Entropy Technologies LP Makes New Investment in Cenovus Energy Inc. (NYSE:CVE)

Entropy Technologies LP bought a new stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the third quarter, HoldingsChannel.com reports. The fund bought 207,542 shares of the oil and gas company’s stock, valued at approximately $3,472,000.

Other institutional investors have also bought and sold shares of the company. SVB Wealth LLC increased its stake in Cenovus Energy by 2.6% during the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after acquiring an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in 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 worth $170,000 after buying an additional 643 shares during the last quarter. Cetera Advisors LLC raised its stake in shares of Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after acquiring an additional 801 shares during the period. First Hawaiian Bank boosted its stake in shares of Cenovus Energy by 1.6% during the 2nd quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock worth $1,362,000 after purchasing an additional 1,071 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in Cenovus Energy by 12.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock worth $226,000 after purchasing an additional 1,229 shares during the period. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Price Performance

Shares of CVE opened at $16.03 on Tuesday. The stock has a market capitalization of $29.32 billion, a PE ratio of 11.06 and a beta of 2.05. The company has a 50 day moving average price of $16.89 and a 200-day moving average price of $18.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a fifty-two week low of $14.69 and a fifty-two week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $10.25 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. Equities analysts predict that Cenovus Energy Inc. will post 1.5 earnings per share for the current fiscal year.

Cenovus Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a dividend yield of 3.32%. Cenovus Energy’s dividend payout ratio is currently 36.55%.

Analyst Ratings Changes

Several equities analysts have commented on the company. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Finally, BMO Capital Markets reduced their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.