793,845 Shares in Cenovus Energy Inc $CVE Purchased by Twin Tree Management LP

Key Points

• Twin Tree Management LP acquired a new position in Cenovus Energy Inc worth approximately $11.04 million, purchasing 793,845 shares during the first quarter.
• Cenovus Energy reported $0.33 earnings per share for the latest quarter, exceeding analysts' expectations of $0.14, although revenue dropped by 12.6% year-over-year.
• The company announced a quarterly dividend of $0.20 per share, yielding 4.8%, with a payout ratio of 57.43%, set to be paid on September 29.

Twin Tree Management LP acquired a new position in shares of Cenovus Energy Inc (NYSE:CVE - Free Report) TSE: CVE during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 793,845 shares of the oil and gas company's stock, valued at approximately $11,042,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Magnetar Financial LLC acquired a new stake in shares of Cenovus Energy during the 1st quarter worth approximately $210,000. Smead Capital Management Inc. grew its stake in shares of Cenovus Energy by 2.5% during the 1st quarter. Smead Capital Management Inc. now owns 15,495,912 shares of the oil and gas company's stock worth $215,418,000 after purchasing an additional 372,680 shares during the period. OMERS ADMINISTRATION Corp grew its stake in shares of Cenovus Energy by 62.1% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 100,181 shares of the oil and gas company's stock worth $1,392,000 after purchasing an additional 38,375 shares during the period. Portland Investment Counsel Inc. acquired a new stake in Cenovus Energy in the 1st quarter valued at $19,944,000. Finally, HITE Hedge Asset Management LLC grew its stake in Cenovus Energy by 66.2% in the 1st quarter. HITE Hedge Asset Management LLC now owns 1,232,294 shares of the oil and gas company's stock valued at $17,141,000 after acquiring an additional 490,938 shares during the period. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Trading Down 2.7%

Shares of NYSE CVE traded down $0.47 during trading on Wednesday, hitting $16.51. 10,111,727 shares of the company were exchanged, compared to its average volume of 13,176,634. Cenovus Energy Inc has a 12-month low of $10.23 and a 12-month high of $18.61. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.78 and a current ratio of 1.32. The company has a fifty day moving average price of $14.89 and a 200-day moving average price of $13.79. The firm has a market capitalization of $29.69 billion, a PE ratio of 16.45 and a beta of 0.99.

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

Cenovus Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Monday, September 15th. Cenovus Energy's payout ratio is currently 57.43%.

Wall Street Analyst Weigh In

CVE has been the topic of a number of research analyst reports. National Bankshares raised shares of Cenovus Energy from a "sector perform" rating to an "outperform" rating in a research note on Friday, August 22nd. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group reissued a "buy" rating on shares of Cenovus Energy in a research note on Tuesday. National Bank Financial raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. Finally, Royal Bank Of Canada lifted their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $23.33.

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.