Cenovus Energy Inc. (CVE) Sees Large Volume Increase
Shares of Cenovus Energy Inc. (NYSE:CVE) saw strong trading volume on Tuesday . 3,174,474 shares traded hands during trading, an increase of 68% from the previous session’s volume of 1,885,751 shares.The stock last traded at $14.32 and had previously closed at $14.31.
A number of equities analysts have issued reports on the company. Barclays PLC raised Cenovus Energy from an “underweight” rating to an “overweight” rating and increased their price target for the company from $20.00 to $24.00 in a research note on Wednesday, July 13th. Credit Suisse Group AG reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Sunday, July 10th. Zacks Investment Research raised Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $23.00 price target on shares of Cenovus Energy in a research note on Tuesday, June 21st. Finally, Morgan Stanley raised Cenovus Energy from an “equal weight” rating to an “overweight” rating in a research note on Monday, June 13th. Eight investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.79.
The firm has a 50-day moving average price of $14.38 and a 200-day moving average price of $13.31. The company has a market cap of $11.93 billion and a price-to-earnings ratio of 13.25.
Cenovus Energy (NYSE:CVE) last issued its quarterly earnings results on Wednesday, April 27th. The company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.37) by $0.14. During the same quarter last year, the business earned ($0.11) EPS. On average, analysts predict that Cenovus Energy Inc. will post ($1.02) EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 15th were issued a $0.0395 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.10%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date was Monday, June 13th.
Several hedge funds recently modified their holdings of the stock. Comerica Bank raised its stake 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 in the last quarter. Stevens Capital Management LP bought a new stake in shares of Cenovus Energy during the fourth quarter worth $1,074,000. State of Wisconsin Investment Board raised its stake in shares of Cenovus Energy by 52.9% in the fourth quarter. State of Wisconsin Investment Board now owns 650,308 shares of the company’s stock worth $8,193,000 after buying an additional 225,100 shares in the last quarter. Gulf International Bank UK Ltd raised its stake 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 in the last quarter. Finally, Morgan Stanley raised its stake in shares of Cenovus Energy by 136.8% in the fourth quarter. Morgan Stanley now owns 1,307,399 shares of the company’s stock worth $16,500,000 after buying an additional 755,315 shares in 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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