06:56:46 EDT Sun 21 Jul 2024
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,905,776,221
Close 2023-06-02 C$ 22.82
Market Cap C$ 43,489,813,363
Recent Sedar Documents

Inv Reporter says buy Cenovus Energy

2023-06-02 20:24 ET - In the News

The Investment Reporter, in its May 25, 2023, issue, says buy Cenovus Energy Inc., recently $21.43. The Reporter said buy eight times from Dec. 11, 2009, to May 20, 2022, at prices ranging from $3.74 to $32.17. Assuming an investment of $1,000 for each of the eight buys, the $8,000 position would now be worth $17,036. Cenovus Energy was formed in 2009 when Encana Corp. split into two. The Reporter notes that Cenovus is trading well below its 52-week high of $31.19 (which it touched last June). Energy stocks have underperformed the market this year thanks to fears of a global economic slowdown. Over the longer term, demand for oil and gas should remain strong as the cleaner energy transition is likely to take decades to play out. Cenovus's earnings are expected to decline this year, partly because of lower commodity prices. Earnings are expected to rebound in 2024 though and then to continue climbing in following years. Despite the less than ideal results for 2023, Cenovus recently approved an increase to its dividend from 42 cents a share to 56 cents. This is equal to a decent yield of 2.6 per cent. This shows confidence in the long-term outlook and the Reporter says to buy Cenovus Energy.

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