|Bid||1.6900 x 4000|
|Ask||1.7000 x 900|
|Day's Range||1.5700 - 1.7300|
|52 Week Range||1.4100 - 10.8200|
|Beta (5Y Monthly)||1.91|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.18 (10.68%)|
|Ex-Dividend Date||Mar. 11, 2020|
|1y Target Est||10.85|
The latest oil price collapse makes now the time to avoid Baytex Energy Corp. (TSX:BTE)(NYSE:BTE) and Cenovus Energy Inc. (TSX:CVE)(NYSE:CVE).The post Canada’s Oil Crisis Worsens appeared first on The Motley Fool Canada.
Is now the time to buy these heavily discounted energy stocks- Cenovus Energy Inc. (TSX:CVE)(NYSE:CVE) and Vermilion Energy (TSX:VET)(NYSE:VET)?The post These 2 Stocks Have Lost 3/4 of Their Value in a Month: Time To Buy? appeared first on The Motley Fool Canada.
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (12,687.74, down 683.43 points.)Aurora Cannabis Inc. (TSX:ACB). Health care. Up 20 cents, or 15.87 per cent, to $1.46 on 27.6 million shares.Bombardier Inc. (TSX:BBD.B). Industrials. Down 5.5 cents, or 10.78 per cent, to 45.5 cents on 23.3 million shares.Cenovus Energy Inc. (TSX:CVE). Energy. Down 31 cents, or 11.65 per cent, to $2.35 on 18.3 million shares.TC Energy Corp. (TSX:TRP). Energy. Down $2.80, or 4.59 per cent, to $58.21 on 11.6 million shares.Whitecap Resources Inc. (TSX:WCP). Energy. Down 17 cents, or 15.18 per cent, to 95 cents on 10.6 million shares.Suncor Energy Inc. (TSX:SU). Energy. Down $1.54, or 8.57 per cent, to $16.43 on 9.3 million shares.Companies in the news:Transat AT. (TSX:TRZ). Up 51 cents, or 5.7 per cent, to $9.49. The Competition Bureau says Air Canada's proposed acquisition of Transat AT Inc., which owns Air Transat, likely will hinder competition and result in less choice for Canadian travellers. In a report delivered to Transport Minister Marc Garneau, the watchdog says eliminating the rivalry between the two carriers would result in higher prices, fewer services and ultimately less travel by Canadians on a range of competing routes.Magna International Inc. (TSX:MG). Down 19 cents to $44.90. Magna International Inc. has withdrawn its 2020 outlook because of the "high degree of business uncertainty" caused by the COVID-19 pandemic. The Aurora, Ont.-based auto parts company says many of its plants, particularly in North America and Europe, have reduced or suspended operations as auto companies have scaled back because of the outbreak. The company says its operations in China are also still ramping up and below levels expected earlier this year, after an extended downtime in February.Reitmans (Canada) Ltd. (TSX:RET.A). Down 3.5 cents, or 7.9 per cent, to 40.5 cents. Reitmans (Canada) Ltd. is laying off 90 per cent of its Canadian retail store workers and 30 per cent of its Montreal head office employees after closing stores amid the spread of COVID-19. The company, which employs about 7,000 people, says that nearly all of its Canadian retail store workers at its five chains will be out of work effective Sunday. The head office layoffs take effect Monday. Reitmans, which closed its 587 stores March 17, says it's asking remaining employees to contribute to on-going cost-saving initiatives.Molson Coors Beverage Co. (TSX:TPX.B). Down $1.155 to $54.90. Molson Coors Beverage Co. says it is withdrawing its financial outlook for the 2020 financial year and beyond due to uncertainty about the impacts of the ongoing COVID-19 outbreak. The company released its guidance on Feb. 12, and its outlook for the 2020 year included a flat to low-single digit decrease of net sales revenue on a constant currency basis.Quebecor Inc. (TSX:QBR.B). Down 17 cents to $29.90. Quebecor Inc. says it has temporarily laid off 10 per cent of its workforce as it deals with the impact of COVID-19. The Quebec-based telecommunications and media company employs more than 10,000 people in Canada. The company says the suspension of non-essential businesses has curtailed the operations of many of its partners and led to a significant slowdown in some parts of its operations. Quebecor says it will top up the government assistance to cover 95 per cent of the salary of employees with an annual salary under $54,200.This report by The Canadian Press was first published March 27, 2020.The Canadian Press
Cenovus Energy Inc. (CVE.TO) (CVE.TO) announced today that its upcoming Annual Meeting of Shareholders (Shareholders Meeting) will now be held in a virtual only format. The Shareholders Meeting will be held at the originally scheduled date and time, on April 29, 2020 at 1:00 p.m. Mountain Time (MT), however, it will now be conducted in a format whereby registered shareholders and duly appointed proxyholders may only attend and participate in the meeting virtually via live audio webcast. The timing and process for voting by proxy remains unchanged; shareholders are reminded that completed proxy forms must be received no later than 1:00 p.m. MT on April 27, 2020.
