Summit Global Investments Sells 116,451 Shares of Cenovus Energy Inc. (NYSE:CVE)

Summit Global Investments cut its position in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 88.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 15,009 shares of the oil and gas company’s stock after selling 116,451 shares during the period. Summit Global Investments’ holdings in Cenovus Energy were worth $209,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of CVE. Farther Finance Advisors LLC increased its position in shares of Cenovus Energy by 104.9% during the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 851 shares during the period. Sierra Ocean LLC bought a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $67,000. Blue Trust Inc. increased its position in shares of Cenovus Energy by 54.7% during the fourth quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 1,677 shares during the period. Natixis bought a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $98,000. Finally, Black Maple Capital Management LP bought a new stake in shares of Cenovus Energy during the fourth quarter valued at approximately $167,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $13.18 on Monday. 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 firm has a market cap of $24.02 billion, a P/E ratio of 10.89 and a beta of 0.95. The business’s fifty day moving average is $12.61 and its two-hundred day moving average is $14.02. Cenovus Energy Inc. has a 52 week low of $10.23 and a 52 week high of $20.89.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion for the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. During the same quarter in the previous year, the firm earned $0.62 earnings per share. Equities research analysts forecast that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

CVE has been the topic of several recent analyst reports. The Goldman Sachs Group decreased their price target on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, April 30th. Veritas lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 14th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bank Financial lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average price target of $25.75.

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.