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

M&G PLC raised its position in shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) by 7.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 3,687,512 shares of the oil and gas company’s stock after purchasing an additional 256,302 shares during the period. M&G PLC’s holdings in Cenovus Energy were worth $63,577,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CVE. Vanguard Group Inc. raised its position in shares of Cenovus Energy by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock valued at $956,387,000 after purchasing an additional 354,241 shares during the period. PNC Financial Services Group Inc. raised its holdings in Cenovus Energy by 7.3% during the third quarter. PNC Financial Services Group Inc. now owns 78,336 shares of the oil and gas company’s stock valued at $1,331,000 after acquiring an additional 5,325 shares during the period. Metis Global Partners LLC boosted its stake in shares of Cenovus Energy by 16.1% in the third quarter. Metis Global Partners LLC now owns 110,596 shares of the oil and gas company’s stock worth $1,878,000 after acquiring an additional 15,327 shares during the period. Assetmark Inc. raised its stake in Cenovus Energy by 6.5% during the 3rd quarter. Assetmark Inc. now owns 163,649 shares of the oil and gas company’s stock valued at $2,780,000 after purchasing an additional 9,991 shares during the period. Finally, Mraz Amerine & Associates Inc. raised its stake in Cenovus Energy by 10.6% during the 3rd quarter. Mraz Amerine & Associates Inc. now owns 366,599 shares of the oil and gas company’s stock valued at $6,229,000 after purchasing an additional 35,201 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Trading Up 2.9%

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group reiterated a “buy” rating and set a $22.00 price objective on shares of Cenovus Energy in a research report on Monday, February 2nd. Royal Bank Of Canada raised their target price on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Sunday. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $27.67.

About Cenovus Energy

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.