|Bid||11.90 x 0|
|Ask||11.91 x 0|
|Day's Range||11.73 - 11.94|
|52 Week Range||8.74 - 14.84|
|Beta (3Y Monthly)||2.08|
|PE Ratio (TTM)||N/A|
|Earnings Date||Feb 14, 2018 - Feb 19, 2018|
|Forward Dividend & Yield||0.20 (1.71%)|
|1y Target Est||13.57|
Read this article now if you own Canadian Natural Resources Ltd (TSX:CNQ)(NYSE:CNQ) or Cenovus Energy Inc (TSX:CVE)(NYSE:CVE).
Cenovus Energy Inc (TSX:CVE)(NYSE:CVE) has put itself into a tough position. This year could unveil its financial weaknesses.
While the market is finally rebounding, energy stocks like Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA) and Cenovus Energy Inc. (TSX:CVE)(NYSE:CVE) are steals.
Cenovus fell as much as 7.5 percent in Toronto, and Canadian Natural slipped as much as 6.5 percent, the biggest intraday drops in almost three months for both stocks. By contrast, Suncor Energy Inc. may be a “relative winner” if discounts on Western Canadian Select heavy crude widen again, Goldman Sachs Group Inc. analyst Neil Mehta said in a note. Suncor was down 2 percent to C$44.54 at 1 p.m. in Toronto.
Alberta's production cuts are squeezing the margins of U.S. refiners like Valero Energy Corp. (NYSE:VLO) and Phillips 66 (NYSE:PSX).
Canada Goose Holdings Inc (TSX:GOOS)(NYSE:GOOS) and these two other stocks have been off to great starts to the year, but will they continue to be good buys?
Canada's main oil-producing province of Alberta on Thursday raised the amount of crude that companies can produce in April to 3.66 million barrels per day, an increase of 100,000 bpd from the limit imposed in January. Late last year congestion on oil export pipelines backed up crude in storage tanks and sent crude prices in the province tumbling to record lows. The slump prompted the Alberta government to mandate temporary production cuts effective Jan. 1 that took 325,000 bpd out of the market.
Despite higher bitumen prices the outlook for Cenovus Energy Inc. (TSX:CVE)(NYSE:CVE) is not as positive as it appears.
Cenovus Energy Inc (TSX:CVE)(NYSE:CVE) has struggled over the past few years amid low oil prices, while this other stock has been soaring.
WINNIPEG, Manitoba/NEW YORK (Reuters) - Cenovus Energy is pressing ahead with aggressive plans to transport more crude by rail, contrasting itself with peers who have hit the brakes, as the Canadian oil producer bets that pipeline bottlenecks are likely to return. Pipeline congestion depressed Canadian oil prices last year, prompting Cenovus and other producers to increase their reliance on rail to move crude to U.S. refineries. Alberta's provincial government imposed mandatory production cuts in January, an unusual step that succeeded in narrowing the gap - called a differential - between Canadian and U.S. prices.
WINNIPEG, Manitoba/NEW YORK, Feb 21 (Reuters) - Cenovus Energy is pressing ahead with aggressive plans to transport more crude by rail, contrasting itself with peers who have hit the brakes, as the Canadian oil producer bets that pipeline bottlenecks are likely to return. Pipeline congestion depressed Canadian oil prices last year, prompting Cenovus and other producers to increase their reliance on rail to move crude to U.S. refineries. Alberta's provincial government imposed mandatory production cuts in January, an unusual step that succeeded in narrowing the gap - called a differential - between Canadian and U.S. prices.
Cenovus Energy Inc. (TSX:CVE)(NYSE:CVE) could be a millionaire-maker in the works. Here's why you should buy the stock if you're seasoned at deep value investing.
