Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the target of a significant decline in short interest in October. As of October 13th, there was short interest totalling 30,890,447 shares, a decline of 18.5% from the September 29th total of 37,900,841 shares. Based on an average daily volume of 3,129,279 shares, the days-to-cover ratio is presently 9.9 days. Approximately 3.0% of the shares of the stock are short sold.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allegis Investment Advisors LLC raised its holdings in shares of Cenovus Energy by 16.9% during the 2nd quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock valued at $103,000 after buying an additional 2,016 shares in the last quarter. Cigna Investments Inc. New purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at about $110,000. FNY Partners Fund LP purchased a new position in shares of Cenovus Energy during the 1st quarter valued at about $113,000. First Commonwealth Financial Corp PA purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at about $114,000. Finally, Sciencast Management LP purchased a new position in shares of Cenovus Energy during the 2nd quarter valued at about $124,000. 54.83% of the stock is currently owned by institutional investors.

Cenovus Energy (CVE) opened at 9.66 on Monday. Cenovus Energy has a 52-week low of $6.76 and a 52-week high of $16.82. The company has a market cap of $11.87 billion, a PE ratio of 3.94 and a beta of 0.60. The firm has a 50-day moving average price of $9.62 and a 200-day moving average price of $8.77.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.24. The company 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 last year, the firm posted ($0.05) EPS. On average, analysts forecast that Cenovus Energy will post $0.50 EPS for the current year.

A number of research firms recently commented on CVE. UBS AG downgraded Cenovus Energy from a “market perform” rating to an “underperform” rating in a research note on Wednesday, July 5th. Zacks Investment Research raised Cenovus Energy from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research note on Tuesday, July 25th. BidaskClub downgraded Cenovus Energy from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. ValuEngine raised Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Raymond James Financial, Inc. downgraded Cenovus Energy from a “market perform” rating to an “underperform” rating in a research note on Wednesday, July 5th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. Cenovus Energy presently has a consensus rating of “Hold” and an average price target of $16.06.

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