Cenovus Energy Stock (NYSE:CVE), Trade Ideas

Cenovus Energy

Cenovus Energy Inc is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 786 thousand barrels of oil equivalent per day in 2022. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada.

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Cenovus Energy Inc. to invest $1.5B in Ohio refineries &amp; add 115 jobs. Partnership praised by local officials. Reserves at 5.9B BOE.

Cenovus Energy Pumps $1.5B Into Ohio Refineries: Report

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Sharp increase in oil prices has led to outperformance of energy stocks, with WTI rising 20% this year. EIA forecasts $90/bbl in Q2 2024 and $3.60/gal in retail gasoline prices by 2024. 3 energy firms in top 10 S&amp;P 500 performers YTD and many more set to report earnings in April 2024.

3 Energy Stocks Stand Among S&amp;P 500&#39;s Top 10 Performers In 2024 As Oil Prices Reach $90

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Islamic State attacks halted the pipeline&#39;s operations in 2014 which was responsible for about 0.5% of the world&#39;s oil supply. 

Iraq To Resume Oil Exports To Turkey Via Pipeline Shuttered A Decade Ago Amid Kurdish Negotiation Deadlock

Cenovus Energy Inc

Cenovus Energy Inc Warrants (each warrant entitles the holder to purchase one common share at an exercise price of C$6.54 per share)

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Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) has outperformed the market over the past 5 years by 3.79% on an annualized basis producing an average annual return of 14.98%. Currently, Cenovus Energy has a market capitalization of $39.17 billion. 
Buying $1000 In CVE: If an investor had bought $1000 of CVE stock 5 years ago, it would be worth $2,011.89 today based on a price of $20.98 for CVE at the time of writing.
<h3>Cenovus Energy's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713542519_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Trading Ideas

If You Invested $1000 In This Stock 5 Years Ago, You Would Have $2,000 Today

Cenovus Energy Says Over Coming 5-Years, Co Plans To Invest $1.5B In Ohio Refineries Which Includes Maintenance, Reliability Measures, Market Access Project

