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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (81359)	4/3/2020 2:28:27 PM
From: Goose94	Read Replies (2) of 202736

Cenovus Energy (CVE-T) top pick from Eric Nuttall on BNN.ca Market Call Friday Apr 3rd @ 1200ET While Cenovus is completely unhedged on their oil production (just like every other Canadian large cap) and no longer materially benefits from their refineries (current margins are close to break-even), the company has the liquidity to allow them to weather the storm. At $30 WTI for 2020, Cenovus would burn through $1.1billion of cash on available credit lines of $4.5 billion. Given the share price has collapsed by 74 per cent, we believe the stock is fully discounting a doomsday scenario (no global oil demand pickup for over one year or inaction on the part of OPEC+). At $50 WTI and normalized crack spreads Cenovus could easily be a $10 stock again versus their current trading price of $3.45 (if they escape being acquired by another operator beforehand/

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