In modern Japanese, is almost always read and means "lovely", "beloved", "dear", etc. You can safely forget the other readings (and meanings). My IME does not even convert / to .
Actually, in archaic Japanese, and did mean "lovely". I vaguely remember I learned them at high school many years ago, but this knowledge is virtually useless when you read modern Japanese text. (As an aside, () meant "embarrassed", "pathetic" or "pitiful" in old Japanese. There are many similar examples.)
If I encountered or with furigana in a modern novel, I would simply be confused first, and then guess the intended meaning purely from the context.