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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (81513)	5/15/2020 3:33:06 PM
From: Goose94	Read Replies (1) of 202736

Cenovus Energy (CVE-T) revisited top pick from Eric Nuttall on BNN.ca Market Call Friday May 15th @ 1200ET While Cenovus is completely unhedged on their oil production (just like every other Canadian large cap), it has adequate liquidity to allow them to weather the storm and ensure sub-cash flow break even oil pricing in 2020. At $35 WTI for 2020, Cenovus would burn through $1.5 billion of cash on available liquidity of $5.6 billion. Given the share price has collapsed by 60 per cent, we believe the stock is discounting a scenario worse than what we expect (no global oil demand pickup for over a year). At $50 WTI and normalized crack spreads, Cenovus could easily be a $10 stock again versus its current trading price of $5 (if it escapes being acquired by another operator beforehand).

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