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Energy Summary for Nov. 14, 2017

2017-11-14 20:39 ET - Market Summary

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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery lost $1.06 to $55.70 on the New York Merc, while Brent for January lost 95 cents to $62.21 (all figures in this para U.S.). Western Canadian Select traded at a discount of $14.40 to WTI ($40.64), unchanged. Natural gas for December lost seven cents to $3.10. The TSX energy index fell 6.55 points to 193.25.

Cenovus Energy Inc. (CVE) lost 68 cents to $13.25 on 9.59 million shares, after agreeing to sell its Weyburn light oil project in southeast Saskatchewan, at a lower price than investors and analysts were expecting. Cenovus is selling Weyburn for $940-million to Whitecap Resources Inc. (WCP), which today gained one cent to $9.12 on 7.06 million shares. (We discuss Whitecap in more detail below.) Cenovus, which had been hoping to raise between $4-billion and $5-billion from asset sales this year, has so far raised only $3.72-billion, including from Weyburn. Canaccord Genuity analyst Dennis Fong is unfazed by the shortfall. He expects Cenovus to sell some more non-core assets to reach its sales target before year-end. In a research note today, he says, "We believe that in a 12- to 18-month time frame, investors would be rewarded even in a modestly recovering oil price environment." He maintains his buy rating and his $15.50 price target.

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