Cenovus Energy Inc (CVE) Short Interest Down 11.1% in August
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the recipient of a large drop in short interest during the month of August. As of August 15th, there was short interest totalling 27,177,354 shares, a drop of 11.1% from the July 31st total of 30,561,280 shares. Based on an average trading volume of 5,212,514 shares, the days-to-cover ratio is currently 5.2 days. Currently, 2.7% of the shares of the stock are sold short.
A number of analysts have recently issued reports on the company. BidaskClub upgraded Cenovus Energy from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Zacks Investment Research downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 26th. National Bank Financial assumed coverage on Cenovus Energy in a research report on Tuesday, June 27th. They set a “sector perform” rating for the company. Barclays PLC reiterated an “overweight” rating and set a $22.00 price target (up previously from $15.00) on shares of Cenovus Energy in a research report on Wednesday, July 12th. Finally, Macquarie downgraded Cenovus Energy from a “neutral” rating to an “underperform” rating in a research report on Wednesday, June 21st. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $17.39.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Airain ltd acquired a new position in Cenovus Energy during the first quarter worth approximately $224,000. TradeLink Capital LLC acquired a new position in Cenovus Energy during the first quarter worth approximately $497,000. Segantii Capital Management Ltd acquired a new position in Cenovus Energy during the first quarter worth approximately $56,319,000. British Columbia Investment Management Corp boosted its position in Cenovus Energy by 23.7% in the first quarter. British Columbia Investment Management Corp now owns 157,700 shares of the oil and gas company’s stock worth $1,336,000 after buying an additional 30,200 shares in the last quarter. Finally, Highstreet Asset Management Inc. boosted its position in Cenovus Energy by 2.3% in the first quarter. Highstreet Asset Management Inc. now owns 35,282 shares of the oil and gas company’s stock worth $399,000 after buying an additional 782 shares in the last quarter. Hedge funds and other institutional investors own 56.17% of the company’s stock.
Cenovus Energy (CVE) opened at 7.50 on Wednesday. The company’s 50 day moving average price is $7.72 and its 200-day moving average price is $9.80. Cenovus Energy has a one year low of $6.76 and a one year high of $16.82. The stock has a market capitalization of $9.22 billion, a PE ratio of 3.20 and a beta of 0.57.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.24. The business had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3.40 billion. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. During the same period in the previous year, the firm posted ($0.05) EPS. Analysts expect that Cenovus Energy will post $0.35 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.039 per share. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.16 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, September 14th. Cenovus Energy’s payout ratio is currently 8.33%.
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About Cenovus Energy
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