Is Cenovus Energy Inc (USA) (NYSE:CVE) a good investment right now? We check hedge fund and billionaire investor sentiment before delving into hours of research. Hedge funds spend millions of dollars on Ivy League graduates, expert networks, and get tips from industry insiders. They fail miserably sometimes, but historically their consensus stock picks outperformed the market after adjusting for known risk factors.
Is Cenovus Energy Inc (USA) (NYSE:CVE) a healthy stock for your portfolio? Investors who are in the know are becoming less confident. The number of long hedge fund bets were cut by 4 in recent months. At the end of this article we will also compare CVE to other stocks, including Citizens Financial Group Inc (NYSE:CFG), Genuine Parts Company (NYSE:GPC), and Verisk Analytics, Inc. (NASDAQ:VRSK) to get a better sense of its popularity.
In the eyes of most stock holders, hedge funds are seen as underperforming, outdated financial tools of yesteryear. While there are more than an 8000 funds in operation at present, We hone in on the masters of this club, approximately 700 funds. These investment experts administer the lion’s share of the hedge fund industry’s total capital, and by monitoring their finest picks, Insider Monkey has spotted several investment strategies that have historically defeated Mr. Market. Insider Monkey’s small-cap hedge fund strategy outperformed the S&P 500 index by 12 percentage points per year for a decade in their back tests.
Now, we’re going to take a look at the latest action surrounding Cenovus Energy Inc (USA) (NYSE:CVE).
Hedge fund activity in Cenovus Energy Inc (USA) (NYSE:CVE)
At the end of the third quarter, a total of 16 of the hedge funds tracked by Insider Monkey were bullish on this stock, a drop of 20% from the previous quarter. With hedgies’ capital changing hands, there exists a select group of key hedge fund managers who were upping their holdings considerably (or already accumulated large positions).
Of the funds tracked by Insider Monkey, Doug Silverman and Alexander Klabin’s Senator Investment Group has the largest position in Cenovus Energy Inc (USA) (NYSE:CVE), worth close to $91 million, amounting to 1.1% of its total 13F portfolio. On Senator Investment Group’s heels is Richard S. Pzena of Pzena Investment Management, with a $59.7 million position; the fund has 0.4% of its 13F portfolio invested in the stock. Other hedge funds and institutional investors that are bullish comprise Anand Parekh’s Alyeska Investment Group, Phill Gross and Robert Atchinson’s Adage Capital Management and Israel Englander’s Millennium Management.