Cenovus Energy Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) is reportedly making an investment of $1.5 billion in its Ohio refineries, including Lima and Oregon.
The company also aims to add 115 new jobs to its office in Dublin, reported Reuters, citing a local magazine.
As per the local media&nbsp;<a target="_blank" href="https://www.limaohio.com/top-stories/2024/04/10/cenovus-announces-1-5-billion-investment-expansion-in-ohio/" rel="noreferrer noopener">report</a>, Allen Economic Development Group President and CEO Dave Stratton said, &#8220;The recent announcement by Cenovus of significant investment in North America and Northwestern Ohio is great news for the greater Lima region and for the refinery in Lima.&#8221;
&#8220;This investment highlights their commitment to the Lima facility. The collaborative partnership of our state, regional and local economic development organizations tirelessly supports business growth in Lima/Allen County.&#8221;
The report also quoted Doreen Cole, executive vice president, downstream, who stated, Ohio provides a &#8216;vital strategic location&#8217; that aided in the company&#8217;s decision to expand.
Dean Hempfling, Lima Refinery general manager, stated, &#8220;The Lima Refinery continues to be a key asset for Cenovus, and these investments include funding for training and modernizing equipment at the facility.&#8221;&nbsp;
At the end of 2023, Cenovus&#8217; total proved and total proved plus probable reserves were approximately 5.9 billion BOE and 8.7 billion BOE,&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/g37152080/cenovus-announces-fourth-quarter-and-full-year-2023-results" rel="noreferrer noopener">respectively, almost flat Y/Y</a>.
Price Action: CVE shares closed higher by 1.07% at $21.80 on Wednesday.
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Three energy stocks are among the top 10 performers within the S&amp;P 500 since the beginning of the year, representing a significant paradigm shift compared to the underperformance of the <a href="https://www.benzinga.com/money/best-energy-stocks">energy sector throughout 2023.</a>
A significant factor contributing to the outperformance of energy stocks since the year&#8217;s onset has been the sharp increase in oil prices.
The West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>), has risen by 20% year to date. This surge can be attributed to a combination of factors including growing demand, limited OPEC+ supply, and escalating tensions in the Middle East, particularly between Israel and Iran.
According to the latest forecast from the U.S. Energy Information Administration (EIA), the Brent crude oil spot price is expected to average $90 per barrel in the second quarter of 2024, which is $2 higher than previous estimates. 
The forecast for the average price in 2024 is $89 per barrel. This uptick reflects the EIA&#8217;s anticipation of substantial global oil inventory declines during this quarter and ongoing geopolitical uncertainties.
Additionally, the retail gasoline price is projected to average $3.60 per gallon in 2024, up from the previous estimate of $3.50 per gallon.
As of April 9, 2024, the&nbsp;EnergySelect Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) is up 16% year-to-date, outperforming all other S&amp;P 500 sectors.
<h1 class="wp-block-heading">3 Energy Firms Among Top 10 S&amp;P 500 Performers Year to Date</h1>
<figure class="wp-block-table is-style-stripes"> 
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<tbody>
<tr>
<td>Name</td>
<td>Price Chg. % (YTD)</td>
<td>Sector</td>
</tr>
<tr>
<td>Super Micro Computer, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCI#NASDAQ">SMCI</a>)</td>
<td>215.81%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>70.28%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>Constellation Energy Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CEG#NASDAQ">CEG</a>)</td>
<td>59.83%</td>
<td>Utilities</td>
</tr>
<tr>
<td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td>
<td>44.88%</td>
<td>Communication Services</td>
</tr>
<tr>
<td>Marathon Petroleum Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>)</td>
<td>42.65%</td>
<td>Energy</td>
</tr>
<tr>
<td>Micron Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>)</td>
<td>42.55%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>NRG Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>)</td>
<td>39.77%</td>
<td>Utilities</td>
</tr>
<tr>
<td>Western Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)</td>
<td>38.09%</td>
<td>Information Tech</td>
</tr>
<tr>
<td>Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>)</td>
<td>36.10%</td>
<td>Energy</td>
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<tr>
<td>Diamondback Energy, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NYSE">FANG</a>)</td>
<td>32.23%</td>
<td>Energy</td>
</tr>
</tbody>
</table>
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<h1 class="wp-block-heading">U.S. Energy Companies Report Their Earnings In April 2024</h1>
Below is a list of large-cap U.S. energy stocks set to report their first quarter 2024 earnings by the end of April: 
<ul>
<li>Friday, Apr. 12, 2024: Kinder Morgan Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>) </li>
<li>Friday, Apr. 19, 2024: Schlumberger N.V. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>), Woodside Energy Group ADR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WDS#NYSE">WDS</a>) </li>
<li>Tuesday, Apr. 23, 2024: Halliburton Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HAL#NYSE">HAL</a>) </li>
<li>Wednesday, Apr. 24, 2024: Cenovus Energy Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>), EQT Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>) </li>
<li>Thursday, Apr. 25, 2024: Valero Energy, Hess Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HES#NYSE">HES</a>) </li>
<li>Friday, Apr. 26, 2024: Exxon Mobil Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), Imperial Oil Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IMO#NYSE">IMO</a>). </li>
<li>Tuesday, Apr. 30, 2024: Marathon Petroleum, ONEOK Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OKE#NYSE">OKE</a>), MPLX LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPLX#NYSE">MPLX</a>), Diamondback, Cameco Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>)</li>
</ul>
Read Now: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38164785/bank-of-america-sees-gold-at-3-000-warns-of-a-copper-supply-crisis-metals-dance-to-">Bank Of America Sees Gold At $3,000, Warns Of A Copper Supply Crisis: Metals &#8216;Dance To Their Own Tune&#8217;</a>
Photo: Shutterstock

