CENOVUS ENERGY INC. $33 - Toronto symbol CVE

CENOVUS ENERGY INC. $33 (Toronto symbol CVE; Conservative Growth Portfolio, Resources sector; Shares outstanding: 755.8 million; Market cap: $24.9 billion; Price-to-sales ratio: 1.4; Dividend yield: 2.7%; TSINetwork Rating: Extra Risk; www.cenovus.com) planned to drill up to 1,275 new natural gas wells on land belonging to Canadian Forces Base Suffield in southern Alberta. However, regulators have blocked this plan, as the area is now a national wildlife reserve.

This is a minor setback for Cenovus. The company still has 1,145 gas wells on this property, which it drilled before the area became a reserve.

Cenovus is a buy.

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