Cenovus Energy (CVE.TO) Stock Is Dramatically Dropping By 21% In A Month. Is It A Good Investment Right Now?

As can be seen from the chart, the stock started on a positive note at Can$12.20; later, with sharp rise stock has achieved Can$12.39, but in mid of the month, the price has decreased to Can$11.59. Since July 5, the stock of Cenovus Energy Inc. gradually plummeting to today by almost 21%. Cenovus Energy Inc remained unchanged at the end of the last quarter. Calculations have shown that CVE is not among the 30 most popular stocks among hedge funds. The study found that a select group of hedge fund holdings outperformed the S&P 500 ETFs by 115 percentage points since March 2017. Since Cenovus Energy Inc faced a drop in sentiment from the “smart money” side, it is easy to see a particular group of financial managers who sold all their shares by the end of the first quarter.

Intriguingly, Len Kipp and Maple Rock capital Xavier Majik lost the most prominent position of all the hedges tracked by Insider Monkey, totaling about $ 12.7 million. The Ryan Tolkien Foundation (CIO), Schonfeld Strategic Advisors, also reduced its shares by about $ 4.5 million. These steps are fascinating because the aggregate percentage of hedge funds has remained the same.

Jack Dawkins

Finance and Tech Contributor

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