Cenovus Energy Inc. (NYSE:CVE) Shares Bought by Alberta Investment Management Corp

Alberta Investment Management Corp lifted its position in Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 10.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,494,400 shares of the oil and gas company’s stock after acquiring an additional 411,000 shares during the quarter. Alberta Investment Management Corp’s holdings in Cenovus Energy were worth $68,094,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $25,000. Blue Trust Inc. lifted its holdings in shares of Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Cenovus Energy in the 4th quarter worth approximately $67,000. SevenBridge Financial Group LLC bought a new stake in Cenovus Energy during the 3rd quarter valued at $162,000. Finally, Empirical Asset Management LLC bought a new stake in Cenovus Energy during the 4th quarter valued at $174,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $15.46 on Wednesday. The business’s 50-day moving average price is $14.99 and its two-hundred day moving average price is $16.33. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy Inc. has a one year low of $13.76 and a one year high of $21.90. The company has a market capitalization of $28.20 billion, a P/E ratio of 10.66 and a beta of 1.99.

Analyst Upgrades and Downgrades

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

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.