Beutel Goodman & Co LTD Has Lifted Cenovus Energy (CVE) Stake by $14.38 Million; Stock Declined

June 19, 2017 - By Henry Gaston

Beutel Goodman & Co Ltd increased its stake in Cenovus Energy (CVE) by 2.27% based on its latest 2016Q4 regulatory filing with the SEC. Beutel Goodman & Co Ltd bought 958,607 shares as the company’s stock declined 29.14% while stock markets rallied. The institutional investor held 43.25M shares of the oil & gas production company at the end of 2016Q4, valued at $653.91M, up from 42.29M at the end of the previous reported quarter. Beutel Goodman & Co Ltd who had been investing in Cenovus Energy for a number of months, seems to be bullish on the $9.96B market cap company. The stock rose 1.77% or $0.14 reaching $8.05 per share. About 340,085 shares traded. Cenovus Energy Inc (USA) (NYSE:CVE) has declined 34.01% since June 19, 2016 and is downtrending. It has underperformed by 50.71% the S&P500.

Beutel Goodman & Co Ltd, which manages about $36.47B and $11.21B US Long portfolio, decreased its stake in Canadian Imperial Bk (NYSE:CM) by 267,231 shares to 6.44M shares, valued at $525.15 million in 2016Q4, according to the filing. It also reduced its holding in Teradyne Inc (NYSE:TER) by 195,888 shares in the quarter, leaving it with 5.96M shares, and cut its stake in Thomson Reuters Corp (NYSE:TRI).

More notable recent Cenovus Energy Inc (USA) (NYSE:CVE) news were published by: Fool.ca which released: “Cenovus Energy Inc.: An Incredibly Cheap Oil Stock” on April 12, 2017, also Fool.ca with their article: “Cenovus Energy Inc.: A Strong Quarter Overshadowed by an Unwanted Acquisition” published on April 28, 2017, Fool.ca published: “Contrarian Investors: Crescent Point Energy Corp. vs. Cenovus Energy Inc.” on April 19, 2017. More interesting news about Cenovus Energy Inc (USA) (NYSE:CVE) were released by: Fool.ca and their article: “Cenovus Energy Inc. Finally Finds a Good Use for its Cash Hoard” published on April 05, 2017 as well as Fool.ca‘s news article titled: “Cenovus Energy Inc. Is Trading at All-Time Lows: Huge Upside Ahead” with publication date: May 11, 2017.

Cenovus Energy Inc (USA) (NYSE:CVE) Ratings Coverage

Among 14 analysts covering Cenovus Energy Inc (NYSE:CVE), 6 have Buy rating, 2 Sell and 6 Hold. Therefore 43% are positive. Cenovus Energy Inc had 19 analyst reports since July 21, 2015 according to SRatingsIntel. Goldman Sachs upgraded the shares of CVE in report on Tuesday, January 26 to “Buy” rating. The stock of Cenovus Energy Inc (USA) (NYSE:CVE) earned “Neutral” rating by UBS on Tuesday, January 26. The firm earned “Underperform” rating on Tuesday, January 24 by Macquarie Research. Macquarie Research upgraded Cenovus Energy Inc (USA) (NYSE:CVE) on Thursday, March 30 to “Neutral” rating. The company was maintained on Tuesday, December 15 by JP Morgan. As per Thursday, January 21, the company rating was upgraded by Nomura. The rating was upgraded by Goldman Sachs on Tuesday, December 1 to “Neutral”. The firm has “Neutral” rating by Bank of America given on Friday, August 19. As per Thursday, April 28, the company rating was maintained by RBC Capital Markets. Morgan Stanley upgraded the shares of CVE in report on Monday, June 13 to “Overweight” rating.

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