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//latest news on cenovus energy

The Goodyear Tire & Rubber (NASDAQ:GT) Given New $11.00 Price Target at JPMorgan Chase & Co. American Axle & Manufact. The company has an average rating of Hold and a consensus price target of C$7.19. Cenovus' deal for Husky is valued at C$23.6 billion, including debt, the companies said. ASSA ABLOY AB (publ) (OTCMKTS:ASAZY) Earns Neutral Rating from JPMorgan Chase & Co. Centennial Resource Development (NASDAQ:CDEV) Lifted to Neutral at Piper Sandler, MarketBeat.com's FREE daily email newsletter, Morgan Stanley Increases Thermo Fisher Scientific Price Target to $535.00, Tesla Coverage Initiated at Royal Bank of Canada, Calix Price Target Increased to $30.00 by Analysts at Craig Hallum. Posted by Stanley Muller on Oct 18th, 2020. The deal was conceived as a nil-premium merger, but due to the divergence in share prices, Cenovus has agreed to pay a 21 per cent premium, or 23 per cent including warrants, to Husky shareholders. National Bank Financial upped their target price on shares of Cenovus Energy from C$6.50 to C$11.00 and gave the company an outperform rating in a research note on Wednesday, June 24th. After the withdrawal of several international oil companies from the Alberta oil sands – where the high cost of producing bitumen, constant environmental opposition and slow progress in building new pipeline infrastructure have deterred investors – the Cenovus deal points to the sector’s further consolidation in the hands of local companies. The company has a market cap of $5.94 billion and a price-to-earnings ratio of -3.43. CSFB restated an outperform rating and issued a C$8.00 price objective on shares of Cenovus Energy in a report on Wednesday, October 7th. Acquiring refineries, pipelines and storage offered a solution to Canada's often-congested pipelines, which have usually created price discounts, said Cenovus CEO Alex Pourbaix. « PREVIOUS. "In one fell swoop, this deal will almost completely remove our exposure to (West Texas Intermediate/Western Canada Select) differentials," Pourbaix told analysts on Sunday, referring to the discounts. You should not place undue reliance on the forward-looking information contained in this news release, as actual results … The new company will be worth $C23.6 billion, Cenovus said, making it Canada’s third-largest oil and gas producer with an output of 750,000 barrels a day concentrated in the bitumen-rich oil sands of northern Alberta, the biggest single source of US crude imports. Cenovus and Husky shares have lost 63% and 70% respectively this year, exceeding the Toronto energy index loss of 53%. Cenovus snares Li Ka-shing’s Husky Energy in $11b deal The transaction is the latest in a string of North American oil mergers as operators seek to consolidate and cut costs. The reference to Cenovus’s and Husky’s websites is intended to be an inactive textual reference. The Goodyear Tire & Rubber Given New $11.00 Price Target at JPMorgan Chase & Co. Receive News & Ratings for Cenovus Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cenovus Energy and related companies with MarketBeat.com's FREE daily email newsletter. Recommended Story: How to calculate compound interest. It is the biggest Canadian oil and gas deal in nearly four years, based on enterprise value, said Tom Pavic, president of Sayer Energy Advisors, which advises on M&A. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake. The last time Cenovus Energy swung for the fences with a bold move to vastly expand, the mega-deal was a major flop. Future deal-making could see remaining oil sands interests held by Total, Shell, BP and Chevron – which no longer consider the region strategic – targeted for acquisition by Canadian operators, Mr Oberstoetter said. Hutchison Whampoa is the biggest shareholder of Husky currently, with a 40.2% stake. RBC Capital Markets and TD Securities are acting as financial advisors to Cenovus, while Goldman Sachs Canada and CIBC Capital Markets are acting as financial advisors to Husky. Europe is bracing for a bleak winter. Husky's market value stood at C$3.2 billion as of Friday's close, which implies Cenovus is offering a 19.5% premium through the all-stock deal. Cenovus said the combined company will be able to produce 750,000 barrels of oil equivalent per day (BOE/d). 