Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, October 23, 2014

Encana deal spurs Cenovus to eye sale of freehold lands, (NYSE: CVE), (TSE: CVE.TO)

Cenovus Energy Inc , Canada's No. 2 independent oil producer, said on Thursday it is mulling the future of its royalty-generating freehold oil and gas properties in Western Canada after competitor Encana Corp raised billions through the sale of similar properties.Cenovus, whose shares rose 6 percent after it reported its third-quarter operating profit climbed by nearly a fifth, said it is looking at strategic alternatives for the lands, which currently produce about 8,000 barrels of oil equivalent per day.It expects to announce its plans for the properties in the next three months, Brian Ferguson, the company's chief executive, said on a conference call."It is clear that there is more potential on these lands than we are currently realizing," Ferguson said. "We are assessing our options to maximize shareholder value and expect to announce a decision next quarter on what our plans will be."

Cenovus Energy, Inc. (Cenovus) is Canadian integrated oil company. Shares of CVE traded higher by 6.04% or $1.409/share to $24.75. In the past year, the shares have traded as low as $22.75 and as high as $32.64. On average, 1297790 shares of CVE exchange hands on a given day and today's volume is recorded at 2508694.

Cenovus Energy, Inc. (Cenovus) is Canadian integrated oil company. Shares of CVE traded higher by 5.86% or $1.54/share to $27.81. In the past year, the shares have traded as low as $25.79 and as high as $34.79. On average, 1920060 shares of CVE.TO exchange hands on a given day and today's volume is recorded at 2532552.



Source