Now is the time to add seriously cheap penny stocks like Extendicare (TSX:EXE) and Cenovus Energy (TSX:CVE)(NYSE:CVE) to your portfolio. The post 3 Dirt-Cheap Penny Stocks Trading Under $5 appeared first on The Motley Fool Canada.
Hunting for a bargain? This group of beaten-down stocks, including Canadian Natural Resources (TSX:CNQ)(NYSE:CNQ), might provide the value you're looking for. The post Market Crash Report: 3 Stocks Hitting 52-Week Lows to Pounce On appeared first on The Motley Fool Canada.
Vermilion Energy (TSX:VET)(NYSE:VET) recently announced a cut to its dividend, but there could be more to come.The post TFSA Investors: 2 Dividend Stocks That Could Cut Their Payouts After the Market Crash appeared first on The Motley Fool Canada.
In order to cope with the downward spiral in oil prices, the likes of Occidental Petroleum (OXY) and Apache (APA) slashed their dividend payouts.
The parade of Canadian energy companies tightening their spending belts to cope with a global oil price rout that shows little sign of abating will be followed by a wave of survival-driven M&A activity.
Plunging oil prices are prompting Canadian energy firms to shelve hundreds of millions in capital spending as the oil patch braces for a flood of cheap crude hitting global energy markets.
(Bloomberg) -- The first capital spending boost in Canada’s oil sands in half a decade is in doubt after the global oil-price plunge prompted one major explorer to slash its 2020 budget.Cenovus Energy Inc. is cutting spending by 32% to a range of C$900 million ($653 million) to C$1 billion, suspending its crude-by-rail program and deferring investment decisions on major growth projects, according to a statement Tuesday. The company also is dialing back its production outlook to 432,000 to 486,000 barrels a day, down from 472,000 to 496,000.MEG Energy Corp. followed suit later in the day, cutting its capital budget 20% to C$200 million. Production this year will be 93,000 to 95,000 barrels a day, down from an original forecast of as much as 94,000 to 97,000, the company said.If other producers follow suit, the oil sands are at risk of posting their sixth straight year of declining investment, a trend that has weighed on Alberta’s oil-dependent economy.Before international crude posted its worst decline since 1991 on Monday, capital spending in the world’s third-largest crude reserves was projected to rise 8.4% to C$11.6 billion this year, according to a January forecast from the Canadian Association of Petroleum Producers.“Given recent oil market developments, investors were expecting Cenovus and its peers to announce spending austerity measures,” Michael Dunn, an analyst at Stifel FirstEnergy, said in a note. “Essentially, spending on growth projects has been put on the shelf.”The investment slump has taken a toll on Alberta. After the last oil-market crash, unemployment in the province surged to 9.1% by late 2016.Despite the oil-price recovery of the following years, explorers continued trimming jobs to reduce costs, and a shortage of pipeline capacity kept a brake on expansion plans. The province’s unemployment rate has remained above 6% since September 2015 and was at 7.2% last month.Even before this week’s rout, some major oil-sands projects had been scrapped or postponed because of pipeline shortages and production limits imposed by provincial leaders.Imperial Oil Ltd., Exxon Mobil Corp.’s Canadian unit, last year delayed its C$2.6 billion oil-sands project that was scheduled to start production in 2022. Last month, Teck Resources Ltd. withdrew its application for the C$20.6 billion Frontier oil-sands mine.(Updates with MEG cutting budget in third paragraph)\--With assistance from Michael Bellusci.To contact the reporter on this story: Kevin Orland in Calgary at firstname.lastname@example.orgTo contact the editors responsible for this story: Simon Casey at email@example.com, ;Derek Decloet at firstname.lastname@example.org, Carlos CaminadaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
