Cenovus Energy Inc (CVE) Short Interest Update
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 29,058,293 shares, a growth of 14.0% from the October 15th total of 25,483,697 shares. Based on an average daily trading volume, of 4,659,292 shares, the days-to-cover ratio is currently 6.2 days.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. D.A. Davidson & CO. lifted its position in shares of Cenovus Energy by 10.0% in the second quarter. D.A. Davidson & CO. now owns 66,107 shares of the oil and gas company’s stock worth $686,000 after purchasing an additional 6,001 shares in the last quarter. United Services Automobile Association raised its position in 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 acquiring an additional 6,969 shares in the last quarter. Oxbow Advisors LLC raised its position in Cenovus Energy by 3.2% during the second quarter. Oxbow Advisors LLC now owns 228,160 shares of the oil and gas company’s stock valued at $2,368,000 after acquiring an additional 7,160 shares in the last quarter. Blume Capital Management Inc. raised its position in Cenovus Energy by 375.5% during the third quarter. Blume Capital Management Inc. now owns 10,181 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 8,040 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its position in Cenovus Energy by 12.8% during the third quarter. Crossmark Global Holdings Inc. now owns 77,620 shares of the oil and gas company’s stock valued at $779,000 after acquiring an additional 8,806 shares in the last quarter. 74.04% of the stock is owned by institutional investors and hedge funds.
NYSE CVE opened at $8.94 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.26 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $11.28 billion, a PE ratio of -447.00 and a beta of 0.76. Cenovus Energy has a 52-week low of $7.09 and a 52-week high of $11.48.
A number of research firms have commented on CVE. Canaccord Genuity reaffirmed a “hold” rating on shares of Cenovus Energy in a research note on Tuesday, October 16th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, September 10th. Macquarie raised shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a research report on Wednesday, August 1st. CIBC began coverage on shares of Cenovus Energy in a research report on Friday, October 5th. They issued a “sector outperform” rating for the company. Finally, TheStreet lowered shares of Cenovus Energy from a “c-” rating to a “d+” rating in a research report on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $14.33.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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