OVV - Cenovus Energy Is A Very Cheap Mini-Major

• Cenovus Energy shares have struggled mightily over the past decade, before a recent renaissance rebound from the spring of 2020 lows, however there is a secular turn afoot.
• On June 28th, 2017 I bought shares of Cenovus Energy paying $7.46 per share. Cenovus Energy recently closed at $8.43, so shares are up 13% on a price return basis.
• Since the purchase, I have received $0.391 in dividends, so the total return has been 18.2%, and if you bought around that timeframe, returns have been a little bit better.
• Comparatively, the S&P 500 Index has been up 98.3% over this time frame, and oil prices have been higher by 56.2%.
• Clearly, Cenovus Energy shares have underperformed, however, they are very cheap today on a free cash flow basis, offering investors substantial return opportunity.

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