Cenovus Energy Stock (NYSE:CVE): Why Caution Is Warranted [Yahoo! Finance]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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Source: Yahoo! Finance
The company trades at 28.7x my estimate of normalized earnings , higher than its current P/E ratio. And with WTI Crude Oil ( CM:CL ) prices far above their inflation-adjusted average, I believe caution is warranted. A supply windfall or demand shock could send Cenvous' profits tumbling. Consequently, I'm bearish on CVE. The Oil Sands are High-Cost and High-Risk I've been investing in oil stocks since 2020. When investing in commodity companies, I prefer to own shares in the low-cost producer. The reason is that when commodity prices fall, the low-cost producer can usually turn a profit and avoid bankruptcy. The problem with Cenovus is that it's a high-cost producer. The Canadian oil sands are known for being an expensive location to extract oil. Not only this, but Canadian oil is often more expensive to refine, resulting in lower selling prices. Cenovus expects 76% of its 2024 production to come from the Canadian oil sands. See below. In addition, Cenovus expects that it would
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News
- Be Sure To Check Out Cenovus Energy Inc. (TSE:CVE) Before It Goes Ex-Dividend [Yahoo! Finance]Yahoo! Finance
- Most actively traded companies on the Toronto Stock Exchange [Yahoo! Finance Canada]Yahoo! Finance Canada
- Most actively traded companies on the Toronto Stock Exchange [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Why Cenovus Energy (CVE) is a Top Dividend Stock for Your Portfolio [Yahoo! Finance]Yahoo! Finance
- Cenovus (CVE) Q1 Earnings Beat Estimates, Revenues Miss [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