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.