Entropy Technologies LP Makes New Investment in Cenovus Energy Inc $CVE

Entropy Technologies LP acquired a new position in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 101,660 shares of the oil and gas company’s stock, valued at approximately $1,383,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Magnetar Financial LLC increased its holdings in Cenovus Energy by 974.8% in the 2nd quarter. Magnetar Financial LLC now owns 162,094 shares of the oil and gas company’s stock worth $2,204,000 after buying an additional 147,013 shares during the period. Swiss National Bank raised its holdings in shares of Cenovus Energy by 6.6% during the second quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock worth $56,341,000 after purchasing an additional 257,600 shares during the last quarter. Lodestone Wealth Management LLC lifted its position in Cenovus Energy by 83.3% during the second quarter. Lodestone Wealth Management LLC now owns 110,178 shares of the oil and gas company’s stock valued at $1,498,000 after purchasing an additional 50,081 shares during the period. Frank Rimerman Advisors LLC purchased a new stake in Cenovus Energy in the second quarter valued at $318,000. Finally, Letko Brosseau & Associates Inc. grew its position in Cenovus Energy by 6.0% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 6,057,328 shares of the oil and gas company’s stock worth $82,259,000 after purchasing an additional 344,199 shares during the period. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Price Performance

NYSE:CVE opened at $17.88 on Friday. The company has a market capitalization of $34.15 billion, a P/E ratio of 17.70 and a beta of 0.86. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $18.75. The stock’s fifty day moving average is $17.35 and its two-hundred day moving average is $15.55.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%.The firm had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same period last year, the company earned $0.42 EPS. The company’s quarterly revenue was down 7.0% on a year-over-year basis. Equities analysts expect that Cenovus Energy Inc will post 1.49 EPS for the current year.

Cenovus Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, December 15th. Cenovus Energy’s payout ratio is 45.90%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CVE shares. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research report on Tuesday, September 30th. National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Wednesday, September 10th. UBS Group restated a “buy” rating on shares of Cenovus Energy in a research report on Monday, August 25th. BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a research note on Monday, November 17th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. Four investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $25.67.

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.