Short Interest in Cenovus Energy Inc (CVE) Grows By 13.4%

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 32,938,552 shares, an increase of 13.4% from the October 31st total of 29,058,293 shares. Based on an average trading volume of 4,322,534 shares, the short-interest ratio is presently 7.6 days.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blume Capital Management Inc. increased its position in shares of Cenovus Energy by 375.5% during the third quarter. Blume Capital Management Inc. now owns 10,181 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 8,040 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Cenovus Energy in the second quarter worth about $223,000. United Services Automobile Association grew its holdings in Cenovus Energy by 46.5% in the second quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock worth $228,000 after purchasing an additional 6,969 shares during the period. Natixis purchased a new stake in Cenovus Energy in the second quarter worth about $230,000. Finally, Fort Washington Investment Advisors Inc. OH purchased a new stake in Cenovus Energy in the third quarter worth about $256,000. Institutional investors own 72.94% of the company’s stock.

Shares of NYSE CVE opened at $7.38 on Monday. Cenovus Energy has a 1 year low of $6.89 and a 1 year 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. The stock has a market cap of $9.07 billion, a P/E ratio of -369.00 and a beta of 0.76.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.32). Cenovus Energy had a negative net margin of 3.15% and a negative return on equity of 9.58%. The company had revenue of $4.70 billion for the quarter, compared to analysts’ expectations of $4.44 billion. As a group, equities analysts predict that Cenovus Energy will post -0.64 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Investors of record on Friday, December 14th will be given a dividend of $0.0382 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.15 annualized dividend and a dividend yield of 2.07%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s payout ratio is currently -750.00%.

Several brokerages have recently commented on CVE. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, September 10th. ValuEngine raised shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Canaccord Genuity downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. Tudor Pickering downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Finally, Raymond James reaffirmed a “hold” rating on shares of Cenovus Energy in a research note on Thursday, November 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. Cenovus Energy presently has a consensus rating of “Hold” and a consensus price target of $12.65.

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Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

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