Cenovus Energy (NYSE:CVE) Sees Strong Trading Volume – Here’s Why

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) saw unusually-high trading volume on Thursday . Approximately 12,968,035 shares changed hands during mid-day trading, an increase of 11% from the previous session’s volume of 11,718,900 shares.The stock last traded at $13.14 and had previously closed at $13.22.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday, February 21st. Royal Bank of Canada cut their price target on Cenovus Energy from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, February 21st. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.25.

Cenovus Energy Price Performance

The firm has a market cap of $24.58 billion, a P/E ratio of 11.14 and a beta of 1.99. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The business’s fifty day simple moving average is $14.55 and its 200-day simple moving average is $15.74.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $11.08 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. As a group, analysts forecast that Cenovus Energy Inc. will post 1.49 EPS for the current fiscal year.

Cenovus Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.1269 per share. The ex-dividend date is Friday, March 14th. This represents a $0.51 dividend on an annualized basis and a yield of 3.76%. Cenovus Energy’s dividend payout ratio is presently 40.50%.

Institutional Trading of Cenovus Energy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Truvestments Capital LLC bought a new position in Cenovus Energy during the 3rd quarter valued at about $25,000. Farther Finance Advisors LLC lifted its holdings in Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares in the last quarter. Sierra Ocean LLC purchased a new stake in Cenovus Energy in the 4th quarter worth $67,000. Blue Trust Inc. raised its stake in Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 1,677 shares during the period. Finally, Natixis purchased a new stake in Cenovus Energy in the 4th quarter worth $98,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.