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

HITE Hedge Asset Management LLC acquired a new position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 691,498 shares of the oil and gas company's stock, valued at approximately $11,569,000. Cenovus Energy comprises about 1.3% of HITE Hedge Asset Management LLC's portfolio, making the stock its 27th biggest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its position in shares of Cenovus Energy by 22,396.6% in the second quarter. Assenagon Asset Management S.A. now owns 7,429,036 shares of the oil and gas company's stock valued at $146,054,000 after purchasing an additional 7,396,013 shares during the period. 1832 Asset Management L.P. raised its holdings in Cenovus Energy by 81.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company's stock valued at $246,507,000 after acquiring an additional 5,613,320 shares during the period. Acadian Asset Management LLC boosted its holdings in shares of Cenovus Energy by 32,791.8% in the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company's stock worth $87,246,000 after acquiring an additional 4,426,891 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Cenovus Energy by 2,236.1% in the second quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company's stock valued at $90,608,000 after purchasing an additional 4,413,405 shares in the last quarter. Finally, Smead Capital Management Inc. grew its position in shares of Cenovus Energy by 39.3% in the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company's stock valued at $257,831,000 after purchasing an additional 4,351,960 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CVE has been the subject of several analyst reports. StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Tuesday, November 26th. BMO Capital Markets cut their price objective 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. Finally, TD Securities lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $30.00.

Cenovus Energy Price Performance

Shares of CVE stock traded up $0.16 during trading on Tuesday, hitting $15.90. The company 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 two-hundred day moving average is $18.14. The stock 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 quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc. has a 52 week low of $14.69 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) 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 the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion for the quarter, compared to analysts' expectations of $10.25 billion. During the same quarter last year, the company posted $0.72 EPS. The business's quarterly revenue was down 17.9% on a year-over-year basis. As a group, analysts predict that Cenovus Energy Inc. will post 1.48 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently announced 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. The ex-dividend date is Friday, December 13th. This represents a $0.53 annualized dividend and a yield of 3.35%. This is a positive change from Cenovus Energy's previous quarterly dividend of $0.13. 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.