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Cenovus Energy: Revised Investment Plan Signals Bottom For The Stock

Among the oil and gas stocks that are attractive after the carnage in the sector, Cenovus Energy (CVE) is one of my favorite picks. I had last written about the stock on Jan. 6, 2015, when I discussed the company's capital expenditure plans for 2015 and the company's overall fundamentals. In the last month the stock has remained sideways, and I believe that Cenovus Energy has bottomed out. This article discusses the reasons for this view, with a focus on the company's revised capital expenditure plan that was released on Jan. 28, 2015.

Before talking about the company's revised investment plan, I would briefly like to mention that the price of oil is likely to remain around current levels in the first half of 2015. And it is likely to trend higher gradually in the second half of 2015. The chart below provides a look at the likely crude oil… Read More …