M&G PLC Purchases 256,302 Shares of Cenovus Energy Inc $CVE

M&G PLC grew its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 7.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,687,512 shares of the oil and gas company’s stock after purchasing an additional 256,302 shares during the quarter. M&G PLC owned approximately 0.21% of Cenovus Energy worth $63,577,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Harvest Portfolios Group Inc. purchased a new stake in Cenovus Energy during the 2nd quarter valued at $2,557,000. Intact Investment Management Inc. raised its stake in shares of Cenovus Energy by 69.6% in the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock worth $62,081,000 after purchasing an additional 1,500,590 shares during the last quarter. Boston Partners lifted its holdings in shares of Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock valued at $365,097,000 after purchasing an additional 606,042 shares in the last quarter. Swiss National Bank boosted its position 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 valued at $56,341,000 after buying an additional 257,600 shares during the last quarter. Finally, Picton Mahoney Asset Management bought a new stake in Cenovus Energy in the 2nd quarter worth about $74,895,000. Institutional investors own 51.19% of the company’s stock.

Wall Street Analyst Weigh In

CVE has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Scotiabank cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 22nd. Wall Street Zen raised Cenovus Energy from a “hold” rating to a “buy” rating in a report on Sunday. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Cenovus Energy in a report on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Cenovus Energy Stock Up 2.9%

CVE opened at $21.96 on Monday. The firm’s 50 day simple moving average is $18.20 and its two-hundred day simple moving average is $17.33. The company has a market capitalization of $41.35 billion, a PE ratio of 18.00 and a beta of 0.48. Cenovus Energy Inc has a 1-year low of $10.23 and a 1-year high of $22.20. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25.

Cenovus Energy Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.