Analyst CommentWEAK BUY
Cenovus Energy(CVE-T)
02/10/2024
Oil prices weak recently. Lots of Middle East conflict. US energy producers in general have performed much worse than Canadian, partly because of debate on whether shale can sustain production.
He owns SU, IMO and CNQ. Longer term, the sector is attractive and these companies will generate a ton of cash and strong dividend growth. You can put CVE in this category, but near-term technical questions. He'd love to see price of oil stabilize. It has in last couple of days, but that's geopolitically driven.
Give it some space. Not leading the market, but not technically broken in any way. Generally, gets a little firmer coming into winter. Comfortable owning.
Oil / Gas
David Burrows
$23.130
No