Cenovus Energy (NYSE:CVE) Sees Unusually-High Trading Volume – Here’s Why

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) saw strong trading volume on Monday . Approximately 11,998,907 shares changed hands during trading, an increase of 13% from the previous session’s volume of 10,585,173 shares.The stock last traded at $33.4690 and had previously closed at $33.11.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Sunday. Canadian Imperial Bank of Commerce restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. UBS Group cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Cenovus Energy Stock Up 1.0%

The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The stock has a 50 day simple moving average of $30.00 and a 200 day simple moving average of $27.67. The firm has a market capitalization of $61.63 billion, a PE ratio of 12.83 and a beta of 0.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same quarter last year, the firm earned $0.45 EPS. The company’s revenue was up 47.9% on a year-over-year basis. As a group, sell-side analysts forecast that Cenovus Energy Inc will post 3.57 earnings per share for the current year.

Cenovus Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s payout ratio is 24.62%.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds have recently added to or reduced their stakes in CVE. Jones Financial Companies Lllp raised its position in shares of Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Prudential Financial Inc. purchased a new stake in Cenovus Energy during the 2nd quarter valued at about $525,000. EverSource Wealth Advisors LLC increased its stake in Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Cenovus Energy during the 2nd quarter valued at about $495,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.