Cenovus Energy Inc (CVE) Short Interest Down 19.9% in January

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 24,221,836 shares, a drop of 19.9% from the January 15th total of 30,237,670 shares. Based on an average daily trading volume, of 4,132,766 shares, the days-to-cover ratio is presently 5.9 days.

Hedge funds and other institutional investors have recently modified their holdings of the company. Morgan Stanley increased its stake in Cenovus Energy by 27.7% in the third quarter. Morgan Stanley now owns 3,197,584 shares of the oil and gas company’s stock valued at $32,072,000 after purchasing an additional 694,453 shares during the last quarter. Nordea Investment Management AB bought a new position in Cenovus Energy in the 3rd quarter worth approximately $696,000. Credit Suisse AG grew its holdings in shares of Cenovus Energy by 8.6% in the 3rd quarter. Credit Suisse AG now owns 3,603,636 shares of the oil and gas company’s stock valued at $36,145,000 after buying an additional 285,779 shares during the period. Vanguard Group Inc. boosted its stake in shares of Cenovus Energy by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 28,111,158 shares of the oil and gas company’s stock worth $281,955,000 after buying an additional 711,769 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Cenovus Energy by 28.9% in the 3rd quarter. Alliancebernstein L.P. now owns 147,564 shares of the oil and gas company’s stock valued at $1,480,000 after acquiring an additional 33,114 shares during the period. 74.94% of the stock is currently owned by institutional investors and hedge funds.

A number of research analysts have commented on CVE shares. Morgan Stanley reduced their price objective on Cenovus Energy from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Tuesday, November 20th. Credit Suisse Group initiated coverage on shares of Cenovus Energy in a report on Monday, January 28th. They issued an “outperform” rating and a $15.00 price target for the company. CIBC lowered shares of Cenovus Energy from a “sector outperform” rating to a “neutral” rating in a research note on Thursday, January 31st. BMO Capital Markets reaffirmed an “average” rating and set a $13.50 price target on shares of Cenovus Energy in a report on Monday, January 7th. Finally, ValuEngine raised shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, February 5th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $12.54.

Shares of CVE stock opened at $8.34 on Thursday. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of -417.00, a P/E/G ratio of 2.84 and a beta of 0.72. Cenovus Energy has a 52 week low of $6.15 and a 52 week high of $11.47. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.91 and a current ratio of 1.26.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, February 13th. The oil and gas company reported ($1.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.87). Cenovus Energy had a negative return on equity of 9.58% and a negative net margin of 3.15%. During the same quarter in the prior year, the firm posted ($0.42) EPS. Research analysts predict that Cenovus Energy will post -0.88 earnings per share for the current year.

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Cenovus Energy Company Profile

Cenovus Energy, Inc engages in gas and oil provisions. Its activities include development, production, and marketing of crude oil, natural gas liquids, and natural gas in Canada. It operates through four segments: Oil Sands, Deep Basin, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen and natural gas in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development, such as Grand Rapids and Telephone Lake.

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