Cenovus Energy Inc. (CVE) Sees Large Volume Increase
Cenovus Energy Inc. (NYSE:CVE) saw unusually-strong trading volume on Thursday . Approximately 1,594,984 shares traded hands during mid-day trading, an increase of 25% from the previous session’s volume of 1,276,395 shares.The stock last traded at $14.49 and had previously closed at $14.45.
Several research analysts have weighed in on CVE shares. Bank of America Corp. started coverage on shares of Cenovus Energy in a research note on Friday, August 19th. They issued a “neutral” rating and a $17.00 price objective on the stock. Scotiabank reiterated an “outperform” rating and issued a $20.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. TD Securities reiterated a “buy” rating and issued a $21.00 price objective on shares of Cenovus Energy in a research note on Sunday, July 31st. Zacks Investment Research upgraded shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 28th. Finally, Barclays PLC upgraded shares of Cenovus Energy from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $20.00 to $24.00 in a research note on Wednesday, July 13th. Seven analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $20.21.
The stock’s 50-day moving average price is $14.54 and its 200-day moving average price is $13.94. The stock has a market cap of $12.37 billion and a price-to-earnings ratio of 20.74.
Cenovus Energy (NYSE:CVE) last announced its quarterly earnings results on Thursday, July 28th. The company reported ($0.05) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.09. During the same quarter in the prior year, the business posted $0.18 earnings per share. Equities research analysts anticipate that Cenovus Energy Inc. will post ($0.58) earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 15th will be paid a $0.0378 dividend. This represents a $0.15 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date is Tuesday, September 13th.
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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