Van ECK Associates Corp Sells 272,673 Shares of Cenovus Energy Inc. (NYSE:CVE)

Van ECK Associates Corp cut its holdings in shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) by 35.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 503,397 shares of the oil and gas company’s stock after selling 272,673 shares during the quarter. Van ECK Associates Corp’s holdings in Cenovus Energy were worth $7,626,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CVE. Creative Planning increased its holdings in shares of Cenovus Energy by 9.9% during the third quarter. Creative Planning now owns 321,808 shares of the oil and gas company’s stock worth $5,384,000 after purchasing an additional 29,050 shares during the period. Blue Trust Inc. increased its stake in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares during the last quarter. Signaturefd LLC increased its stake in Cenovus Energy by 9.3% in the third quarter. Signaturefd LLC now owns 52,606 shares of the oil and gas company’s stock valued at $880,000 after acquiring an additional 4,479 shares during the last quarter. U.S. Capital Wealth Advisors LLC increased its stake in Cenovus Energy by 27.2% in the third quarter. U.S. Capital Wealth Advisors LLC now owns 438,115 shares of the oil and gas company’s stock valued at $7,330,000 after acquiring an additional 93,651 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Cenovus Energy by 1,741.5% in the third quarter. International Assets Investment Management LLC now owns 730,465 shares of the oil and gas company’s stock valued at $122,210,000 after acquiring an additional 690,798 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Cenovus Energy Stock Performance

NYSE CVE opened at $15.31 on Tuesday. The stock has a market cap of $27.93 billion, a PE ratio of 10.56 and a beta of 1.99. The firm’s fifty day moving average price is $14.99 and its two-hundred day moving average price is $16.35. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy Inc. has a fifty-two week low of $13.76 and a fifty-two week 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.