Summit Global Investments Cuts Stock Position in Cenovus Energy Inc. (NYSE:CVE)

Summit Global Investments reduced its position in Cenovus Energy Inc. (NYSE:CVE - Free Report) TSE: CVE by 88.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,009 shares of the oil and gas company's stock after selling 116,451 shares during the period. Summit Global Investments' holdings in Cenovus Energy were worth $209,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Public Employees Retirement System of Ohio boosted its holdings in shares of Cenovus Energy by 0.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company's stock valued at $3,653,000 after buying an additional 762 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Cenovus Energy by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company's stock worth $1,614,000 after purchasing an additional 779 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 851 shares in the last quarter. Montgomery Investment Management Inc. boosted its stake in Cenovus Energy by 1.6% in the 4th quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company's stock worth $857,000 after purchasing an additional 894 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its stake in Cenovus Energy by 4.5% in the 4th quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company's stock worth $318,000 after purchasing an additional 908 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Stock Performance

CVE traded down $0.61 during trading on Wednesday, reaching $12.96. 14,155,829 shares of the company's stock were exchanged, compared to its average volume of 9,266,968. Cenovus Energy Inc. has a 1 year low of $10.23 and a 1 year high of $20.76. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock has a market capitalization of $23.62 billion, a P/E ratio of 10.71 and a beta of 0.94. The company's fifty day simple moving average is $12.59 and its 200-day simple moving average is $14.00.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. The company had revenue of $11.15 billion during the quarter, compared to analyst estimates of $12.39 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. During the same period last year, the firm posted $0.62 EPS. As a group, research analysts predict that Cenovus Energy Inc. will post 1.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CVE has been the subject of a number of recent analyst reports. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Scotiabank upgraded shares of Cenovus Energy to a "strong-buy" rating in a research note on Wednesday, March 19th. National Bank Financial cut shares of Cenovus Energy from an "outperform" rating to a "sector perform" rating in a research note on Friday, February 21st. Royal Bank of Canada reiterated an "outperform" rating and issued a $25.00 target price on shares of Cenovus Energy in a research note on Friday, April 11th. Finally, National Bankshares reissued a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $25.75.

Cenovus Energy 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.