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Cenovus Energy Inc T.CVE

Alternate Symbol(s):  CVE | CVE.WS | T.CVE.WT | T.CVE.PR.A | CNVEF | T.CVE.PR.B | T.CVE.PR.C | T.CVE.PR.E | T.CVE.PR.G

Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream, Downstream, and Corporate and Eliminations. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing, and United States Manufacturing. The Company's upstream operations include oil sands projects in northern Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. The Company's downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.


TSX:CVE - Post by User

Post by retiredcfon May 29, 2021 10:35am
315 Views
Post# 33292366

Nuttall's Comments

Nuttall's CommentsI rarely do this with him because he's known to shift positions pretty quickly, however, I did  make a purchase following this recommendation. It's also interesting that while WCP is the largest holding in his fund, CVE is the only one of his top picks that he owns personally. GLTA

Cenovus Energy (CVE TSX)

Cenovus is actively working on monetizing some of the non-core assets purchased with the Husky acquisition to allow for rapid deleveraging and thus sooner-than-expected return of capital. While Conoco Phillips has announced their gradual liquidation of their stake in the company it amounts to less than five per cent of average trading volumes thus does not present a major overhang. Trading at 3.5x EV/CF at US$70WTI and a 35 per cent free cash flow yield once leverage metrics are achieved I see them meaningfully increasing their dividend while announcing a major share repurchase program. Using a target multiple of 6x EV/CF and US$70WTI we see potential upside of 115 per cent.
 

TOP PICK
 
Cenovus Energy
(CVE-T)
May 28, 2021
 
Ridiculously miss priced. Core focus is deleveraging the balance sheet. Looking strongly at monetizing non-core assets from the Husky acquisition. The stock is trading at 3.5x cashflow at current prices with 35% free cashflow yield. Using a 6x multiple, it can be a double. (Analysts’ price target is $12.75)
 
OIL/GAS
Eric Nuttall 
 
Price
$9.810
Owned
Yes
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