Cenovus Energy Inc (NYSE:CVE) Short Interest Update

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was the recipient of a significant decrease in short interest during the month of June. As of June 30th, there was short interest totaling 28,673,616 shares, a decrease of 39.0% from the June 15th total of 47,034,000 shares. Approximately 1.5% of the company’s shares are sold short. Based on an average trading volume of 8,642,637 shares, the short-interest ratio is presently 3.3 days.

Cenovus Energy Trading Up 2.7%

Shares of CVE traded up $0.74 during trading hours on Friday, reaching $27.97. 5,101,385 shares of the company traded hands, compared to its average volume of 6,594,056. The company’s fifty day moving average price is $27.56 and its two-hundred day moving average price is $24.35. The company has a market capitalization of $52.03 billion, a price-to-earnings ratio of 15.37 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. Cenovus Energy has a 12 month low of $13.98 and a 12 month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion for the quarter, compared to analysts’ expectations of $9.47 billion. During the same quarter in the previous year, the company earned $0.47 earnings per share. Cenovus Energy’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts predict that Cenovus Energy will post 2.91 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.22 per share. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.20. The ex-dividend date was Monday, June 15th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.1%. Cenovus Energy’s dividend payout ratio (DPR) is currently 35.16%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Financial Management Professionals Inc. purchased a new stake in Cenovus Energy in the fourth quarter worth $25,000. Transamerica Financial Advisors LLC boosted its holdings in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,433 shares in the last quarter. NBC Securities Inc. grew its position in shares of Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy in the 4th quarter worth about $38,000. Finally, Advisory Services Network LLC bought a new position in shares of Cenovus Energy in the 3rd quarter worth about $50,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, July 7th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Finally, UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $35.25.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.