(NYSE:AXL) Price Target Raised to $11.00 at JPMorgan Chase & Co. Antofagasta (OTCMKTS:ANFGF) Given Underperform Rating at Royal Bank of Canada, JD.com (NASDAQ:JD) Price Target Increased to $90.00 by Analysts at Mizuho, Zosano Pharma (NASDAQ:ZSAN) Price Target Cut to $2.00 by Analysts at BTIG Research, Wedbush Increases Texas Capital Bancshares (NASDAQ:TCBI) Price Target to $42.00, W. R. Berkley (NYSE:WRB) Rating Increased to Hold at Zacks Investment Research, Vulcan Materials (NYSE:VMC) Stock Rating Lowered by Berenberg Bank, JPMorgan Chase & Co. Reaffirms “Overweight” Rating for ATRESMEDIA CORP/ADR (OTCMKTS:ATVDY), Hermès International Société en commandite par actions (OTCMKTS:HESAY) Earns Hold Rating from Societe Generale, Vitru (NASDAQ:VTRU) Coverage Initiated at Credit Suisse Group. The reference to Cenovus’s and Husky’s websites is intended to be an inactive textual reference. Several other equities analysts have also weighed in on the stock. 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Canada’s production of bitumen – ultra heavy oil that must be upgraded before refining into fuels – has attracted environmental opposition because of its carbon intensity and its vast ecological footprint in northern Alberta. Insufficient pipeline capacity to ship growing volumes of oil-sands production to markets beyond North America has periodically forced deep discounts on Canadian exports. The combination, announced on Sunday, follows recent big deals in the United States. Meritor (NYSE:MTOR) Given New $24.00 Price Target at JPMorgan Chase & Co. CSX (NASDAQ:CSX) Price Target Raised to $82.00 at Wells Fargo & Company, Atlassian (NASDAQ:TEAM) Stock Rating Upgraded by Zacks Investment Research, Fate Therapeutics (NASDAQ:FATE) Downgraded by Zacks Investment Research. Hong Kong tycoon Li Ka-shing-controlled Hutchison Whampoa would hold a 15.7% stake in the new company. While US oil has traded at about $US40 a barrel in recent weeks, the benchmark for Canadian oil has been priced at about $US30 a barrel. Daimler (ETR:DAI) Given a €50.00 Price Target at UBS Group, CSFB Reiterates “Neutral” Rating for Enbridge Inc. (ENB.TO) (TSE:ENB), Morgan Stanley Increases Thermo Fisher Scientific (NYSE:TMO) Price Target to $535.00, Tesla (NASDAQ:TSLA) Coverage Initiated at Royal Bank of Canada, Calix (NYSE:CALX) Price Target Increased to $30.00 by Analysts at Craig Hallum. Pourbaix said the deal did not come in response to the risk that oil pipelines will be more difficult to build if Democrat presidential nominee Joe Biden wins the White House on Nov. 3. Cenovus said the combined company will be able to produce 750,000 barrels of oil equivalent per day (BOE/d). Follow live here. After the deal closes, Cenovus shareholders would own 61% of the combined entity, with Husky shareholders controlling the rest. The company reported C($0.34) EPS for the quarter, beating the Zacks’ consensus estimate of C($0.59) by C$0.25. Cenovus Energy has a 52-week low of C$2.06 and a 52-week high of C$13.66. « PREVIOUS. Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. 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. The combined company is expected to generate annual synergies of C$1.2 billion and will operate as Cenovus Energy Inc with headquarters in Alberta. You should not place undue reliance on the forward-looking information contained in this news release, as actual results … The transaction is the latest in a string of North American oil mergers as operators seek to consolidate and cut costs. Centerra Gold (TSE:CG) Given a C$23.00 Price Target by … 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. Macphail acquired 60,000 shares of the stock in a transaction dated Tuesday, July 28th. The company has a debt-to-equity ratio of 59.19, a quick ratio of 0.72 and a current ratio of 1.23. Daimler (ETR:DAI) Given a €50.00 Price Target at UBS Group » NEXT. Pourbaix will serve as chief executive of the merged company with Jeff Hart, currently Husky's finance chief, becoming chief financial officer. Hutchison Whampoa is the biggest shareholder of Husky currently, with a 40.2% stake. 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.
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. Russian cases have hit another record high. CSFB Reiterates “Neutral” Rating for Enbridge Inc. (ENB.TO) … 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. The firm had revenue of C$2.17 billion during the quarter, compared to analyst estimates of C$2.66 billion. (Reporting by Ann Maria Shibu in Bengaluru and Rod Nickel in Winnipeg; Writing and additional reporting by Denny Thomas; Editing by Susan Fenton and Nick Zieminski), Hasbro : revenue beats estimates as families splurge on board games, Futures slip as virus cases surge, stimulus uncertainty weighs, SAP SE : From a Buy to Neutral rating by JP Morgan, Analysis: Cenovus-Husky deal creates new Canadian oil major, stokes hunger for deals, THG : UK's Hut Group raises revenue guidance in debut trading update, New AI & Data Foundation Combines Industry's Fastest-Growing Open Source Developments in Artificial Intelligence and Open Data, Linux Foundation Focuses on Science and Research to Advance Diversity and Inclusion in Software Engineering, Digital Analytics Market Procurement Intelligence Report With COVID-19 Impact Analysis | Global Forecasts, 2020-2024 | SpendEdge, SAP goes all in on cloud, scraps mid-term margin goals, Bayer to acquire Asklepios Bio in foray into gene therapy worth up to $4 billion, Microsoft quietly prepares to avoid spotlight under Biden. “We will be a leaner, stronger and more integrated company, exceptionally well-suited to weather the current environment and be a strong Canadian energy leader in the years ahead,” Alex Pourbaix, Cenovus’s chief executive, said. 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. The storage initiative is part of a broader government plan to improve fuel security and try to stave off further closures of oil refineries. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. That followed Chevron Corp's $4.2 billion purchase of Noble Energy. 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. 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.
The Alberta government, which offered to collaborate with the OPEC cartel in its supply cuts earlier this year, has used a program of so-called curtailments to restrict supply from operators, including Cenovus and Husky, to prevent production overwhelming local infrastructure.
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. The firm’s 50-day moving average is C$5.51 and its 200-day moving average is C$5.55. A new 12-person board will comprise eight directors from Cenovus and the rest from Husky. 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. Equities analysts predict that Cenovus Energy will post -0.2247173 EPS for the current year. 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 The new company will be 61 per cent owned by Cenovus shareholders, with the rest held by Husky’s investors. Cenovus' deal for Husky is valued at C$23.6 billion, including debt, the companies said. 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. 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. 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. 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. Posted by Stanley Muller on Oct 18th, 2020. Pi Financial Analysts Give Gogold Resources (TSE:GGD) a C$2.20 Price Target » NEXT. 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. 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. 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.
Europe is bracing for a bleak winter. "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. 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 Inc. will buy Husky Energy Inc. in an all-stock transaction valued at $23.6 billion, the Calgary-based companies said Sunday in a joint announcement. Recommended Story: How to calculate compound interest. TSE:CVE opened at C$4.83 on Wednesday.
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