The company also recently disclosed a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.20 dividend. The ex-dividend date of this dividend 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 dividend payout ratio is currently 54.21%.

Cenovus Energy Profile

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.