Cenovus Energy Inc. (NYSE:CVE) Position Reduced by CIBC Asset Management Inc

CIBC Asset Management Inc lowered its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 25.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,951,767 shares of the oil and gas company’s stock after selling 2,350,303 shares during the quarter. CIBC Asset Management Inc owned 0.38% of Cenovus Energy worth $105,243,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CVE. Truvestments Capital LLC purchased a new stake in shares of Cenovus Energy in the third quarter valued at $25,000. Blue Trust Inc. raised its position in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 2,651 shares during the period. Sierra Ocean LLC purchased a new stake in Cenovus Energy in the 4th quarter worth about $67,000. SevenBridge Financial Group LLC acquired a new stake in Cenovus Energy during the 3rd quarter worth about $162,000. Finally, Empirical Asset Management LLC purchased a new position in Cenovus Energy during the 4th quarter valued at about $174,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CVE shares. BMO Capital Markets reduced their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. Royal Bank of Canada reissued an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a research note on Monday, January 6th. Finally, StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $15.31 on Monday. Cenovus Energy Inc. has a 1-year low of $13.76 and a 1-year high of $21.90. The firm has a fifty day simple moving average of $14.98 and a 200-day simple moving average of $16.37. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $27.93 billion, a price-to-earnings ratio of 10.56 and a beta of 1.99.

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.