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

HITE Hedge Asset Management LLC bought a new position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 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 biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Cenovus Energy by 8.0% in the second 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. Cetera Advisors LLC raised its position in Cenovus Energy by 5.2% during the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company's stock valued at $327,000 after purchasing an additional 801 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Cenovus Energy by 1.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 76,940 shares of the oil and gas company's stock worth $1,287,000 after buying an additional 1,209 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Cenovus Energy by 12.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company's stock valued at $226,000 after buying an additional 1,229 shares during the period. Finally, Truvestments Capital LLC bought a new position in shares of Cenovus Energy during the third quarter valued at approximately $25,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Up 1.0 %

CVE traded up $0.16 during midday trading on Tuesday, reaching $15.90. The company's stock had a trading volume of 6,549,590 shares, compared to its average volume of 8,066,753. The stock's 50-day moving average is $16.59 and its 200-day moving average is $18.14. Cenovus Energy Inc. has a 1 year low of $14.69 and a 1 year high of $21.90. The firm has a market capitalization of $29.04 billion, a price-to-earnings ratio of 10.97 and a beta of 2.02. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion during the quarter, compared to analysts' expectations of $10.25 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The firm's quarterly revenue was down 17.9% compared to the same quarter last year. As a group, research analysts expect that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.133 per share. This is a boost from Cenovus Energy's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.35%. Cenovus Energy's dividend payout ratio is presently 36.55%.

Analysts Set New Price Targets

CVE has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, November 26th. BMO Capital Markets decreased their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Finally, TD Securities cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of "Moderate Buy" and an average target price of $30.00.

About Cenovus Energy

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.