Cenovus Energy Inc. (NYSE:CVE) Short Interest Up 105.1% in September

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) saw a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 27,150,000 shares, a growth of 105.1% from the August 31st total of 13,240,000 shares. Based on an average daily trading volume, of 7,380,000 shares, the days-to-cover ratio is presently 3.7 days. Currently, 2.1% of the shares of the stock are short sold.

Cenovus Energy Trading Down 4.2 %

Shares of NYSE CVE traded down $0.71 during trading on Thursday, hitting $16.29. 13,833,322 shares of the company traded hands, compared to its average volume of 9,043,169. The firm has a market capitalization of $30.23 billion, a P/E ratio of 9.05 and a beta of 2.05. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $18.25 and a 200-day moving average price of $19.39. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The firm had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. On average, equities analysts predict that Cenovus Energy will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.132 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s payout ratio is currently 29.44%.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Banque Cantonale Vaudoise purchased a new position in Cenovus Energy in the 1st quarter worth approximately $30,000. Wolff Wiese Magana LLC boosted its stake in shares of Cenovus Energy by 71.4% in the first quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV grew its holdings in Cenovus Energy by 124.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,558 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 1,417 shares in the last quarter. American National Bank purchased a new stake in Cenovus Energy during the 1st quarter worth $52,000. Finally, Lindbrook Capital LLC lifted its holdings in Cenovus Energy by 17.6% in the 1st quarter. Lindbrook Capital LLC now owns 4,240 shares of the oil and gas company’s stock worth $85,000 after buying an additional 636 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. StockNews.com cut Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Friday, July 26th. Scotiabank cut their price target on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $30.67.

Cenovus Energy Company 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.