CALGARY — Forecasts for a stand-pat year for drilling in 2020 in the Canadian oilpatch are up in the air following an oil price crash Monday linked to a dispute between Russia and Saudi Arabia over oil production cuts.In its 2020 forecast in November, the Canadian Association of Oilwell Drilling Contractors predicted 4,905 wells would be drilled in Canada this year, a slight increase over 2019 but less than half the 11,226 wells drilled in 2014.Drillers had been pleased with activity levels so far this year but the plunging price that prompted oilsands producer Cenovus Energy Inc. to deeply slash its spending plans endangers that, said CAODC chief executive Mark Scholz."I would say if things get progressively worse, I can't see how we would come close to our original forecast of a flat year," he said in an interview on Tuesday."In fact, it would have to be downgraded significantly."Analysts said Canadian oil production this year is expected to fall as more producers follow Cenovus's example.The Calgary-based company announced Tuesday it would cut its capital spending plan for 2020 to between $900 million and $1 billion, down about 32 per cent from earlier plans for between $1.3 billion and $1.5 billion.Financial observers were quick to compare the oil price meltdown with a similar situation in late 2014 that also involved the Saudis trying to assert control over global oil markets."Back in 2014 when the Saudis last decided to wage a market share battle, (West Texas Intermediate crude) fell from US$80 per barrel on U.S. Thanksgiving to a low of US$28 per barrel in 2016," pointed out CIBC analyst Robert Catellier in a report."The result was a cancellation of as many as nine oilsands projects."On Monday, the April crude contract fell US$10.15 to US$31.13 per barrel. On Tuesday, it regained US$3.23 to reach US$34.36 per barrel.Tudor Pickering Holt & Co. analysts pointed out in a note that non-oilsands oil production in Western Canada fell by about 140,000 barrels per day from the end of 2015 to the summer of 2016 as companies halted spending on new wells."Given prevailing rhetoric that Canadian barrels trend along the higher end of the cash cost spectrum, particularly those from the oilsands, investor interest has perked up on the potential for Canada to be among the first to shut-in or decline given the rapid decline in crude prices," they said.The fight between the major oil producers is being compounded by worries about lower global demand due to slower economic growth as a result of the novel coronavirus outbreak.The COVID-19 situation will likely dissipate over time, Catellier said, but its presence in combination with volatile Saudi oil policy adds "considerable uncertainty" to the market.Canada's oil industry has survived price shocks in the past but the sector is less durable today because of pipeline project delays and cancellations, said Tim McMillan, president and CEO of the Canadian Association of Petroleum Producers.He said the situation creates "immediate negative impacts" for Canada's economy.Cenovus also said Tuesday it will temporarily suspend its crude-by-rail program.Under an Alberta program to give relief from its mandated oil production curtailments to companies that add crude-by-rail capacity, Cenovus had been increasing output in recent months.Production this year, however, is now expected to total between 432,000 and 486,000 barrels of oil equivalent per day, down from its earlier guidance for between 472,000 and 496,000 barrels of oil equivalent per day.Lower oil price forecasts had already resulted in spending cuts in the oilpatch before Monday.Last week, Canadian Natural Resources Ltd. trimmed $100 million from its 2020 capital spending budget while warning it could cut another $300 million to $400 million if market turmoil continues.A spokeswoman declined comment Tuesday when asked if that decision had been made.This report by The Canadian Press was first published March 10, 2020.Companies in this story: (TSX:CVE, TSX:CNQ)Dan Healing, The Canadian Press
Cenovus Energy Inc. (CVE.TO) (CVE.TO) is reducing its 2020 capital spending by approximately 32% in order to maintain the strength of its balance sheet. The company continues to work toward funding its revised capital program and current dividend within cash flow in this challenging commodity price environment.
