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Price Forecast:


Bearish   <->   Bullish



Bullish Case: Cenovus Energy shows strong cash flow prospects due to strategic investments and a commitment to return 100% free cash flow to shareholders, positioning it for significant upside as oil prices stabilize.



Bearish Case: CVE's underperformance against peers raises concerns about operational efficiencies, and ongoing geopolitical tensions could hinder its recovery, leading to sustained flat trading and investor uncertainty.



Potential Outcomes:

1. Oil price stabilization increases CVE's price (40%);

2. Continued flat performance amid external pressures (30%);

3. Unexpected operational setbacks worsen investor sentiment (30%).



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October 10, 2024


Cenovus Energy Forecast

CVE        Cenovus Energy

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Correlated Assets

Assets that tend to move strongly with CVE


XOP Forecast + Options Trading Strategies   XOP  SPDR Oil & Gas Exploration and Production (0.91)


STAA Forecast + Options Trading Strategies   STAA  Staar Surgical (0.9)


NOG Forecast + Options Trading Strategies   NOG  Northern Oil and Gas (0.89)


VDE Forecast + Options Trading Strategies   VDE  Vanguard Group, Inc. - Vanguard Energy (0.88)


IXC Forecast + Options Trading Strategies   IXC  BlackRock Institutional Trust Company N.A. - iShares Global Energy (0.88)



Uncorrelated Assets

Assets with little price relationship to CVE


CLF Forecast + Options Trading Strategies   CLF  Cleveland-Cliffs (0.0)


BRKR Forecast + Options Trading Strategies   BRKR  Bruker (0.0)


OMER Forecast + Options Trading Strategies   OMER  Omeros (0.0)


GO Forecast + Options Trading Strategies   GO  Grocery Outlet (-0.0)


AX Forecast + Options Trading Strategies   AX  Axos Financial (-0.0)



Anticorrelated Assets

Assets that tend to move strongly against CVE


NOVA Forecast + Options Trading Strategies   NOVA  Sunnova Energy International (-0.75)


LGIH Forecast + Options Trading Strategies   LGIH  LGI Homes (-0.76)


OLPX Forecast + Options Trading Strategies   OLPX  Olaplex (-0.81)


SCO Forecast + Options Trading Strategies   SCO  ProShares UltraShort Bloomberg Crude Oil (-0.85)


DRIP Forecast + Options Trading Strategies   DRIP  Direxion Daily S&P Oil & Gas Exp. & Prod. (-0.93)







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