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

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) saw unusually-high trading volume on Monday . 11,998,907 shares traded 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 Analyst Weigh In

A number of research analysts have issued reports on CVE shares. Gerdes Energy Research raised shares of 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. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Finally, Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of “Moderate Buy” and an average price target of $39.00.

Cenovus Energy Stock Up 1.9%

The stock’s 50-day moving average price is $30.35 and its two-hundred day moving average price is $27.83. The stock has a market capitalization of $62.47 billion, a PE ratio of 13.04 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

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

Cenovus Energy Dividend Announcement

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

Institutional Trading of Cenovus Energy

Hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors grew its stake in shares of Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Cenovus Energy in the 2nd quarter worth about $423,886,000. GQG Partners LLC purchased a new position in shares of Cenovus Energy in the 2nd quarter worth about $411,552,000. Bank of America Corp DE bought a new position in Cenovus Energy in the 2nd quarter worth about $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Cenovus Energy in the 2nd quarter worth about $355,752,000. 51.19% of the stock is owned by institutional investors.

About Cenovus Energy

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.