Cenovus Energy: the top integrated energy loser

Cenovus Energy (CVE) stock has been the biggest loser so far this week (starting October 2, 2017) in the integrated energy sector. CVE has fallen from last week’s close of $10.02 to $9.84 on October 4, or by 1.8%.

While there’s been no specific news release by the company, CVE stock had been seeing a strong uptrend since the end of June 2017 and has risen by ~45% since then. Last week, CVE’s rally faced a stiff resistance on Monday at its 200-day moving average, and since then, CVE’s stock has been in decline. CVE’s current 200-day moving average now stands at $8.52.

These Integrated Energy Stocks Are Losing This Week

On September 25, 2017, CVE announced the divestiture of its crude oil and natural gas operations in Suffield, Alberta (Canada), to International Petroleum for cash proceeds of $512 million. CVE will also receive contingent payments each month whenever WTI (West Texas Intermediate) crude prices move above $55 per barrel or Henry Hub natural gas moves above $3.50 MMBtu (million British thermal units).

These contingent payments will begin on January 1, 2018, and end on December 31, 2019. The payments are capped, with a maximum combined payment of $36 million.

Other declining stocks this week

Other integrated energy losers this week include China National Offshore Oil (CEO), Eni (E), Imperial Oil (IMO), and Statoil ASA (STO), which have fallen 1.24%, 0.91%, 0.72%, and 0.70%, respectively, so far.

Notably, the Vanguard Energy ETF (VDE), which has exposure to integrated heavyweights like ExxonMobil (XOM) and Chevron (CVX), has fallen 0.25% so far this week, compared with the SPDR S&P 500 ETF’s (SPY) 0.77% rise.

Latest articles

Tech and semiconductor stocks have significant exposure to China during this trade war. Investors should expect these stocks to trade lower on Monday.

Apple (AAPL) investors have had a roller coaster week. Apple stock has lost just under 2% in a week, ending on August 23, 2019.

Competition taking a toll on Netflix as its share of US subscription video streaming market keep falling as rivals gain ground.

Crude oil production continues to rise, and oil prices remain at $50. Despite that, US energy stocks aren’t getting investors’ interest.

Apple stock fell 4.6% as the US-China trade war intensified today. China warned of tariffs on more US goods, followed by Trump's tweeted response.

You’ve likely heard about it in the financial press recently: this ominous, notorious thing called the "yield curve inversion."