Envestnet Asset Management Inc. Has $15.23 Million Stake in Cenovus Energy Inc $CVE

Envestnet Asset Management Inc. increased its stake in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 5.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 896,500 shares of the oil and gas company’s stock after purchasing an additional 46,647 shares during the quarter. Envestnet Asset Management Inc. owned about 0.05% of Cenovus Energy worth $15,232,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the stock. Atlantic Union Bankshares Corp bought a new position in Cenovus Energy in the 2nd quarter valued at $27,000. Allworth Financial LP lifted its stake in shares of Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,168 shares during the period. Geneos Wealth Management Inc. boosted its holdings in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after acquiring an additional 1,384 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in Cenovus Energy by 39.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock worth $57,000 after purchasing an additional 1,199 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in Cenovus Energy by 57.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,800 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CVE shares. The Goldman Sachs Group restated a “buy” rating and issued a $22.00 price objective on shares of Cenovus Energy in a report on Monday, February 2nd. Royal Bank Of Canada upped their target price on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. BMO Capital Markets set a $29.00 price objective on Cenovus Energy in a report on Monday, November 17th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.67.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $21.96 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. Cenovus Energy Inc has a 52 week low of $10.23 and a 52 week high of $22.20. The company’s 50 day moving average price is $18.20 and its two-hundred day moving average price is $17.33. The company has a market capitalization of $41.35 billion, a P/E ratio of 18.00 and a beta of 0.48.

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.