(Bloomberg) -- Canadian markets were battered on all fronts as the collapse in oil sent shockwaves through a country with one of the biggest exposures to the commodity among the Group of Seven.The S&P/TSX Composite Index plunged 10.3%, wiping out $218 billion in market value in the biggest one-day drop since 1987. The loonie also slumped and government bond yields plunged to fresh record lows as investor pessimism deepened for an economy that barely eked out any growth in the fourth quarter and is already grappling with the coronavirus.Oil and gas stocks plummeted with Meg Energy Corp. tumbling 56%, Cenovus Energy Inc. dropping 52% and Crescent Point Energy Corp. slipping 43%. Only one stock was in the green -- Dollarama Inc., which gained 1.7%.The slump in oil will exact another heavy toll on the natural resource-dependent country, which generates about 9% of its gross domestic product from energy and has the biggest exposure to the sector on its stock market at 15%.“The oil price crash will do irreparable damage to the Canadian economy and stock market,” said Ed Moya, a senior market analyst at Oanda Corp. in New York. “Canadians will have to brace for lower prices for the foreseeable future and the oil sector will have to consolidate. Even when virus fears ease, the oil-dependent Canadian economy snapback rally will lag their peers,” he said.The loonie weakened by about 1.9% against the greenback as of 4:14 p.m., the most since June 2016. West Texas Intermediate, the North American benchmark, was down 25%, the biggest descent since 1991, after tumbling as much as 34%.“The Canadian dollar is embattled with risks to already weak economic growth coming from all angles,” Simon Harvey a London-based market analyst at Monex Europe Ltd. and Monex Canada Inc., said by email. “Markets are coming to the realization that rate cuts by the Bank of Canada will soon lose their effectiveness on supporting the economy, especially with the latest risk of a lower oil price for longer.”Further FallsHarvey sees the loonie falling further away from the C$1.30 area if the oil-price rout is sustained while Bipan Rai, North American head of FX strategy at Canadian Imperial Bank of Commerce expects the C$1.40 to breached in the the next two quarters.The loonie “needs to weaken further given the high degree of oil exports as a percentage of Canada’s goods exports,” Rai said. U.S. dollar “bulls may require some patience as price action is overbought, but ‘buy the dip’ is still the right strategy for” the dollar-loonie currency pair.With the Canadian dollar’s correlation to oil prices, it’s bound to keep weakening.“The currencies of any country for which the oil sector is a significant growth generator are having an awful day and won’t stabilize until oil finds a bottom,” said Kit Juckes, a strategist at Societe Generale SA, said in an email Monday.The loonie “is likely to underperform the Australia and New Zealand dollars for example, as long as oil prices are falling.”The yield on Canada’s 10-year benchmark fell to as low as 0.225% on Monday and the five-year note hit 0.276%, according to Bloomberg data. Traders are now betting on the Bank of Canada, which last week lowered its policy rate to 1.25%, to cut another 50 basis points by its next scheduled meeting in April and another 25 basis points by July.(Updates throughout with stock market close, market prices.)To contact the reporters on this story: Jacqueline Thorpe in Toronto at email@example.com;Divya Balji in Toronto at firstname.lastname@example.org;Susanne Barton in New York at email@example.comTo contact the editors responsible for this story: Derek Decloet at firstname.lastname@example.org, Jacqueline ThorpeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.