Entropy Technologies LP Purchases Shares of 207,542 Cenovus Energy Inc. (NYSE:CVE)

Entropy Technologies LP acquired a new stake in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 207,542 shares of the oil and gas company’s stock, valued at approximately $3,472,000.

A number of other institutional investors also recently modified their holdings of the company. Envestnet Portfolio Solutions Inc. purchased a new stake in Cenovus Energy in the 1st quarter worth approximately $205,000. Oppenheimer Asset Management Inc. lifted its position in Cenovus Energy by 6.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 84,851 shares of the oil and gas company’s stock valued at $1,696,000 after buying an additional 5,418 shares during the period. Russell Investments Group Ltd. lifted its position in Cenovus Energy by 8.3% during the 1st quarter. Russell Investments Group Ltd. now owns 1,139,757 shares of the oil and gas company’s stock valued at $22,806,000 after acquiring an additional 87,092 shares during the period. Twin Tree Management LP increased its stake in shares of Cenovus Energy by 479.8% during the first quarter. Twin Tree Management LP now owns 2,122,874 shares of the oil and gas company’s stock valued at $42,436,000 after purchasing an additional 1,756,751 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Cenovus Energy during the first quarter valued at approximately $4,671,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CVE has been the subject of a number of analyst reports. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets decreased their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Down 0.5 %

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

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping 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 business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same period last year, the firm earned $0.72 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, sell-side analysts predict that Cenovus Energy Inc. will post 1.5 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. Shareholders of record on Friday, December 13th will be given a $0.133 dividend. 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%. The ex-dividend date is Friday, December 13th. Cenovus Energy’s dividend payout ratio is presently 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.