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CALGARY — The CEO of Cenovus Energy Inc. says the company is going ahead with plans to raise its crude-by-rail shipments to 100,000 barrels per day this year, despite criticism from other major producers that Alberta's forced production cuts have destroyed rail's profitability.The Calgary-based company is confident that the province will encourage growth in crude-by-rail as an alternative to delayed new export pipelines going forward, Alex Pourbaix said Wednesday on a conference call. "I remind everybody that although we are in a very low differential (price) period right now, we are literally six weeks into this curtailment initiative," he said."I think there's been a lot of noise ... but I do expect that the government is going to act to continue to look at those volumes to ensure they're at the right level to incent rail to get on."Pourbaix's comments are in sharp contrast to criticism of the provincial program's affect on rail economics by Steve Williams, CEO of Suncor Energy Inc., and Rich Kruger, CEO of Imperial Oil Ltd.Kruger said Imperial would reduce its rail shipments of crude to "near zero" this month from about 168,000 bpd in December because the difference between western Canadian and U.S. benchmark oil prices had narrowed to the point that it didn't cover the additional cost of using rail to send oil to the U.S. Gulf Coast refining complex.Pourbaix said in an interview that Cenovus isn't making much, but it isn't losing money on the 20,000 bpd of oil it is now shipping by rail into the U.S. and he expects profitability to improve as the company begins receiving and filling about 4,000 newly built rail tankers in the next few weeks.He pointed out Western Canadian Select bitumen-blend oil is at times fetching a premium to New York-traded West Texas Intermediate prices at Gulf Coast refineries because of a shortage of competing crude from Venezuela and Mexico.Cenovus also announced Wednesday it has increased its shipping commitment on the proposed Keystone XL pipeline from Alberta to the Gulf Coast from 50,000 to 150,000 bpd.Pourbaix said part of the increase is being provided at no cost by the Alberta government.When the province committed a year ago with builder TransCanada Corp. to take 50,000 bpd on the pipeline, it agreed that it would stand aside if there was private sector demand, Premier Rachel Notley said later at an event in Calgary."Not surprisingly, (TransCanada) discovered there's tremendous demand within the private sector ... so we were pleased to be able to do that with Cenovus," she said.Alberta Energy later confirmed that Cenovus is assuming the entire 50,000-bpd commitment, along with the 20-year toll agreement.Cenovus had mixed news on a 50,000-bpd expansion at its Christina Lake thermal oilsands operation in northern Alberta.It said wells in the project are being injected with steam five months ahead of schedule and capital costs are about 25 per cent lower than expected but production, which would potentially start in the second quarter, could be delayed depending on the curtailment plan and access to market.Cenovus reported a $1.36-billion net loss from continuing operations in the fourth quarter of 2018 due to low oil prices, voluntary production cuts, a writedown on its conventional oilfields and a non-cash hit due to inventory accounting at its U.S. refineries.The company missed analyst earning expectations as its net loss for the year climbed to $2.9 billion.Like Suncor and Imperial, Cenovus reported lower prices for its upstream oil production blamed on a lack of pipeline access to U.S. markets, but better profit margins at its refining operations in part due to the lower cost of feedstock.CIBC analyst Jon Morrison said in a report that the earnings report was negative, but the setbacks shouldn't last long. "Specifically, differentials are tight right now, reflective of the Alberta production curtailments, and although we expect diffs to widen in the second half of 2019, Cenovus should be more protected through the crude-by-rail agreements that were previously announced," he said.The loss amounted to $1.10 per share for the quarter ended Dec. 31, compared with a profit of $620 million or 50 cents per share in the last three months of 2017, when its results were boosted by the sale of assets in Alberta and Saskatchewan.— With a file from Lauren Krugel. Follow @HealingSlowly on Twitter. Companies in this story: (TSX:CVE, TSX:IMO, TSX:SU, TSX:TRP) Dan Healing, The Canadian Press
Cenovus Energy Inc (TSX:CVE)(NYSE:CVE) had a disappointing finish to the year, but there's still hope things could turn around.
Cenovus signed long-term agreements in September with Canadian National Railway Co and Canadian Pacific Railway, when Canadian heavy crude was selling at near record-large discounts to U.S. light oil. Partly offsetting that negative factor are higher than usual prices available for Canadian crude at the U.S. Gulf Coast and lower costs for Cenovus of using its own rail facility, said Chief Executive Alex Pourbaix on Wednesday. U.S. sanctions against Venezuela's state oil company have forced U.S. Gulf Coast refiners to seek more heavy crude from other sources, including Canada.
Citing a conversation with TransCanada, Cenovus executive vice-president of downstream, Keith Chiasson, said the pipeline company has identified the location of the leak and is working on a repair plan. The 43-barrel leak caused TransCanada to shut an arm of Keystone from Steele City, Nebraska to Patoka, Illinois. Cenovus is a major Canadian oil producers and a shipper on the Keystone line.
Cenovus Energy Inc. (CVE.TO) (CVE) delivered strong operating performance in 2018 while demonstrating financial resilience in a challenging and volatile Canadian commodity price environment. “In the fourth quarter, in some of the most difficult macro-economic conditions we’ve ever faced and while voluntarily managing our oil sands production lower, we remained relatively cash-flow neutral and continued to deleverage our balance sheet. Overall, Cenovus’s 2018 upstream financial results were significantly impacted by widening light-heavy oil price differentials, which reached historical highs in the fourth quarter, as well as realized hedging losses of $1.6 billion largely in the first three quarters of the year.
Suncor Energy Inc. (TSX:SU)(NYSE:SU) could be the only oil sands operator to escape unscathed from the ongoing crisis in the oil sands.
CALGARY, Alberta, Feb. 06, 2019 -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its fourth-quarter and year-end 2018 results on Wednesday, February 13, 2019. The.