Cenovus Energy Inc. (NYSE:CVE) Sees Significant Growth in Short Interest

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE was the recipient of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 21,610,000 shares, a growth of 67.6% from the February 13th total of 12,890,000 shares. Currently, 1.7% of the shares of the company are sold short. Based on an average daily trading volume, of 10,310,000 shares, the days-to-cover ratio is currently 2.1 days.

Cenovus Energy Stock Performance

Shares of NYSE:CVE traded up $0.29 during trading on Wednesday, hitting $13.90. 8,217,630 shares of the stock were exchanged, compared to its average volume of 8,453,899. Cenovus Energy has a 1-year low of $12.08 and a 1-year high of $21.90. The company has a market capitalization of $25.33 billion, a price-to-earnings ratio of 11.48 and a beta of 1.99. The company's fifty day simple moving average is $14.40 and its 200-day simple moving average is $15.57. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59.

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

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Cenovus Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.1269 per share. The ex-dividend date is Friday, March 14th. This represents a $0.51 annualized dividend and a dividend yield of 3.65%. Cenovus Energy's dividend payout ratio (DPR) is presently 40.50%.

Wall Street Analyst Weigh In

CVE has been the topic of a number of research analyst reports. National Bank Financial lowered Cenovus Energy from an "outperform" rating to a "sector perform" rating in a report on Friday, February 21st. StockNews.com lowered Cenovus Energy from a "buy" rating to a "hold" rating in a report on Saturday, December 28th. Finally, Royal Bank of Canada decreased their price objective on Cenovus Energy from $26.00 to $25.00 and set an "outperform" rating on the stock in a report on Friday, February 21st. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.25.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC bought a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $25,000. Farther Finance Advisors LLC lifted 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. Sierra Ocean LLC bought a new position in shares of Cenovus Energy during the 4th quarter worth approximately $67,000. Blue Trust Inc. lifted its position in shares of Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company's stock worth $72,000 after buying an additional 1,677 shares during the period. Finally, Natixis bought a new position in Cenovus Energy in the 4th quarter valued at $98,000. Institutional investors own 51.19% of the company's stock.

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.