Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the target of a significant decrease in short interest in October. As of October 13th, there was short interest totalling 30,890,447 shares, a decrease of 18.5% from the September 29th total of 37,900,841 shares. Based on an average daily trading 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.
A number of research firms have recently issued reports on CVE. Zacks Investment Research lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Wednesday. Canaccord Genuity reaffirmed a “buy” rating and set a $15.50 target price on shares of Cenovus Energy in a report on Monday, October 30th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $15.00 target price on shares of Cenovus Energy in a report on Monday, October 16th. Morgan Stanley set a $15.00 target price on shares of Cenovus Energy and gave the stock a “buy” rating in a report on Friday, October 13th. Finally, BidaskClub lowered shares of Cenovus Energy from a “hold” rating to a “sell” rating in a report on Thursday, August 17th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company. Cenovus Energy presently has a consensus rating of “Hold” and an average target price of $16.06.
Hedge funds have recently modified their holdings of the company. Tobam purchased a new stake in shares of Cenovus Energy during the 2nd quarter worth approximately $309,000. Capital Fund Management S.A. increased its stake in shares of Cenovus Energy by 80.2% during the 2nd quarter. Capital Fund Management S.A. now owns 933,736 shares of the oil and gas company’s stock worth $6,882,000 after purchasing an additional 415,456 shares during the last quarter. Aviva PLC increased its stake in shares of Cenovus Energy by 23.4% during the 2nd quarter. Aviva PLC now owns 639,225 shares of the oil and gas company’s stock worth $4,707,000 after purchasing an additional 121,210 shares during the last quarter. Quantitative Investment Management LLC purchased a new position in Cenovus Energy in the 2nd quarter valued at approximately $14,036,000. Finally, Legal & General Group Plc grew its stake in Cenovus Energy by 3.5% in the 2nd quarter. Legal & General Group Plc now owns 4,646,674 shares of the oil and gas company’s stock valued at $32,827,000 after buying an additional 159,075 shares in the last quarter. Institutional investors own 54.82% of the company’s stock.
Cenovus Energy (CVE) opened at $10.66 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.20 and a current ratio of 1.44. The stock has a market cap of $12.79 billion, a P/E ratio of 14.87, a PEG ratio of 4.27 and a beta of 0.62.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.039 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.16 annualized dividend and a dividend yield of 1.46%. Cenovus Energy’s payout ratio is currently 8.08%.
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Cenovus Energy Company Profile
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