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 position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 691,498 shares of the oil and gas company’s stock, valued at approximately $11,569,000. Cenovus Energy accounts for approximately 1.3% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 27th biggest holding.

Several other large investors have also made changes to their positions in CVE. Tidal Investments LLC raised its holdings in shares of Cenovus Energy by 29.4% during the first quarter. Tidal Investments LLC now owns 25,527 shares of the oil and gas company’s stock valued at $510,000 after buying an additional 5,797 shares during the last quarter. Atria Investments Inc bought a new stake in Cenovus Energy in the first quarter valued at about $1,482,000. Cetera Advisors LLC lifted its position in shares of Cenovus Energy by 5.2% during the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock worth $327,000 after purchasing an additional 801 shares in the last quarter. Foundation Resource Management Inc. lifted its holdings in Cenovus Energy by 0.8% in the second quarter. Foundation Resource Management Inc. now owns 422,918 shares of the oil and gas company’s stock valued at $8,315,000 after buying an additional 3,539 shares during the period. Finally, U.S. Capital Wealth Advisors LLC increased its position in shares of Cenovus Energy by 66.1% during the second quarter. U.S. Capital Wealth Advisors LLC now owns 344,464 shares of the oil and gas company’s stock worth $6,772,000 after acquiring an additional 137,067 shares in the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Cenovus Energy Price Performance

CVE stock opened at $15.74 on Tuesday. The firm’s fifty day moving average is $16.59 and its 200 day moving average is $18.14. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm has a market cap of $28.75 billion, a P/E ratio of 10.86 and a beta of 2.02.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data 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 business had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business’s revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 earnings per share. Research analysts predict that Cenovus Energy Inc. will post 1.48 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.133 dividend. 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%. The ex-dividend date of this dividend is Friday, December 13th. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Cenovus Energy 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.