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Friday, March 24, 2017 12:50:55 PM
Cenovus Energy (CVE -0.8%) is upgraded to Buy at TD Securities, which calls the stock a "chronic underperformer" and sees an attractive entry point with shares -17% YTD.
TD notes CVE's own disclosures that indicate the need for $45-$50 West Texas crude prices to fully fund its sustaining capital, corporate cost and dividend payouts, but focuses on CVE's "pristine balance sheet and sharp cost structure improvements."
TD also downgrades MEG Energy (OTCPK:MEGEF -4.6%) to Hold, highlighting the company's debt position rather than the quality and execution of the Christina Lake project.
MEG's first debt tranche is not due until 2023, so "although it can wait patiently for an improvement in fundamentals, most investors likely require line-of-sight to material deleveraging" over 18-24 months, the firm says.
Recent CVE News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/01/2024 05:50:06 PM
- Cenovus announces second quarter 2024 results • GlobeNewswire Inc. • 08/01/2024 10:00:00 AM
- Cenovus to hold second-quarter conference call and webcast on August 1 • GlobeNewswire Inc. • 07/25/2024 08:15:19 PM
- Competition Act amendments silence Canadian businesses taking climate action • GlobeNewswire Inc. • 06/20/2024 11:10:19 PM
- Cenovus reports voting results of annual meeting of shareholders • GlobeNewswire Inc. • 05/01/2024 11:20:48 PM
- Cenovus announces first-quarter 2024 results • GlobeNewswire Inc. • 05/01/2024 10:00:06 AM
- Cenovus to hold first-quarter conference call and webcast, virtual annual meeting of shareholders on May 1 • GlobeNewswire Inc. • 04/24/2024 10:04:31 PM
- Cenovus to webcast Investor Day 2024 • GlobeNewswire Inc. • 02/27/2024 08:00:40 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/15/2024 07:58:59 PM
- Form 40-F - Registration statement [Section 12] or Annual Report [Section 13(a), 15(d)] • Edgar (US Regulatory) • 02/15/2024 07:26:37 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/15/2024 07:22:16 PM
- Cenovus announces fourth-quarter and full-year 2023 results • GlobeNewswire Inc. • 02/15/2024 11:00:45 AM
- Cenovus to hold fourth-quarter, full-year 2023 results conference call and webcast February 15 • GlobeNewswire Inc. • 02/09/2024 03:47:23 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/05/2024 10:03:06 PM
- Toronto Stocks Climb, Buoyed by Financials • Dow Jones News • 01/05/2024 05:37:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/14/2023 03:26:00 PM
- Cenovus announces 2024 budget • GlobeNewswire Inc. • 12/14/2023 11:00:55 AM
- Suncor Energy Restarting Production at Terra Nova • Dow Jones News • 11/27/2023 12:55:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/07/2023 02:48:41 PM
- Cenovus Energy announces renewal of share buyback program • GlobeNewswire Inc. • 11/07/2023 11:00:41 AM
- Form F-10 - Registration Statement for Securities of certain Canadian Issuers. • Edgar (US Regulatory) • 11/03/2023 09:26:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/02/2023 04:27:28 PM
- Cenovus announces 2023 third-quarter results • GlobeNewswire Inc. • 11/02/2023 10:00:06 AM
- Phillips 66's Asset Sale May Involve Refinery Joint Ventures With Cenovus, Sources Say -- OPIS • Dow Jones News • 10/31/2023 06:17:00 PM
- Phillips 66's Asset Sale May Involve Refinery JVs with Cenovus -- OPIS • Dow Jones News • 10/31/2023 06:16:00 PM
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