Cenovus Energy Inc. (CVE - Free Report) joined some of the industry peers in setting a target of net-zero emissions to achieve carbon neutrality, while avoid deviating from its traditional oil and gas business.
Oil-sand producers are facing immense pressure from investors and activists to lower the environmental impacts of business operations as the extraction of crude oil from oil sands produces a significant amount of greenhouse gases. Hence, Cenovus, which produces crude from Canada’s oil sand, sets new emission-reduction targets and has invested in clean energy to convince eco-minded investors.
Notably, Canada-based oil producer Canadian Natural Resources (CNQ - Free Report) also sets new emission-reduction targets and slashed its carbon intensity by 18% per barrel by 2016-2020. However, it does not intend to majorly invest in renewable energy as the company still expects to have oil demand over the long term.
Considering the reputation of the oil-sand industry, Cenovus and Canadian Natural have been trying to regain public confidence as they extract some of the most carbon-intensive crude in the world, which emits a large amount of greenhouse gases. Notably, investors are progressively focusing on the environmental, social and governance performance of those firms, thereby, pushing oil-sand companies to shift to renewable energy.
Another Canadian oil producer Suncor Energy Inc. (SU - Free Report) is making progress toward its goal of reducing the emission intensity of production by 30% by 2030 compared with the 2014 levels. Canada’s prime minister Justin Trudeau intends to increase carbon price significantly over time in order to make the country carbon-neutral by 2050.
Company Profile & Price Performance
Headquartered in Calgary, AB, Cenovus is a leading integrated energy company.
Shares of this utility have outperformed the industry in the past six months. Its stock has gained 90.4% compared with the industry’s 50.5% growth.
Zacks Rank & Stock to Consider
The company currently carries a Zack Rank #3 (Hold).
One better-ranked player in the energy space is Devon Energy Corporation (DVN - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Devon’searnings for 2021 are expected to increase 28.8% year over year.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Cenovus Energy Inc. (CVE - Free Report) joined some of the industry peers in setting a target of net-zero emissions to achieve carbon neutrality, while avoid deviating from its traditional oil and gas business.
Oil-sand producers are facing immense pressure from investors and activists to lower the environmental impacts of business operations as the extraction of crude oil from oil sands produces a significant amount of greenhouse gases. Hence, Cenovus, which produces crude from Canada’s oil sand, sets new emission-reduction targets and has invested in clean energy to convince eco-minded investors.
Notably, Canada-based oil producer Canadian Natural Resources (CNQ - Free Report) also sets new emission-reduction targets and slashed its carbon intensity by 18% per barrel by 2016-2020. However, it does not intend to majorly invest in renewable energy as the company still expects to have oil demand over the long term.
Considering the reputation of the oil-sand industry, Cenovus and Canadian Natural have been trying to regain public confidence as they extract some of the most carbon-intensive crude in the world, which emits a large amount of greenhouse gases. Notably, investors are progressively focusing on the environmental, social and governance performance of those firms, thereby, pushing oil-sand companies to shift to renewable energy.
Another Canadian oil producer Suncor Energy Inc. (SU - Free Report) is making progress toward its goal of reducing the emission intensity of production by 30% by 2030 compared with the 2014 levels. Canada’s prime minister Justin Trudeau intends to increase carbon price significantly over time in order to make the country carbon-neutral by 2050.
Company Profile & Price Performance
Headquartered in Calgary, AB, Cenovus is a leading integrated energy company.
Shares of this utility have outperformed the industry in the past six months. Its stock has gained 90.4% compared with the industry’s 50.5% growth.
Zacks Rank & Stock to Consider
The company currently carries a Zack Rank #3 (Hold).
One better-ranked player in the energy space is Devon Energy Corporation (DVN - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Devon’searnings for 2021 are expected to increase 28.8% year over year.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%.
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
Today, Download Marijuana Moneymakers FREE >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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