Cenovus
Another of the top stocks set to soar is Cenovus Energy (TSX:CVE)(NYSE:CVE). Sure, the company is in the struggling oil and gas industry. Its share price has come way down because of the crisis, and the market crash hasn’t done it any favours. To date, the stock is still down by about half from its 52-week high.
There’s a lot going for Cenovus, but a lot against it as well. The company has a ton of debt after buying 50% oil sands partner in 2017 for $17.7 billion. Today, investors are wary of the stock. Since the purchase, the company has sold companies in order to cover the loan for the purchase. But this put it in a sour position ahead of the downturn and subsequent rally of 2018. While this all seems like bad news, once an oil rebound happens, this stock will shoot up readily to pre-crash prices. That’ll double your investment today.
Follow up
Nov. 3, 2021
This article tells the truth. Today CVE stock is over $12/ share.
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