Down 13% in the Past Month, Should You Scoop Up the Shares of Cenovus Energy?

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However, the stock price has declined 13.4% over the past month to close yesterday’s trading session at $8.42. A decline in hedge fund interest in the stock is primarily responsible for the retreat.

A specific group of money managers sold their entire stakes in CVE in the first quarter. In addition, oil prices have declined by more than 3% because the rapidly spreading COVID-19 Delta variant has raised concerns about demand. As a result, CVE’s near-term prospects look uncertain.

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