Cenovus Energy Inc (NYSE:CVE) Shares Shorted: Short Interest Down 37.0% in September

Key Points

• Cenovus Energy’s short interest fell 37% in September to 37.6 million shares, representing 2.1% of outstanding stock and a short-interest ratio of 5.8 days.
• The company reported quarterly revenue of $14.59 billion, up 47.9% year over year, while earnings of $1.11 per share matched analyst estimates. Cenovus also pays an annualized dividend of C$0.88, yielding approximately 2.8%.
• Analysts maintain a consensus “Buy” rating, with an average price target of $39 versus the reported share price of $31.98; institutional investors own 51.19% of the stock.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE saw a large decrease in short interest during the month of September. As of September 30th, there was short interest totaling 37,556,410 shares, a decrease of 37.0% from the September 15th total of 59,607,951 shares. Currently, 2.1% of the company's stock are sold short. Based on an average daily trading volume, of 6,436,276 shares, the short-interest ratio is presently 5.8 days.

Cenovus Energy Price Performance

Shares of CVE opened at $31.98 on Friday. The firm has a market cap of $58.27 billion, a PE ratio of 12.30 and a beta of 0.46. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a fifty day simple moving average of $31.86 and a two-hundred day simple moving average of $29.05. Cenovus Energy has a 1-year low of $15.63 and a 1-year high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same period last year, the business posted $0.45 EPS. The company's revenue for the quarter was up 47.9% on a year-over-year basis. On average, equities analysts anticipate that Cenovus Energy will post 4.12 EPS for the current year.

Cenovus Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were issued a C$0.22 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. Cenovus Energy's dividend payout ratio is currently 24.62%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Orion Capital Management LLC purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at about $25,000. Versant Capital Management Inc lifted its stake in shares of Cenovus Energy by 990.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company's stock worth $34,000 after purchasing an additional 981 shares during the period. Gables Capital Management Inc. bought a new position in shares of Cenovus Energy in the 2nd quarter worth approximately $35,000. GK Wealth Management LLC purchased a new position in shares of Cenovus Energy in the third quarter worth approximately $59,000. Finally, Allworth Financial LP purchased a new position in shares of Cenovus Energy in the second quarter worth approximately $68,000. 51.19% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Weiss Ratings upgraded Cenovus Energy from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Gerdes Energy Research raised Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 target price on the stock in a research note on Wednesday, September 2nd. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a report on Sunday, October 11th. Finally, Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $39.00.

About Cenovus Energy

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

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