Cenovus Energy Inc. (NYSE:CVE) is one of the Best TSX Stocks to Buy According to Billionaires. On September 9, Cenovus Energy Inc. (NYSE:CVE) announced that it will sell a 50% interest in WRB Refining LP to its joint venture partner Phillips 66 for $1.4 billion.
The deal includes the Wood River Refinery in Illinois and the Borger Refinery in Texas. Together, both the refineries process around 495,000 barrels per day, with Cenovus Energy Inc. (NYSE:CVE)’s share being 247,500 barrels per day. Management noted that this sale aligns with the company’s strategy to focus on assets core to its business. After the sale, the company’s downstream operations will comprise five refineries and an upgrader, with a total crude capacity of 472,800 barrels per day.
After the announcement, on September 10, Raymond James analyst Michael Barth, CFA, maintained a Buy rating on Cenovus Energy Inc. (NYSE:CVE) with a price target of C$30. Earlier on September 8, Jefferies analyst Lloyd Byrne had also reiterated a Buy rating on the stock with a price target of C$29.
Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company based in Canada. It produces crude oil and natural gas in Canada and the Asia Pacific region.
While we acknowledge the potential of CVE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
