Short Interest in Cenovus Energy Inc. (NYSE:CVE) Increases By 8.1%

Cenovus Energy Inc. (NYSE:CVEGet Rating) (TSE:CVE) was the recipient of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 17,390,000 shares, an increase of 8.1% from the August 15th total of 16,080,000 shares. Currently, 1.3% of the company’s stock are sold short. Based on an average daily volume of 9,510,000 shares, the short-interest ratio is presently 1.8 days.

Wall Street Analyst Weigh In

Several analysts have recently commented on CVE shares. Credit Suisse Group reiterated an “outperform” rating and set a $37.00 price objective on shares of Cenovus Energy in a report on Thursday, August 11th. National Bank Financial reduced their target price on Cenovus Energy from C$41.00 to C$38.00 in a research note on Monday, July 18th. Finally, Scotiabank upped their price objective on shares of 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, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $26.13.

Hedge Funds Weigh In On Cenovus Energy

Large investors have recently added to or reduced their stakes in the stock. CWM LLC raised its position in shares of Cenovus Energy by 239.4% during the 1st quarter. CWM LLC now owns 1,680 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,185 shares during the last quarter. Truist Financial Corp increased its position in shares of Cenovus Energy by 43.4% during the first 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. raised its stake in 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 valued at $630,136,000 after purchasing an additional 1,990,194 shares during the last quarter. Van ECK Associates Corp lifted its holdings in Cenovus Energy by 39.1% in the 1st quarter. Van ECK Associates Corp now owns 15,693 shares of the oil and gas company’s stock valued at $262,000 after purchasing an additional 4,411 shares in the last quarter. Finally, Bornite Capital Management LP acquired a new stake in Cenovus Energy during the 4th quarter worth $30,700,000. 50.30% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $18.75 on Tuesday. The firm has a market cap of $36.21 billion, a PE ratio of 11.72 and a beta of 2.30. Cenovus Energy has a twelve month low of $8.18 and a twelve month high of $24.91. The company has a quick ratio of 1.14, a current ratio of 1.73 and a debt-to-equity ratio of 0.44. The business has a 50-day moving average price of $18.08 and a 200 day moving average price of $18.61.

Cenovus Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be paid a $0.0814 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $0.33 dividend on an annualized basis and a yield of 1.74%. Cenovus Energy’s dividend payout ratio is currently 20.00%.

Cenovus Energy Company Profile

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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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