Cenovus Energy Inc $CVE Stock: Greenfield Seitz Capital Management LLC Cuts Position

Greenfield Seitz Capital Management LLC lessened its holdings in Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 2.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,350,568 shares of the oil and gas company’s stock after selling 27,472 shares during the quarter. Cenovus Energy comprises approximately 12.1% of Greenfield Seitz Capital Management LLC’s holdings, making the stock its biggest position. Greenfield Seitz Capital Management LLC’s holdings in Cenovus Energy were worth $41,976,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. HighTower Advisors LLC increased its position in shares of Cenovus Energy by 45.8% during the second quarter. HighTower Advisors LLC now owns 102,666 shares of the oil and gas company’s stock valued at $2,547,000 after acquiring an additional 32,250 shares during the last quarter. OMERS ADMINISTRATION Corp bought a new stake in Cenovus Energy during the second quarter worth $17,275,000. Beverly Hills Private Wealth LLC purchased a new position in Cenovus Energy in the second quarter worth $2,678,000. GQG Partners LLC purchased a new position in Cenovus Energy in the second quarter worth $411,552,000. Finally, Alberta Investment Management Corp purchased a new position in Cenovus Energy in the second quarter worth $143,730,000. 51.19% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Royal Bank Of Canada upped their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Monday, October 19th. JPMorgan Chase & Co. upgraded Cenovus Energy from a “neutral” rating to an “overweight” rating in a research note on Tuesday, September 8th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price target on the stock in a report on Wednesday, September 2nd. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Sunday, October 11th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and an average price target of $39.00.

Cenovus Energy Trading Down 6.2%

Shares of CVE stock opened at $30.70 on Tuesday. The company has a 50 day moving average of $32.17 and a 200-day moving average of $27.45. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. Cenovus Energy Inc has a 12-month low of $15.63 and a 12-month high of $34.16. The firm has a market cap of $55.76 billion, a P/E ratio of 11.81 and a beta of 0.46.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.