Cenovus Energy: No Hedging Makes It A Leveraged Play On The Oil Price Recovery [Seeking Alpha]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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US:NYSE Investor Relations:
cenovus.com/disclaimerir
Company Research
Source: Seeking Alpha
SummaryCenovus is trading at a distressed valuation (25% of BV) based on the collapse in oil prices, with Canadian producers especially hard-hit since WCS trades at steep discount to WTI.Despite this, the company is a low-cost operator with a manageable debt load, ample liquidity and a robust balance sheet. Marginal cost of production is just $6.90 per barrel.Cenovus' "no-hedging" policy will sting sharply in 2020 but makes it an attractive buy for investors who want direct upside exposure to the medium term rebalancing of oil markets.The recent approval of KeystoneXL is a bullish development and should help reduce the WCS discount to WTI.Consultancy Energy Aspects forecasts the spread to narrow from $12 in 2020 to$4 in 2021.Bloomberg shows a top target price of C$7.0, 70% higher than Cenovus' current price. Bloomberg’s 1-year default probability is 2.6%.The Oil Price Collapse Separates the Wheat from the ChaffThe price collapse caused by the Covid-19 pandemic and the disintegration o
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News
- Here's Why Cenovus Energy (CVE) is a Strong Momentum Stock [Yahoo! Finance]Yahoo! Finance
- Canadian Natural: Resilience And Returns Through The Cycle [Seeking Alpha]Seeking Alpha
- Cenovus Energy (CVE) to Report Q1 Results: Wall Street Expects Earnings Growth [Yahoo! Finance]Yahoo! Finance
- Cenovus Energy (CVE) Surged on WTI Oil Price Increase [Yahoo! Finance]Yahoo! Finance
- Andrew Pink's Top Picks: April 16, 2024 [BNN Bloomberg (Canada)]BNN Bloomberg
CVE
Earnings
- 2/15/24 - Beat
CVE
Sec Filings
- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- CVE's page on the SEC website