Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) saw a large drop in short interest in the month of January. As of January 31st, there was short interest totalling 24,221,836 shares, a drop of 19.9% from the January 15th total of 30,237,670 shares. Based on an average daily trading volume, of 4,132,766 shares, the short-interest ratio is currently 5.9 days.
Several brokerages have issued reports on CVE. BMO Capital Markets reaffirmed an “average” rating and issued a $13.50 target price on shares of Cenovus Energy in a report on Monday, January 7th. Scotiabank raised shares of Cenovus Energy from a “sector perform” rating to a “buy” rating in a research report on Tuesday, October 30th. TD Securities raised Cenovus Energy from a “hold” rating to a “buy” rating in a report on Monday, October 22nd. Zacks Investment Research reissued a “buy” rating and issued a $9.25 price target on shares of Cenovus Energy in a research note on Tuesday, November 13th. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, December 11th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $12.54.
A number of institutional investors and hedge funds have recently bought and sold shares of CVE. Whittier Trust Co. grew its position in Cenovus Energy by 52.8% during the 4th quarter. Whittier Trust Co. now owns 11,876 shares of the oil and gas company’s stock worth $84,000 after purchasing an additional 4,104 shares during the last quarter. Blume Capital Management Inc. grew its holdings in shares of Cenovus Energy by 21.6% during the 4th quarter. Blume Capital Management Inc. now owns 12,381 shares of the oil and gas company’s stock worth $87,000 after purchasing an additional 2,200 shares during the period. Acadian Asset Management LLC raised its position in shares of Cenovus Energy by 1,540.0% in the 4th quarter. Acadian Asset Management LLC now owns 16,400 shares of the oil and gas company’s stock valued at $115,000 after purchasing an additional 15,400 shares in the last quarter. Stevens Capital Management LP bought a new position in shares of Cenovus Energy in the fourth quarter worth $156,000. Finally, United Services Automobile Association lifted its holdings in shares of Cenovus Energy by 46.5% during the second quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 6,969 shares during the last quarter. 74.94% of the stock is owned by institutional investors.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, February 13th. The oil and gas company reported ($1.03) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.16) by ($0.87). Cenovus Energy had a negative return on equity of 9.58% and a negative net margin of 3.15%. During the same period last year, the company earned ($0.42) EPS. As a group, equities research analysts expect that Cenovus Energy will post -0.88 EPS for the current fiscal year.
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About Cenovus Energy
Cenovus Energy, Inc engages in gas and oil provisions. Its activities include development, production, and marketing of crude oil, natural gas liquids, and natural gas in Canada. It operates through four segments: Oil Sands, Deep Basin, Refining & Marketing, and Corporate & Eliminations. The Oil sands segment includes the development and production of bitumen and natural gas in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development, such as Grand Rapids and Telephone Lake.
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