Cenovus Energy (NYSE:CVE) Sees Unusually-High Trading Volume - Here's Why

Key Points

• Cenovus Energy shares rose 1% to $33.469, while trading volume increased 13% to nearly 12 million shares.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and a $39.00 target price; UBS was the only recent firm to downgrade the stock, to “hold.”
• The company reported quarterly revenue of $14.59 billion, up 47.9% year over year, and declared a quarterly dividend of $0.22 per share, representing a 2.6% annualized yield.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE shares saw an uptick in trading volume on Monday . 11,998,907 shares were traded during mid-day trading, an increase of 13% from the previous session's volume of 10,585,173 shares.The stock last traded at $33.4690 and had previously closed at $33.11.

Analyst Ratings Changes

Several brokerages have recently issued reports on CVE. Weiss Ratings raised shares of Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a report on Sunday. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Scotiabank reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Finally, UBS Group downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

Cenovus Energy Trading Up 1.0%

The firm's 50-day simple moving average is $30.00 and its 200 day simple moving average is $27.67. The firm has a market capitalization of $61.63 billion, a price-to-earnings ratio of 12.83 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, meeting 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 analysts' expectations of $11.87 billion. During the same quarter in the previous year, the business posted $0.45 earnings per share. The business's revenue for the quarter was up 47.9% on a year-over-year basis. Equities analysts expect that Cenovus Energy Inc will post 3.57 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy's dividend payout ratio (DPR) is 24.62%.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently modified their holdings of CVE. Orion Capital Management LLC bought a new stake in shares of Cenovus Energy during the second quarter worth about $25,000. Gables Capital Management Inc. bought a new position in Cenovus Energy during the second quarter valued at $35,000. Transamerica Financial Advisors LLC increased its position in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock worth $26,000 after buying an additional 1,433 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the fourth quarter valued at $38,000. Finally, Allworth Financial LP bought a new stake in shares of Cenovus Energy in the second quarter valued at $68,000. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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