Lodestone Wealth Management LLC Decreases Position in Cenovus Energy Inc. (NYSE:CVE)

Lodestone Wealth Management LLC trimmed its stake in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 13.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 69,796 shares of the oil and gas company’s stock after selling 11,090 shares during the quarter. Lodestone Wealth Management LLC’s holdings in Cenovus Energy were worth $1,057,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CVE. Smead Capital Management Inc. raised its holdings in shares of Cenovus Energy by 39.3% in the third quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after acquiring an additional 4,351,960 shares during the last quarter. Bridgewater Associates LP acquired a new position in shares of Cenovus Energy in the third quarter worth $33,995,000. Anson Funds Management LP raised its holdings in shares of Cenovus Energy by 188.2% in the third quarter. Anson Funds Management LP now owns 1,877,800 shares of the oil and gas company’s stock worth $31,405,000 after acquiring an additional 1,226,221 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Cenovus Energy by 23.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 4,980,853 shares of the oil and gas company’s stock valued at $83,330,000 after purchasing an additional 952,477 shares during the last quarter. Finally, Scheer Rowlett & Associates Investment Management Ltd. increased its stake in Cenovus Energy by 33.3% in the third quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 3,163,034 shares of the oil and gas company’s stock valued at $52,896,000 after purchasing an additional 789,569 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CVE has been the subject of several analyst reports. BMO Capital Markets dropped their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 target price on shares of Cenovus Energy in a research note on Monday, January 6th. Finally, StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Performance

Shares of NYSE:CVE opened at $15.31 on Friday. The firm has a market capitalization of $27.93 billion, a PE ratio of 10.56 and a beta of 1.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The business has a 50-day moving average of $14.98 and a two-hundred day moving average of $16.42. Cenovus Energy Inc. has a 12 month low of $13.76 and a 12 month high of $21.90.

Cenovus Energy Company 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.