Cenovus Energy: My Top Pick Among Canadian Majors [Seeking Alpha]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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Source: Seeking Alpha
While all Canadian majors should profit from this, I see Cenovus Energy as having the most leverage towards both WCS differentials and a generally favorable oil price outlook. I estimate CVE can hit its net debt target by Q3, allowing for 100% of FCF to be allocated towards shareholders for a potential ~7.3% total distribution yield (peers ~6.5%). Despite strong fundamentals, Canadian oils still trade at ~20% discount to US majors, with CVE's historical premium vs. peers having eroded recently. I see a favorable set-up for CVE as I estimate the market to gradually price in lower differentials and higher shareholder returns and initiate at Overweight (PT $34). Driven by investor enthusiasm about the imminent opening of the Trans Mountain Pipeline, Canadian integrateds have outperformed their US peers and the broader energy industry YTD. I believe there is more gas in the tank as the combined outlooks for both oil prices in general and local crude benchmark WCS should provide a
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CVE
News
- Cenovus (CVE) Q1 Earnings Beat Estimates, Revenues Miss [Yahoo! Finance]Yahoo! Finance
- Cenovus Energy Inc. (NYSE:CVE) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Cenovus Energy Inc. (NYSE: CVE) was upgraded by analysts at StockNews.com from a "buy" rating to a "strong-buy" rating.MarketBeat
- Cenovus Energy Inc. Just Beat EPS By 36%: Here's What Analysts Think Will Happen Next [Yahoo! Finance]Yahoo! Finance
- Cenovus Energy Stock (NYSE:CVE): Why Caution Is Warranted [Yahoo! Finance]Yahoo! Finance
CVE
Earnings
- 5/1/24 - Beat
CVE
Sec Filings
- 5/2/24 - Form 6-K
- 5/1/24 - Form 6-K
- 3/27/24 - Form 6-K
- CVE's page on the SEC website