3 Energy Stocks Stand Among S&P 500's Top 10 Performers In 2024 As Oil Prices Reach $90

In a significant development in the energy sector, Iraq is set to reactivate a previously dormant pipeline to Turkey, which could substantially impact regional oil exports and negotiations.
What Happened: Iraq is reviving a pipeline to Turkey, potentially exporting 350,000 barrels per day by month&#8217;s end, Reuters reported on Sunday. This move comes amid stalled negotiations with the Kurdistan Regional Government (KRG).
The Kirkuk-Ceyhan pipeline, inactive for a decade, offers an alternative to the KRG&#8217;s pipeline, which has been closed for a year. Baghdad views the KRG&#8217;s oil deals with foreign companies as illegal and demands that companies negotiate with the federal government for oil sales through the revived pipeline.
Islamic State attacks halted the pipeline&#8217;s operations in 2014. It was responsible for about 0.5% of the world&#8217;s oil supply. 
&#8220;Major crude pumping station with storage facilities has been completed,&#8221; said Basim Mohammed,  Iraqi deputy oil minister for upstream affairs, indicating the pipeline&#8217;s readiness to restart flows soon.
After an arbitration court ruling last year, the KRG&#8217;s pipeline was shut down, citing treaty violations. Discussions to reopen it have been complicated by conflicting demands from Turkey, the KRG, and the federal government.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38104437/bitcoin-ethereum-dogecoin-surge-despite-hawkish-remarks-from-fed-president-analysts-predic?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Bitcoin, Ethereum, Dogecoin Surge Despite Hawkish Remarks From Fed President—Analysts Predict King Could Now Go Vertical With Several Critical Indicators In Alignment</a>
Despite the friction, the Kurds and Baghdad rely on each other politically and economically. Kurdish oil exports typically pass through a pipeline to Turkey. Early tests on the pipeline within Iraq revealed leaks, prompting accelerated repair efforts.
The current Iraq-Turkey oil pipeline agreement is set to expire in mid-2025, and the resumption of the old pipeline&#8217;s operations will be a key topic in the extension talks, according to a government energy adviser.
Why It Matters: As the global oil market grapples with tight supply and rising demand, the reactivation of the Kirkuk-Ceyhan pipeline by Iraq could have significant implications. Earlier this month, oil prices were <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38073267/crude-prices-could-hit-95-this-summer-oil-is-fighting-the-fed-again">expected to potentially hit $95 per barrel</a> this summer due to these market conditions, coupled with ongoing geopolitical tensions.
Moreover, the reestablishment of this route could alter the dynamics of regional oil politics, as Baghdad asserts its authority over oil exports, challenging the KRG&#8217;s independent oil deals.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/04/38107547/hertzs-mega-tesla-gamble-backfired-due-to-sky-high-repair-costs-unusually-high-accident-rates-an?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Hertz&#8217;s Mega Tesla Gamble Backfired Due To Sky-High Repair Costs, Unusually High Accident Rates And Customers&#8217; Charging Anxiety, Report Reveals</a>
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Amid rising tensions in the Middle East, Helima Croft predicts &#8220;serious Iranian retaliation&#8221; that could lead to broader regional conflict.
What Happened: On Thursday, Croft, an analyst at RBC Capital Markets, expressed concerns over the potential repercussions of the recent escalation in the Middle East.
During CNBC &#8220;Last Call,&#8221; Croft warned, &#8220;We are bracing for serious Iranian retaliation.&#8221;
&#8220;You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region.&#8221;
Croft added that Iran has the potential to repeat its playbook from 2019 when it allegedly attacked oil tankers in the Strait of Hormuz, a critical waterway for oil import and export. She expressed that Iran only needs to launch attacks on a few oil tankers to push the oil prices higher. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">"We are bracing for serious Iranian retaliation," says <a href="https://twitter.com/CroftHelima?ref_src=twsrc%5Etfw">@CroftHelima</a> as geopolitical tensions in the Middle East impact markets. "You could see a serious escalatory tit-for-tat cycle that leads to a wider war in the region." <a href="https://t.co/JusnMdXQ81">pic.twitter.com/JusnMdXQ81</a>
&mdash; Last Call (@LastCallCNBC) <a href="https://twitter.com/LastCallCNBC/status/1776026486765424854?ref_src=twsrc%5Etfw">April 4, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38062930/ross-gerber-blames-elon-musks-toxic-behavior-for-ev-makers-crappy-q1-sales-calls-fo?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">&#8216;He Can't Even Tell He's An Idiot:&#8217; Elon Musk Furious As Ross Gerber Accuses Tesla CEO&#8217;s &#8216;Toxic&#8217; Behavior</a>
Why It Matters: The assassination of a top Iranian general by Israel has <a href="https://www.benzinga.com/24/04/38049998/israel-kills-top-iranian-general-oil-rises-not-great-for-stock-markets-no-inflation-story">led to a spike in oil prices</a> and is negatively affecting stock markets as investors worry about the potential for inflation. This event has heightened concerns of a broader conflict, which could have far-reaching consequences for global markets. The situation is particularly tense as Iran has vowed revenge against Israel, causing Israeli-related stocks and exchange-traded funds (ETFs) to suffer due to investor apprehension.
While large tech companies seem to be weathering the storm, the broader <a href="https://www.benzinga.com/markets/asia/24/04/38099623/irans-revenge-promise-against-israel-is-taking-down-its-stock-market-but-large-tech-companies-appear">Israeli market is facing downward pressure </a>as the threat of Iranian retaliation looms over the region.
Read Next: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38039504/solana-founder-announces-new-coin-as-april-fools-prank-and-a-mimic-token-surfaces-soaring-?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Solana Founder Announces New Coin As April Fools&#8217; Prank—And A Mimic Token Surfaces, Soaring 4000%</a>
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 <a href="https://www.benzinga.com/topic/Pooja-Rajkumari" target="_blank" rel="noopener" style="color: #225aa9;text-decoration: none">Pooja Rajkumari</a> 
 
