HITE Hedge Asset Management LLC Makes New $11.57 Million Investment in Cenovus Energy Inc. (NYSE:CVE)

HITE Hedge Asset Management LLC purchased a new stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 691,498 shares of the oil and gas company’s stock, valued at approximately $11,569,000. Cenovus Energy accounts for about 1.3% of HITE Hedge Asset Management LLC’s holdings, making the stock its 27th largest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Truvestments Capital LLC acquired a new stake in Cenovus Energy during the third quarter worth approximately $25,000. Blue Trust Inc. lifted its position in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after acquiring an additional 643 shares during the period. SevenBridge Financial Group LLC purchased a new position in Cenovus Energy in the third quarter worth $162,000. Finally, Everpar Advisors LLC bought a new position in shares of Cenovus Energy during the second quarter valued at about $211,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $15.74 on Tuesday. The stock has a market cap of $28.75 billion, a price-to-earnings ratio of 10.86 and a beta of 2.02. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The business’s 50-day simple moving average is $16.59 and its 200 day simple moving average is $18.14. Cenovus Energy Inc. has a 12-month low of $14.69 and a 12-month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter last year, the business posted $0.72 earnings per share. As a group, research analysts anticipate that Cenovus Energy Inc. will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 annualized dividend and a yield of 3.38%. Cenovus Energy’s dividend payout ratio is 36.55%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CVE. BMO Capital Markets dropped their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, StockNews.com cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Company Profile

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.