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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (72493)	12/18/2019 8:15:38 PM
From: Goose94	Read Replies (1) of 202904

Cenovus Energy (CVE-T) top pick from Norman Levine on BNN.ca Market Call Wed Dec 18th @ 1200ET Cenovus is one of the largest energy producers in Canada, 80 per cent of which is oil (largely oil sands) and 20 per cent natural gas. It owns long-life, low-decline assets, mostly heavy oil. Production growth has been stagnating due to a lack of pipelines to handle any additional production. Rail contracts it signed this year will help. Cenovus had a difficult 2018 due to high debt levels and poor hedges. Its new CEO has strong operational skills and has cut its hedging program, reducing debt levels through asset sales. Helping earnings are its 50-per-cent ownership in two U.S. refineries. Money is finally starting to flow into the energy sector and we believe that Cenovus will be a leader as the group begins to advance. It currently yields 2 per cent. One worry is the overhand in the stock as ConocoPhillips owns 17 per cent of the stock. Eventually that position will be offered into the market, but we believe it will be at significantly higher prices from today.

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