Cenovus Energy Inc. (NYSE:CVE – Get Rating) (TSE:CVE) was the recipient of a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 16,080,000 shares, a decrease of 45.1% from the July 31st total of 29,290,000 shares. Approximately 1.1% of the shares of the company are short sold. Based on an average daily trading volume, of 9,950,000 shares, the short-interest ratio is presently 1.6 days.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. CWM LLC increased its position in Cenovus Energy by 239.4% during the 1st quarter. CWM LLC now owns 1,680 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,185 shares in the last quarter. Truist Financial Corp increased its holdings in shares of Cenovus Energy by 43.4% in the 1st quarter. Truist Financial Corp now owns 14,518 shares of the oil and gas company’s stock worth $242,000 after purchasing an additional 4,392 shares in the last quarter. TD Asset Management Inc. increased its holdings in shares of Cenovus Energy by 5.6% in the 1st quarter. TD Asset Management Inc. now owns 37,767,355 shares of the oil and gas company’s stock worth $630,136,000 after purchasing an additional 1,990,194 shares in the last quarter. Bornite Capital Management LP bought a new stake in shares of Cenovus Energy in the 4th quarter worth $30,700,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of Cenovus Energy in the 1st quarter worth $417,000. Institutional investors own 48.02% of the company’s stock.
Analysts Set New Price Targets
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CVE has been the topic of a number of recent research reports. National Bank Financial dropped their price target on Cenovus Energy from C$41.00 to C$38.00 in a research report on Monday, July 18th. The Goldman Sachs Group increased their price objective on Cenovus Energy from $21.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, May 20th. StockNews.com raised Cenovus Energy from a “hold” rating to a “buy” rating in a report on Friday, April 29th. Cormark dropped their price objective on Cenovus Energy from $32.00 to $26.00 in a report on Monday, May 16th. Finally, Scotiabank increased their price objective on Cenovus Energy from C$25.00 to C$34.00 in a report on Wednesday, June 8th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $26.13.
Cenovus Energy Trading Down 2.0 %
NYSE CVE opened at $19.30 on Friday. The stock has a market cap of $37.27 billion, a P/E ratio of 12.06 and a beta of 2.33. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.14 and a current ratio of 1.73. The stock has a 50 day simple moving average of $18.11 and a two-hundred day simple moving average of $18.22. Cenovus Energy has a fifty-two week low of $8.13 and a fifty-two week high of $24.91.
Cenovus Energy Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be given a dividend of $0.0814 per share. This represents a $0.33 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date is Wednesday, September 14th. Cenovus Energy’s dividend payout ratio (DPR) is presently 20.63%.
About Cenovus Energy
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments.
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