 
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Analyst Color

Analyst Warns Of 'Serious Escalatory Tit-For-Tat Cycle' If Iran Strikes Back, Raising Fears Of 'Wider War' In Middle East

Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) has outperformed the market over the past 5 years by 3.81% on an annualized basis producing an average annual return of 16.2%. Currently, Cenovus Energy has a market capitalization of $37.78 billion. 
Buying $1000 In CVE: If an investor had bought $1000 of CVE stock 5 years ago, it would be worth $2,175.19 today based on a price of $20.24 for CVE at the time of writing.
<h3>Cenovus Energy's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712086234_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$1000 Invested In This Stock 5 Years Ago Would Be Worth $2,200 Today

Morgan Stanley analyst Benny Wong maintains Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) with a Overweight and raises the price target from $28 to $30.

Price Target

Analyst Ratings

Morgan Stanley Maintains Overweight on Cenovus Energy, Raises Price Target to $30

U.S. stock futures were higher this morning, with the Dow futures gaining by more than 100 points on Wednesday.
Shares of GameStop Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gme#NYSE">GME</a>) fell sharply in today&rsquo;s pre-market trading as the company posted weaker-than-expected <a href="https://www.benzinga.com/news/earnings/24/03/37946470/gamestop-q4-earnings-highlights-retail-favorite-stock-plunges-after-revenue-eps-miss">results for its fourth quarter on Tuesday</a>.
GameStop reported fourth-quarter net sales of $1.794 billion, down from $2.226 billion year-over-year. The net sales total missed a Street consensus estimate of $2.05 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. The company reported earnings per share of 22 cents for the fourth quarter, missing a Street estimate of 29 cents per share.
GameStop shares dipped 14.9% to $13.19 in pre-market trading.
Here are some big stocks recording losses in today&rsquo;s pre-market trading session.
<ul>
<li>Direct Digital Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/drct#NASDAQ">DRCT</a>) shares tumbled 39.8% to $15.95 in pre-market trading after the company reported worse-than-expected fourth-quarter financial results.</li>
<li>Forge Global Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/frge#NYSE">FRGE</a>) dipped 12.4% to $2.32 in pre-market trading after the company reported worse-than-expected fourth-quarter financial results.</li>
<li>Mesoblast Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meso#NASDAQ">MESO</a>) shares fell 12.1% to $3.45 in pre-market trading. Mesoblast shares jumped over 78% on Tuesday after the FDA informed the company that the available clinical data from its Phase 3 study MSB-GVHD001 appears sufficient to support submission of the proposed Biologics License Application for remestemcel-L for treatment of pediatric patients with steroid-refractory acute graft versus host disease.</li>
<li>Ero Copper Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ero#NYSE">ERO</a>) shares declined 8.3% to $17.02 in pre-market trading. On March 7, Ero Copper posted downbeat quarterly earnings.</li>
<li>Waterdrop Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wdh#NYSE">WDH</a>) shares fell 7% to $1.20 in pre-market trading. Waterdrop declared a special cash dividend, the aggregate payment of which amounted to approximately US$15 million.</li>
<li>Cenovus Energy Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cve#NYSE">CVE</a>) shares declined 5.7% to $18.74.</li>
<li>XPeng Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/xpev#NYSE">XPEV</a>) shares fell 4.5% to $8.16 in pre-market trading.</li>
<li>BrightSpire Capital, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/brsp#NYSE">BRSP</a>) fell 4.1% to $6.40 in pre-market trading.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/03/37951094/carnival-gamestop-and-3-stocks-to-watch-heading-into-wednesday"> Carnival, GameStop And 3 Stocks To Watch Heading Into Wednesday</a>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a>

