CVE Stock Recent News

While decreased commodity prices are likely to have hurt Cenovus Energy's (CVE) Q4 earnings, higher production may have partially offset the negative.

CALGARY, Alberta, Feb. 09, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) will release its fourth-quarter and full-year 2023 results on Thursday, February 15. The news release will provide consolidated fourth-quarter and full-year operating and financial information. The company's quarterly and 2023 financial statements will be available on Cenovus's website, cenovus.com.

Though one of the remarkable elements of the new year so far has been the sustained performance of the usual suspects, investors should still consider the potential value of stocks with unexpected gains. These enterprises might not be in the spotlight compared to more popular enterprises on Wall Street.

CVE, CMC and CUTR have been added to the Zacks Rank #5 (Strong Sell) List on January 23, 2023.

To kickstart the creation of Duvernay Energy, Cenovus (CVE) will contribute $18 million and Athabasca will contribute $22 million in seed capital.

We had recommended Cenovus Energy's preferred shares for a lower-risk play on the company's credit. Those have outperformed the common shares by about 30% since then. We update our outlook on the common shares, and preferred shares and also look at the warrants.

Higher contributions from the Oil Sands unit and lower expenses aid Cenovus' (CVE) earnings in Q3.

Cenovus Energy is one of Canada's best energy stocks, with deep reserves, a strong balance sheet, and a plan to distribute 100% of its free cash flow to shareholders. The company's focus on buybacks is driven by its belief that the stock is undervalued, benefiting shareholders with potential for significant appreciation. Despite the volatility of energy stocks, accumulating Cenovus shares during dips could be a wise long-term investment strategy.

Canadian Natural Resources Ltd (CNQ) on Thursday posted third-quarter adjusted earnings per share (EPS) that exceeded analysts' expectations on record production that averaged 1.39 million oil-equivalent barrels per day.  The senior crude oil and natural gas production company said its adjusted EPS came in at C$2.59, surpassing the C$2.43 consensus estimate of 11 analysts polled by FactSet.

Canadian oil and gas firm Cenovus Energy's quarterly profit rose on Thursday, helped by strong demand for crude oil amid tight supplies and higher production.