Short Interest in Cenovus Energy Inc. (NYSE:CVE) Expands By 6.9%

Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 13,240,000 shares, a growth of 6.9% from the August 15th total of 12,390,000 shares. Based on an average daily trading volume, of 7,080,000 shares, the short-interest ratio is presently 1.9 days. Currently, 1.0% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

CVE has been the topic of several research reports. StockNews.com downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 26th. Raymond James raised Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. Finally, Scotiabank decreased their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $30.67.

Institutional Investors Weigh In On Cenovus Energy

A number of large investors have recently modified their holdings of the business. Truist Financial Corp boosted its holdings in shares of Cenovus Energy by 5.4% in the 2nd quarter. Truist Financial Corp now owns 82,313 shares of the oil and gas company’s stock valued at $1,618,000 after purchasing an additional 4,208 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares in the last quarter. Creative Planning lifted its stake in shares of Cenovus Energy by 8.1% in the 2nd quarter. Creative Planning now owns 292,758 shares of the oil and gas company’s stock valued at $5,756,000 after acquiring an additional 21,991 shares during the last quarter. SkyView Investment Advisors LLC lifted its stake in shares of Cenovus Energy by 13.2% in the 2nd quarter. SkyView Investment Advisors LLC now owns 41,510 shares of the oil and gas company’s stock valued at $816,000 after acquiring an additional 4,830 shares during the last quarter. Finally, Ninepoint Partners LP lifted its stake in shares of Cenovus Energy by 19.0% in the 2nd quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after acquiring an additional 1,200,000 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

NYSE:CVE traded down $0.09 during trading hours on Wednesday, reaching $16.63. 8,617,301 shares of the company were exchanged, compared to its average volume of 9,053,849. The company has a market capitalization of $30.91 billion, a P/E ratio of 9.24 and a beta of 2.05. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The business has a 50 day moving average of $18.70 and a 200 day moving average of $19.45.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued 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 company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Research analysts forecast that Cenovus Energy will post 1.85 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.132 dividend. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, September 13th. Cenovus Energy’s dividend payout ratio is presently 29.44%.

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.