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GameStop Posts Downbeat Results, Joins Direct Digital, Forge Global And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) has outperformed the market over the past 5 years by 3.63% on an annualized basis producing an average annual return of 16.58%. Currently, Cenovus Energy has a market capitalization of $34.97 billion. 
Buying $100 In CVE: If an investor had bought $100 of CVE stock 5 years ago, it would be worth $205.06 today based on a price of $18.72 for CVE at the time of writing.
<h3>Cenovus Energy's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1710784825_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 5 Years Ago, You Would Have $200 Today

WIIM

DINO

Shares of energy stocks are trading higher amid strength in oil following a draw in US crude inventories and Ukraine attacks on Russian refineries.

RBC Capital analyst Greg Pardy reiterates Cenovus Energy (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CVE#TSX">CVE</a>) with a Outperform and maintains C$28 price target.

Reiteration

TSX:CVE

RBC Capital Reiterates Outperform on Cenovus Energy, Maintains C$28 Price Target

UBS analyst Manav Gupta upgrades Cenovus Energy (TSX:<a class="ticker" href="https://www.benzinga.com/stock/CVE#TSX">CVE</a>) from Neutral to Buy and announces C$31 price target.

Upgrades

UBS Upgrades Cenovus Energy to Buy, Announces C$31 Price Target

Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) has outperformed the market over the past 5 years by 2.37% on an annualized basis producing an average annual return of 14.92%. Currently, Cenovus Energy has a market capitalization of $32.74 billion. 
Buying $100 In CVE: If an investor had bought $100 of CVE stock 5 years ago, it would be worth $200.46 today based on a price of $17.49 for CVE at the time of writing.
<h3>Cenovus Energy's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1708104674_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Cenovus Energy shares are trading higher after the company reported better-than-expected Q4 revenue results.

Cenovus Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cve#NYSE">CVE</a>) reported quarterly earnings of $0.39 per share which missed the analyst consensus estimate of $0.48 by 18.75 percent. The company reported quarterly sales of $13.10 billion which beat theCenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) reported quarterly earnings of $0.39 per share which missed the analyst consensus estimate of $0.48 by 18.75 percent. The company reported quarterly sales of $13.10 billion which beat the analyst consensus estimate of $12.85 billion by 1.98 percent. This is a 24.79 percent increase over sales of $10.50 billion the same period last year.

Earnings

Earnings Beats

Earnings Misses

Cenovus Energy Q4 2023 GAAP EPS C$0.39 Misses C$0.48 Estimate, Sales C$13.10B Beat C$12.85B Estimate

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Earnings Scheduled For February 15, 2024

Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) is set to give its latest quarterly earnings report on Thursday, 2024-02-15. Here's what investors need to know before the announcement.
Analysts estimate that Cenovus Energy will report an earnings per share (EPS) of $0.25. 
Cenovus Energy bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company beat EPS by $0.01, which was followed by a 2.0% drop in the share price the next day.
Here's a look at Cenovus Energy's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.71</td>
<td>0.31</td>
<td>0.20</td>
<td>0.48</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.72</td>
<td>0.33</td>
<td>0.24</td>
<td>0.29</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-2.0%</td>
<td>2.33%</td>
<td>-1.53%</td>
<td>-1.52%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1707919282_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of Cenovus Energy were trading at $16.22 as of February 13. Over the last 52-week period, shares are down 11.7%. Given that these returns are generally negative, long-term shareholders are likely a little upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/CVE/earnings">To track all earnings releases for Cenovus Energy visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Preview: Cenovus Energy's Earnings

Nuclear fusion reached a new milestone, generating more energy than ever before during an experiment conducted at the Joint European Torus (JET) <a href="https://www.benzinga.com/topic/clean-energy">laboratory in the U.K.</a> 
The JET facility, an experimental fusion reactor, has been at the forefront of fusion research for over four decades, BBC noted.
The UK Minister for Nuclear&nbsp;Andrew Bowie&nbsp;lauded the accomplishment as a &#8220;fitting swansong&#8221; for the JET project.&nbsp;
While nuclear fusion holds the promise of abundant clean energy without carbon emissions, challenges remain. Dr. Aneeqa Khan, Research Fellow in Nuclear Fusion at the University of Manchester, emphasized the need for extremely high temperatures, ten times hotter than the Sun, and specific conditions for atoms to fuse on Earth.
The experiments at JET&nbsp;<a target="_blank" href="https://www.bbc.com/news/science-environment-68233330" rel="noreferrer noopener">produced</a>&nbsp;69 megajoules of energy over five seconds, a significant achievement but still a long way from practical applications.&nbsp;
The JET facility, funded predominantly by the EU nuclear research program Euratom, symbolized successful international collaboration. However, the UK&#8217;s role in European fusion research post-Brexit remains uncertain, with the government opting out of re-joining Euratom.
The UK government&#8217;s decision not to re-join Euratom is attributed to delays with ITER, Euratom&#8217;s successor to JET, which is now expected to start full-scale experiments no earlier than 2035.&nbsp;
Looking ahead, the UK government aims to build the world&#8217;s first fusion power plant in Nottinghamshire, known as the Spherical Tokamak for Energy Production project. Operated by the UK Industrial Fusion Solutions, the project aims to initiate operations in the 2040s, ushering in a new era of clean energy production.
While pure-play nuclear fusion stocks are off the table for now, here are some large companies that invested in the technology:&nbsp;
<ul>
<li>Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) <a href="https://tae.com/tae-technologies-exceeds-fusion-reactor-performance-goals-by-250-as-company-closes-250-million-financing-round-totaling-1-2-billion-to-date/" target="_blank" rel="noreferrer noopener">participated</a> in a $250 million investment in TAE Technologies in 2022. </li>
<li>In 2021,&nbsp;Cenovus Energy Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>)&nbsp;<a target="_blank" href="https://generalfusion.com/post/fusion-lightweight-gets-a-boost-from-heavyweight-investors/" rel="noreferrer noopener">invested</a>&nbsp;$4 million in&nbsp;General Fusion, a Canada-based nuclear fusion technology startup in a $19.5-million new development capital, including some from Bezos Expeditions, the personal investment company of Amazon.com founder Jeff Bezos.</li>
<li>In 2023, Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) <a href="https://www.helionenergy.com/articles/helion-announces-worlds-first-fusion-ppa-with-microsoft/" target="_blank" rel="noreferrer noopener">signed</a> a power purchase deal with nuclear fusion company Helion Energy, providing Microsoft electricity from its first fusion power plant that is expected to be online by 2028 and will target power generation of 50 MW or greater after a one-year ramp-up period.</li>
<li>The Chinese auto manufacturer&nbsp;NIO Inc&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>)&nbsp;<a target="_blank" href="https://www.reuters.com/business/energy/chinese-ev-maker-nio-invests-nuclear-fusion-startup-2023-05-19/" rel="noreferrer noopener">invested</a>&nbsp;in a nuclear fusion start-up, Neo Fusion, in May 2023.</li>
<li>Nio invested 995 million yuan for a 19.9% stake, while Nio Capital, founded by Nio&#8217;s chief executive William Li, invested 505 million yuan for a 10.1% share.</li>
<li>In 2021, Commonwealth Fusion Systems closed on more than $1.8 billion in Series B funding from&nbsp;Bill Gates, Google,&nbsp;Eni SpA&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>), and&nbsp;Equinor ASA&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>), among other investors.</li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock

