Cenovus Energy Inc. (NYSE:CVE) Sees Large Decline in Short Interest

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE was the target of a large decline in short interest during the month of April. As of April 15th, there was short interest totalling 30,910,000 shares, a decline of 15.7% from the March 31st total of 36,670,000 shares. Based on an average daily volume of 11,310,000 shares, the short-interest ratio is presently 2.7 days. Approximately 2.4% of the shares of the company are short sold.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock traded up $0.20 during trading on Tuesday, reaching $11.86. The company's stock had a trading volume of 14,871,573 shares, compared to its average volume of 8,689,689. The stock has a 50-day moving average price of $12.59 and a two-hundred day moving average price of $14.40. The stock has a market capitalization of $21.61 billion, a P/E ratio of 9.80 and a beta of 0.95. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy has a one year low of $10.23 and a one year high of $21.08.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.32 by ($0.27). The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. As a group, sell-side analysts anticipate that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.1269 per share. This represents a $0.51 annualized dividend and a dividend yield of 4.28%. The ex-dividend date was Friday, March 14th. Cenovus Energy's dividend payout ratio (DPR) is presently 40.50%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CVE shares. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Royal Bank of Canada reissued an "outperform" rating and set a $25.00 target price on shares of Cenovus Energy in a research report on Friday, April 11th. The Goldman Sachs Group reduced their price objective on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, April 30th. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. Finally, Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research report on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $25.75.

Institutional Trading of Cenovus Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Farther Finance Advisors LLC grew its position in shares of Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after buying an additional 851 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in Cenovus Energy in the first quarter worth $38,000. Cromwell Holdings LLC increased its position in shares of Cenovus Energy by 1,165.1% in 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 in the last quarter. Sierra Ocean LLC bought a new position in Cenovus Energy during the fourth quarter worth about $67,000. Finally, Blue Trust Inc. lifted its holdings in Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company's stock worth $72,000 after acquiring an additional 1,677 shares in the last quarter. 51.19% of the stock is 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.