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Free cash flow would be achieved at a price of $US36 for a barrel of West Texas Intermediate in 2021. Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price target cut by Raymond James from C$8.00 to C$6.00 in a research note published on Wednesday morning, AnalystRatings.net reports. They currently have a market perform rating on the stock. Cenovus Energy (TSX: CVE, NYSE: CVE) and Husky Energy (TSX: HSE) have entered into a deal to combine in an all-stock transaction valued at $23.6 billion, inclusive of debt. Other recent deals include the $US7.6 billion takeover of US shale group Parsley Energy by Pioneer Natural Resources, Chevron’s $US13 billion plan to buy Noble Energy and Devon Energy’s $US12 billion deal to combine with rival WPX Energy. Pi Financial Analysts Give Gogold Resources (TSE:GGD) a C$2.20 Price Target » NEXT. Meritor Given New $24.00 Price Target at JPMorgan Chase & Co. CSX Price Target Raised to $82.00 at Wells Fargo & Company. Finally, Credit Suisse Group reaffirmed an outperform rating and issued a C$8.00 target price on shares of Cenovus Energy in a research note on Wednesday, October 7th. TSE:CVE opened at C$4.83 on Wednesday. The information contained on Cenovus’s and Husky’s websites is not incorporated by reference into this news release. Energy | M&A | Top News | Dividend News Cenovus to buy Husky Energy in $2.9B stock deal Oct. 25, 2020 12:13 PM ET | About: Cenovus Energy Inc. (CVE) | By: Liz Kiesche , SA News Editor Cenovus said the deal would create Canada's third-largest producer based on total company output behind Canadian Natural Resources Ltd and Suncor Energy Ltd. Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share, according to the statement. Daimler (ETR:DAI) Given a €50.00 Price Target at UBS Group » NEXT. JPMorgan Chase & Co. downgraded shares of Cenovus Energy from a neutral rating to an underweight rating and lowered their target price for the company from C$7.50 to C$6.00 in a research note on Thursday, October 1st. After the deal closes, Cenovus shareholders would own 61% of the combined entity, with Husky shareholders controlling the rest. 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Cenovus said the deal would create Canada's third-largest producer based on total company output behind Canadian Natural Resources Ltd and Suncor Energy Ltd. Husky shareholders will receive 0.7845 of a Cenovus share and 0.0651 of a Cenovus share purchase warrant in exchange for each Husky common share, according to the statement. Cenovus Energy has a 52-week low of C$2.06 and a 52-week high of C$13.66. Two entities controlled by Mr Li, which own about 70 per cent of Husky at present, will emerge with more than 27 per cent of the new company’s common stock. Cenovus Energy is to buy rival Canadian oil producer Husky Energy, controlled by Hong Kong billionaire Li Ka-shing, in a $C10.2 billion ($10.9 billion) deal as the wave of consolidation sweeping North America’s battered oil and gas sector gathers speed. Following the completion of the transaction, the director now directly owns 366,000 shares of the company’s stock, valued at C$2,371,680. The deal makes Cenovus an integrated producer with refineries in Canada and the United States, adding to their existing half-ownerships in two U.S. refineries. The firm’s 50-day moving average is C$5.51 and its 200-day moving average is C$5.55. They have been under stress for six years, dating back to the last downturn, due to congested pipelines and the flight by foreign oil companies and investors from Canada's high production costs and emissions. « PREVIOUS. Cenovus Energy (TSE:CVE) (NYSE:CVE) last released its quarterly earnings results on Thursday, July 23rd. The company has a debt-to-equity ratio of 59.19, a quick ratio of 0.72 and a current ratio of 1.23. The transaction has been approved by the boards of both Cenovus and Husky and is expected to close in the first quarter of 2021, the companies said. The plummeting oil price has caused shares in Cenovus to fall by more than 60 per cent since the start of January, and Husky’s by almost 70 per cent.

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