Cenovus Energy Target of Unusually Large Options Trading (NYSE:CVE)

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the recipient of some unusual options trading on Friday. Stock traders acquired 148,681 call options on the stock. This represents an increase of 2,196% compared to the average daily volume of 6,475 call options.

Analysts Set New Price Targets

Several research analysts recently weighed in on CVE shares. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. National Bank Financial upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. Finally, BMO Capital Markets set a $29.00 price target on shares of Cenovus Energy in a research note on Monday, November 17th. Four investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average price target of $25.67.

Cenovus Energy Trading Up 1.8%

Shares of Cenovus Energy stock opened at $18.04 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. The firm has a fifty day moving average price of $17.52 and a 200 day moving average price of $16.02. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $18.75. The stock has a market cap of $34.09 billion, a PE ratio of 14.78 and a beta of 0.52.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.40 by $0.12. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The firm had revenue of $10.87 billion for the quarter, compared to analyst estimates of $12.51 billion. During the same period last year, the company earned $0.42 earnings per share. Cenovus Energy’s revenue for the quarter was down 7.0% compared to the same quarter last year. Equities research analysts predict that Cenovus Energy will post 1.49 earnings per share for the current year.

Cenovus Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Monday, December 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 47.54%.

Hedge Funds Weigh In On Cenovus Energy

Large investors have recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Cenovus Energy in the second quarter valued at approximately $27,000. Ridgewood Investments LLC acquired a new position in Cenovus Energy during the second quarter worth $27,000. Allworth Financial LP grew its holdings in Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,168 shares in the last quarter. Advisory Services Network LLC purchased a new stake in Cenovus Energy in the 3rd quarter valued at $50,000. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Cenovus Energy in the 1st quarter worth $42,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

About Cenovus Energy

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.