Cenovus Energy (NYSE:CVE) Sees Unusually-High Trading Volume

Cenovus Energy Inc. (NYSE:CVEGet Rating) (TSE:CVE) shares saw an uptick in trading volume on Wednesday . 191,340 shares changed hands during mid-day trading, a decline of 97% from the previous session’s volume of 6,249,117 shares.The stock last traded at $18.17 and had previously closed at $18.35.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CVE. National Bank Financial dropped their target price on Cenovus Energy from C$41.00 to C$38.00 in a research report on Monday, July 18th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $37.00 target price on shares of Cenovus Energy in a research report on Thursday, August 11th. Finally, Scotiabank upped their target price on Cenovus Energy from C$25.00 to C$34.00 in a research 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 presently has an average rating of “Buy” and an average price target of $26.13.

Cenovus Energy Stock Performance

The firm has a 50 day moving average of $18.16 and a two-hundred day moving average of $18.61. The stock has a market cap of $32.98 billion, a P/E ratio of 10.68 and a beta of 2.30. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.14 and a current ratio of 1.73.

Cenovus Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Thursday, September 15th will be paid a dividend of $0.0814 per share. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $0.33 annualized dividend and a yield of 1.91%. Cenovus Energy’s payout ratio is 20.00%.

Institutional Trading of Cenovus Energy

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Cenovus Energy by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 40,242,035 shares of the oil and gas company’s stock valued at $671,237,000 after purchasing an additional 904,854 shares during the period. TD Asset Management Inc. boosted its stake in Cenovus Energy by 5.6% during 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 period. GQG Partners LLC bought a new stake in Cenovus Energy during the 2nd quarter valued at approximately $609,445,000. Capital World Investors raised its holdings in Cenovus Energy by 30.0% in the 1st quarter. Capital World Investors now owns 28,481,746 shares of the oil and gas company’s stock valued at $474,791,000 after acquiring an additional 6,570,038 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in Cenovus Energy by 39.6% in the 1st quarter. Mackenzie Financial Corp now owns 23,039,719 shares of the oil and gas company’s stock valued at $384,672,000 after acquiring an additional 6,540,231 shares in the last quarter. Institutional investors own 50.30% of the company’s stock.

Cenovus Energy Company Profile

(Get Rating)

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.

Featured Articles

Receive News & Ratings for Cenovus Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cenovus Energy and related companies with MarketBeat.com's FREE daily email newsletter.