Cenovus Energy Inc (NYSE:CVE) Short Interest Down 64.2% in September

Key Points

• Cenovus Energy saw a significant decrease in short interest of 64.2%, dropping from 123,960,000 shares to 44,390,000 shares as of September 30th.
• Following its quarterly earnings report showing $0.33 EPS against analysts' expectations of $0.14, Cenovus Energy has a current consensus rating of "Buy" with a target price of $23.33.
• The company announced a quarterly dividend of $0.20, representing an annualized dividend of $0.80 and a yield of 4.8%, with a dividend payout ratio of 57.43%.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE saw a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 44,390,000 shares, a decline of 64.2% from the September 15th total of 123,960,000 shares. Currently, 3.0% of the company's stock are short sold. Based on an average daily trading volume, of 17,620,000 shares, the short-interest ratio is currently 2.5 days. Based on an average daily trading volume, of 17,620,000 shares, the short-interest ratio is currently 2.5 days. Currently, 3.0% of the company's stock are short sold.

Cenovus Energy Stock Performance

NYSE CVE traded up $0.04 on Friday, hitting $16.78. 10,589,602 shares of the company's stock were exchanged, compared to its average volume of 25,414,084. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. The firm's 50-day moving average price is $16.67 and its two-hundred day moving average price is $14.55. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $18.60. The firm has a market cap of $29.99 billion, a price-to-earnings ratio of 16.61 and a beta of 0.92.

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

Cenovus Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 4.8%. The ex-dividend date of this dividend was Monday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 57.43%.

Analysts Set New Price Targets

Several analysts have recently weighed in on CVE shares. Raymond James Financial raised Cenovus Energy from an "outperform" rating to a "strong-buy" rating in a report on Thursday, October 9th. Jefferies Financial Group reissued a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 2nd. Wall Street Zen raised Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. National Bankshares reissued an "outperform" rating on shares of Cenovus Energy in a report on Wednesday, September 10th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Cenovus Energy in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $23.33.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Castle Rock Wealth Management LLC raised its position in shares of Cenovus Energy by 6.0% in the 3rd quarter. Castle Rock Wealth Management LLC now owns 99,749 shares of the oil and gas company's stock worth $1,669,000 after buying an additional 5,670 shares during the period. Vontobel Holding Ltd. raised its position in Cenovus Energy by 67.4% in the third quarter. Vontobel Holding Ltd. now owns 96,890 shares of the oil and gas company's stock valued at $1,645,000 after purchasing an additional 39,022 shares during the period. Foundation Resource Management Inc. raised its position in Cenovus Energy by 1.4% in the third quarter. Foundation Resource Management Inc. now owns 474,023 shares of the oil and gas company's stock valued at $8,054,000 after purchasing an additional 6,321 shares during the period. U.S. Capital Wealth Advisors LLC raised its position in Cenovus Energy by 1.7% in the third quarter. U.S. Capital Wealth Advisors LLC now owns 765,190 shares of the oil and gas company's stock valued at $13,001,000 after purchasing an additional 12,949 shares during the period. Finally, Addenda Capital Inc. raised its position in Cenovus Energy by 96.2% in the third quarter. Addenda Capital Inc. now owns 665,074 shares of the oil and gas company's stock valued at $11,300,000 after purchasing an additional 326,139 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

About Cenovus Energy

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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