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Cenovus' (CVE) Q4 earnings gain from higher contributions from the Oil Sands unit and lower expenses.
Cenovus Energy Inc. has reduced debt by over C$900 million in the latest quarter. It will not be long before the company hits the net debt goal of $4 billion. The company's refining abilities insulate a lot of production from thermal oil pricing discounts, allowing for more cash flow in the future.
Cenovus Energy (CVE) came out with quarterly earnings of $0.29 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.29 per share a year ago.
Cenovus Energy narrowly missed estimates for quarterly profit on Thursday, hit by lower oil prices.
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.