EQNR

GOOG

GOOGL

MSFT

Stocks To Watch For Clean Energy: Achievement In Nuclear Fusion Energy At UK Facility After 40 Years

Cenovus Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVE#NYSE">CVE</a>) has outperformed the market over the past 5 years by 2.72% on an annualized basis producing an average annual return of 15.35%. Currently, Cenovus Energy has a market capitalization of $30.22 billion. 
Buying $100 In CVE: If an investor had bought $100 of CVE stock 5 years ago, it would be worth $206.03 today based on a price of $16.05 for CVE at the time of writing.
<h3>Cenovus Energy's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1706907613_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

$100 Invested In Cenovus Energy 5 Years Ago Would Be Worth This Much Today

Mexico said to cut some oil exports as global supplies tighten

Lots of upside seen for Canada oil sands names as big headwinds fade, RBC says

Stock winners of Republican policy if Trump wins - GS

Expanded Trans Mountain system to start operating May 1, surprising analysts

Cenovus Energy: Several Catalysts Could Soon Unlock The Value

Cenovus Energy: My Top Pick Among Canadian Majors

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
The global oil and gas market is <a href="https://www.thebusinessresearchcompany.com/report/oil-and-gas-global-market-report">valued at</a> $7.62 trillion and is projected to reach $9.34 trillion in 2028, representing a CAGR of 5.2%. Critical components of this rapid growth include modernization, urbanization and geopolitical tensions spiking oil prices. These oil and gas stocks to buy will set your portfolio up for success now.&nbsp;



<h2>Cenovus Energy (CVE)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/09/cve-stock-1-300x169.jpg" alt="The website for Cenovus Energy (CVE) seen through a magnifying glass."><div>Source: Pavel Kapysh / Shutterstock.com</div></div>Cenovus Energy (NYSE:<a href="https://investorplace.com/stock-quotes/cve-stock-quote/">CVE</a>) is an oil and natural gas company that operates in crude oil. CVE has shown immense financial growth, demonstrated by its <a href="https://companiesmarketcap.com/cenovus-energy/marketcap/">market cap</a> of $38.58 billion. In addition, <a href="https://seekingalpha.com/symbol/CVE/profitability">return on total assets</a> showed promise at 7.62%, 14.33% more than the sector median. EPS FWD long term growth was impressive at 24% or a colossal 446.60% more than the sector median. These metrics demonstrate CVE&rsquo;s long and short-term profitability while discussing its immense growth prospect.&nbsp;



CVE has announced an investment of $1.5 billion towards oil refineries in Ohio over the next 5 years. This includes expanding projects and improving reliability, translating into a solid public image. It also indicates that CVE is set on expanding operations and has the capital to do it, making it likely that this isn&rsquo;t the only project they will announce in the coming years. Overall, I am fully confident CVE is one of the oil and gas stocks you will want to buy now.



<h2>Diamondback Energy (FANG)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/diamondback_fang_stock_fang1600-300x169.jpg" alt="Diamondback Energy (FANG) logo on its website to represent oil stocks. FANG stock"><div>Source: Pavel Kapysh / Shutterstock.com</div></div>Diamondback Energy (NASDAQ:<a href="https://investorplace.com/stock-quotes/fang-stock-quote/">FANG</a>) is an American-based oil and natural gas company focused on developing natural oil reserves in Texas.



Overall, Diamondback Energy had a <a href="https://finance.yahoo.com/quote/FANG/financials">promising Q4 2023</a>, with ups and downs noted in their latest earnings call. In the past quarter, FANG brought in $2.12 billion in revenue, which equated to a YoY increase of 11.26%. Furthermore, FANG reported $960 million in net income and $5.34 in diluted EPS. Although these figures were net reductions year-over-year (YOY), these metrics outperformed industry forecasts for this quarter by 1.89% for EPS.



