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Fly News Breaks for September 7, 2018
CVE
Sep 7, 2018 | 05:11 EDT
Goldman Sachs analyst Neil Mehta downgraded Cenovus Energy to Sell and lowered his price target for the shares to $8 from $12. The company remains negatively exposed to a "challenging" West Texas Intermediate -Western Canadian Select macro environment, which will continue until the currently estimated in-service of pipeline expansion projects in 2020, Mehta tells investors in a research note. Further, he believes the acceleration of higher royalty payments will drive margin compression at oil sands assets ahead of prior expectations.
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