Cenovus Energy Inc (NYSE:CVE) Sees Significant Growth in Short Interest

Key Points

• Cenovus Energy Inc experienced a substantial increase in short interest, rising by 323.2% in August, with a total of 86.67 million shares short sold as of August 31st.
• The company reported an earnings per share (EPS) of $0.33 for the last quarter, exceeding expectations, but revenue decreased 12.6% year-over-year.
• Cenovus Energy declared a quarterly dividend of $0.20, yielding 4.7% annually, with the ex-dividend date set for September 15th.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 86,670,000 shares, an increase of 323.2% from the August 15th total of 20,480,000 shares. Based on an average daily volume of 13,510,000 shares, the short-interest ratio is presently 6.4 days. Approximately 6.9% of the shares of the stock are short sold. Approximately 6.9% of the shares of the stock are short sold. Based on an average daily volume of 13,510,000 shares, the short-interest ratio is presently 6.4 days.

Hedge Funds Weigh In On Cenovus Energy

A number of large investors have recently added to or reduced their stakes in CVE. Ridgewood Investments LLC purchased a new position in Cenovus Energy in the 2nd quarter worth $27,000. Atlantic Union Bankshares Corp purchased a new stake in Cenovus Energy during the 2nd quarter valued at $27,000. Allworth Financial LP boosted its position in Cenovus Energy by 104.3% during 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 during the period. Bruce G. Allen Investments LLC purchased a new stake in Cenovus Energy during the 1st quarter valued at $38,000. Finally, Cromwell Holdings LLC boosted its position in Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock valued at $42,000 after buying an additional 2,808 shares during the period. Hedge funds and other institutional investors own 51.19% of the company's stock.

Cenovus Energy Trading Up 0.6%

Shares of CVE traded up $0.11 during mid-day trading on Friday, reaching $17.01. The company's stock had a trading volume of 21,078,799 shares, compared to its average volume of 12,352,403. The stock has a market cap of $30.59 billion, a PE ratio of 16.86 and a beta of 0.99. The company's fifty day moving average price is $15.25 and its two-hundred day moving average price is $13.87. Cenovus Energy has a 52 week low of $10.23 and a 52 week high of $18.61. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.14 by $0.19. The company had revenue of $10.66 billion for the quarter, compared to analysts' expectations of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm's revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 EPS. On average, analysts predict that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Cenovus Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is presently 57.43%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CVE shares. UBS Group reissued a "buy" rating on shares of Cenovus Energy in a report on Monday, August 25th. National Bankshares reissued an "outperform" rating on shares of Cenovus Energy in a report on Wednesday. Wall Street Zen raised shares of Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Jefferies Financial Group reiterated a "buy" rating on shares of Cenovus Energy in a research report on Tuesday, September 2nd. Finally, Royal Bank Of Canada lifted their target price on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $23.33.

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.

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