Cenovus Energy Inc. (NYSE:CVE) Short Interest Down 25.3% in May

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE was the target of a significant decrease in short interest during the month of May. As of May 15th, there was short interest totalling 12,770,000 shares, a decrease of 25.3% from the April 30th total of 17,100,000 shares. Based on an average daily volume of 11,960,000 shares, the days-to-cover ratio is currently 1.1 days. Currently, 1.0% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

A number of analysts recently commented on CVE shares. Veritas cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. The Goldman Sachs Group decreased their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $25.00 price target on shares of Cenovus Energy in a research note on Friday, April 11th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

Cenovus Energy Stock Performance

Shares of NYSE CVE traded down $0.07 during midday trading on Wednesday, hitting $13.51. The company's stock had a trading volume of 744,272 shares, compared to its average volume of 9,212,191. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm's fifty day moving average price is $12.59 and its 200-day moving average price is $14.00. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $20.76. The firm has a market cap of $24.61 billion, a P/E ratio of 11.10 and a beta of 0.94.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. The business had revenue of $11.15 billion during the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. During the same quarter in the prior year, the firm earned $0.62 earnings per share. On average, sell-side analysts forecast that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its holdings in shares of Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 851 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Cenovus Energy during the 1st quarter valued at $38,000. Cromwell Holdings LLC grew its stake in Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Cenovus Energy during the first quarter valued at approximately $42,000. Finally, Sierra Ocean LLC bought a new position in shares of Cenovus Energy during the 4th quarter valued at $67,000. 51.19% of the stock is currently owned by institutional investors.

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.