Cenovus Energy Inc. (CVE) Sees Large Volume Increase
Shares of Cenovus Energy Inc. (NYSE:CVE) saw an uptick in trading volume on Friday . 1,489,372 shares traded hands during trading, a decline of 16% from the previous session’s volume of 1,770,953 shares.The stock last traded at $13.87 and had previously closed at $13.29.
CVE has been the subject of several research analyst reports. Goldman Sachs Group Inc. restated a “conviction-buy” rating on shares of Cenovus Energy in a report on Wednesday, June 8th. National Bank Financial restated an “outperform” rating and set a $22.00 price target (up previously from $19.00) on shares of Cenovus Energy in a report on Sunday, May 1st. TD Securities restated a “buy” rating and set a $22.00 price target (up previously from $21.00) on shares of Cenovus Energy in a report on Sunday, May 1st. Barclays PLC restated an “underweight” rating and set a $20.00 price target (up previously from $19.00) on shares of Cenovus Energy in a report on Sunday, May 1st. Finally, Zacks Investment Research cut Cenovus Energy from a “hold” rating to a “sell” rating in a report on Thursday, April 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Cenovus Energy presently has a consensus rating of “Hold” and a consensus price target of $20.50.
The stock’s 50-day moving average price is $14.54 and its 200-day moving average price is $13.24. The firm has a market capitalization of $11.55 billion and a P/E ratio of 12.86.
Cenovus Energy (NYSE:CVE) last announced its earnings results on Wednesday, April 27th. The company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.37) by $0.14. During the same quarter last year, the business earned ($0.11) earnings per share. On average, equities analysts expect that Cenovus Energy Inc. will post ($1.05) earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th were issued a dividend of $0.0395 per share. The ex-dividend date of this dividend was Monday, June 13th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.14%.
Several institutional investors have recently made changes to their positions in CVE. Trexquant Investment LP purchased a new position in shares of Cenovus Energy during the fourth quarter worth approximately $1,054,000. Stevens Capital Management LP purchased a new position in shares of Cenovus Energy during the fourth quarter worth approximately $1,074,000. Comerica Bank boosted its position in shares of Cenovus Energy by 11.4% in the fourth quarter. Comerica Bank now owns 92,626 shares of the company’s stock worth $1,080,000 after buying an additional 9,447 shares during the last quarter. Korea Investment CORP boosted its position in shares of Cenovus Energy by 2.2% in the fourth quarter. Korea Investment CORP now owns 198,800 shares of the company’s stock worth $2,504,000 after buying an additional 4,300 shares during the last quarter. Finally, Gulf International Bank UK Ltd boosted its position in shares of Cenovus Energy by 0.6% in the fourth quarter. Gulf International Bank UK Ltd now owns 256,704 shares of the company’s stock worth $3,249,000 after buying an additional 1,600 shares during the last quarter.
Cenovus Energy Inc (Cenovus) is an integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NGLs) and natural gas in Canada with marketing activities and refining operations in the United States. The Company’s segments include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.
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