The most significant bonus behind FANG&rsquo;s upside is located in its overall industry performance. Especially when comparing their past quarter to other competitors in the oil and gas industry. Looking at EOG Resources (NYSE:<a href="https://investorplace.com/stock-quotes/eog-stock-quote/">EOG</a>), EOG lost 6.97% of its Q4 revenue year-over-year. Likewise, Pioneer Natural Resources (NYSE:<a href="https://investorplace.com/stock-quotes/pxd-stock-quote/">PXD</a>) reported a revenue this past quarter of a 1.89% loss in profit. With FANG blazing the trail with YOY grosses of 11.26%, expect revenue to surge during an overall down period of the market.



<h2>Occidental Petroleum (OXY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/08/oxy-stock-1-300x169.jpg" alt="A magnifying glass zooms in on the Occidental Petroleum website."><div>Source: Pavel Kapysh / Shutterstock.com</div></div>Occidental Petroleum (NYSE:<a href="https://investorplace.com/stock-quotes/oxy-stock-quote/">OXY</a>) is an American hydrocarbon exploration and petrocarbon manufacturer. OXY stock is a favorite of Warren Buffet, who holds <a href="https://investorplace.com/2024/04/the-3-best-warren-buffett-stocks-to-buy-in-april-2024/">over 25% of the company&rsquo;s stock</a>. OXY is already up <a href="https://seekingalpha.com/symbol/OXY">14.45% YTD</a>, but the legendary investor believes Occidental will experience further growth and continue to return value to shareholders.&nbsp;



His optimism is not unfounded, as the company&rsquo;s latest earnings showed remarkable performance. In <a href="https://finance.yahoo.com/news/occidental-petroleum-corp-oxy-posts-213913693.html">Q4 2023</a>, Occidental reported operating cash flow of $3.2 billion and cash flow from operations before working capital of $2.5 billion. This strong performance is a highly positive sign, enabling management to invest in growth opportunities. Occidental also saw net income reach $1 billion. Furthermore, the company demonstrated its commitment to shareholder value by increasing its quarterly dividend by 22% to 22 cents per share. Overall, Occidental exceeded expectations, a testament to its resilience and operational efficiency.&nbsp;



The most significant catalyst behind Occidental&rsquo;s success was a <a href="https://www.reuters.com/markets/deals/occidental-petroleum-buy-crownrock-12-bln-deal-2023-12-11/">$12 billion deal</a> for Permian basin driller CrownRock. Announced in December, this acquisition significantly expands the company&rsquo;s Permian operations and dramatically increases its share of the U.S. shale market. Management expects CrownRock to strategically bolster the company&rsquo;s performance and provide leverage during oil price downturns. With an impressive cash flow and strategic expansion plans place OXY among oil and gas stocks to buy now.&nbsp;



On the date of publication, Michael Que did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.



The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.
<div>Michael Que is a financial writer with extensive experience in the technology industry, with his work featured on Seeking Alpha, Benzinga and MSN Money. He is the owner of Que Capital, a research firm that combines fundamental analysis with ESG factors to pick the best sustainable long-term investments.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/04/3-oil-gas-stocks-to-buy-now-q2-edition/">3 Oil &amp; Gas Stocks to Buy Now: Q2 Edition</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

3 Oil & Gas Stocks to Buy Now: Q2 Edition

In a report released today, Dennis Fong from CIBC maintained a Buy rating on Cenovus Energy (CVE – Research Report), with a price target of C$35.00...

CIBC Sticks to Its Buy Rating for Cenovus Energy (CVE)

Canadian Natural: Resilience And Returns Through The Cycle

Desjardins analyst Chris MacCulloch maintained a Buy rating on Cenovus Energy (CVE – Research Report) today and set a price target of C$31.50. The ...

Cenovus Energy (CVE) Receives a Buy from Desjardins

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Financing

Press Releases

Cenovus Energy announces early tender results and increase of tender offers for certain outstanding series of notes

Cenovus Energy announces pricing of tender offers for certain outstanding series of notes

Cenovus to hold third-quarter conference call and webcast