HITE Hedge Asset Management LLC Purchases 490,938 Shares of Cenovus Energy Inc $CVE

Key Points

• HITE Hedge Asset Management LLC increased its holdings in Cenovus Energy by 66.2%, acquiring an additional 490,938 shares to reach a total of 1,232,294 shares worth approximately $17.1 million.
• Cenovus Energy recently reported earnings of $0.33 per share, surpassing analysts’ expectations, despite a 12.6% decrease in quarterly revenue year-over-year.
• The company announced a dividend increase from $0.11 to $0.20 per share, reflecting a yield of 425.0%, with a payout ratio of 57.43%.

HITE Hedge Asset Management LLC increased its holdings in Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE by 66.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,232,294 shares of the oil and gas company's stock after buying an additional 490,938 shares during the period. HITE Hedge Asset Management LLC owned 0.07% of Cenovus Energy worth $17,141,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the business. Bruce G. Allen Investments LLC purchased a new position in Cenovus Energy in the first quarter worth $38,000. Cromwell Holdings LLC lifted its stake in Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company's stock worth $42,000 after purchasing an additional 2,808 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Cenovus Energy during the 1st quarter worth approximately $42,000. Natixis bought a new stake in Cenovus Energy in the fourth quarter valued at approximately $98,000. Finally, Clarius Group LLC purchased a new stake in shares of Cenovus Energy during the first quarter valued at approximately $150,000. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Trading Down 0.6%

NYSE CVE opened at $15.04 on Monday. Cenovus Energy Inc has a 12 month low of $10.23 and a 12 month high of $20.03. The stock's fifty day moving average price is $14.45 and its 200-day moving average price is $13.69. The stock has a market cap of $27.05 billion, a P/E ratio of 14.89 and a beta of 0.97. The company has a current ratio of 1.32, a quick ratio of 0.78 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.19. The company had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The firm's quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. As a group, equities analysts forecast that Cenovus Energy Inc will post 1.49 EPS for the current fiscal year.

Cenovus Energy Increases Dividend

The business also recently announced a dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were issued a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a yield of 425.0%. This is an increase from Cenovus Energy's previous dividend of $0.11. Cenovus Energy's payout ratio is 57.43%.

Wall Street Analyst Weigh In

CVE has been the subject of a number of recent analyst reports. Veritas lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research note on Friday, August 1st. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a report on Friday, April 25th. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, The Goldman Sachs Group reduced their target price on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Five research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.33.

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.

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