Cenovus Energy, Inc.

Like this month’s new addition, Canadian Natural Resources, Cenovus Energy, Inc. (CVE) operates in the Canadian oil sands. It is the second-largest Canadian oil and natural gas producer, as well as the second-largest refiner and upgrader in Canada.

Cenovus Energy’s operations are actually located around the world, with oil sands projects in Alberta, crude oil and natural gas operations in Western Canada, offshore oil production in Newfoundland and Labrador, and offshore natural gas and LNG in China and Indonesia.

In the second quarter, Cenovus Energy produced 970,400 barrels of oil equivalent per day, and oil sands production totaled 786,400 barrels of oil equivalent per day. That latter was a new record for the company, proving that it has ramped up its efforts to keep up with increased global demand.

Given this demand, the analyst community has revised third-quarter earnings estimates higher over the past month. The consensus estimate now calls for earnings to nearly double year-over-year to $1.08 per share. Revenue is forecast to rise 18.2% year-over-year to $16.61 billion. CVE is a Conservative buy below $35.

SOM Technicals:

5-23-26: Closed at 30.05. Trade pressure are down. Volumes are bearish. The next target down is 28.95. 31.12 would signal higher.

5-30-26: Closed at 27.91. Trade pressures are down. Volumes are bearish. The next target down is 27.02. 28.69 would signal higher.

6-6-26: Closed at 28.50. Trade pressure are down. Volumes are bearish. The next target down is 27.02. 30.26 would signal higher.

6-13-26: Closed at 28.27. Trade pressures are down into the neutral zone. Volumes are bearish. The next target down is 27.96. 29.08 would signal higher.

6-19-26: Closed at 25.16. Trade pressures are down. Volumes remain bearish. The next target down is 24.23.  26.65 would signal higher.

6-27-26: Closed at 24.95. Trade pressures are down, but rising. Volumes remain bearish. The next target down is 23.53.  25.39 would signal higher.

7-3-26: Closed at 24.65. Trade pressures are up into the neutral zone. Volumes are neutral. The next target down is 23.75. A close above 25.30 would signal higher.

7-10-26: Opened at 25.98. Trade pressures are up. Volumes are bullish. The next target up is 26.48. A close below 25.21 would signal lower.

7-20-26: Closed at 28.27. Trade pressures are up. Volumes are bullish. The next target up is 29.58. A close below 27.14 signals lower.

7-25-26: Closed at 29.74. Trade pressures are up. Volumes are bearish. The next target up is 29.86. A close below 28.00 would signal lower. 

10-30-26: Closed at 32.73. Trade pressures are up. Volumes are bearish. the next target up is 33.29. A close below 31.96 would signal lower.

 

HF Sinclair Corporation

The global diesel shortage has been a boon for refiners like HF Sinclair Corporation (DINO).

HF Sinclair produces diesel, as well as renewable diesel, gasoline, jet fuel and other petroleum products, through its seven refineries in the U.S. The company has the capacity to process 678,000 barrels of crude oil per day. And based on its latest quarterly results, persistent demand for diesel and gasoline continues to add to its top and bottom lines.

Third-quarter adjusted earnings surged 353% year-over-year to $2.08 billion, or $11.75 per share. Analysts expected adjusted earnings of $7.83 per share, so DINO posted a 50% earnings surprise.

Total third-quarter revenue grew 50% year-over-year to $10.85 billion. Estimates called for revenue of $8.89 billion.

I should add that HF Sinclair plans to pay a quarterly dividend of $0.525 per share on December 2. All shareholders of record on November 12 will receive the dividend. The stock has a 1.8% dividend yield. DINO is a Conservative buy below $125.

SOM Technicals:

7-31-26: Closed at 92.34. Trade pressures are up. Volumes are bullish. The next target up is 94.93. A close below 88.11 would signal lower.

8-7-26: Closed at 82.99. Trade pressures are down. Volumes are bearish. The next taerget down is 76.63. A close above 86.35 would signal higher.

8-18-26: AM price at 94.89. Trade pressures are up. Volumes are bullish. The next target up is 97.36. A close below 92.16 would signal lower.

8-21-26: Closed at 97.32. Trade pressures are up, but declining to the neutral zone. Volumes are bullish. The next target up is 99.08. A close below 94.20 would signal lower.

10-30-26: Closed at 116.97. Trade pressures are down but rising. Volumes are bearish. The next target down is 111.44. A close above 115.66 wowuld signal higher.

 

Marathon Petroleum Corporation

Marathon Petroleum Corporation (MPC) is another refiner that continues to earn a spot on the Top Stocks list. It’s making its third-straight appearance this month, and for good reason.

Marathon Petroleum operates 13 refineries and has the capacity to refine about three million barrels of crude oil per day. Thanks to its strong operational capacity and persistent global demand for refined products, the company’s refining margin rose to $36.33 per barrel in the second quarter.

These elevated refining margins are anticipated to continue to add to Marathon Petroleum’s bottom line and we’ll find out next week just how much they boosted profitability. Marathon Petroleum is scheduled to release third-quarter results on Tuesday, November 3.

Third-quarter earnings are currently forecast to surge 763.8% year-over-year to $26 per share, up from $3.01 per share in the same quarter a year ago. Analysts have increased earnings estimates by nearly 68% in the past three months, so another quarterly earnings surprise is likely.

Marathon Petroleum has a history of positing big earnings surprises. The company exceeded analysts’ estimates by 50%, 120% and 27% in the past three quarters, respectively. MPC is a Conservative buy below $479.

SOM Technicals:

2-24-23: Closed at 193.74. Trade pressures are down into the neutral zone. Volumes are now neutral. the next target down is 188.91.

3-4-23: Closed at 196.50. Trade pressures are up. Volumes are now bullish. The next target up is 201.39.

3-11-23: Closed at 195.71. Trade pressures are down. Volumes are bullish. The next target down is the 188.91 short entry.

3-17-23: Closed at 206.88. Trade pressures are up. Volumes are bullish. The next target up is the 209.50 prior high.

3-24-23: Closed at 204.48. Trade pressures are down. Volumes are  bullish. The next target down is 195.45.

3-31-23: Closed at 210.09. Trade pressures are up. Volumes are bullish. The next target up is 211.45.

4-14-23: Closed at 214.55. Trade pressures are up but declining. Volumes are bullish. At resistance. The next target down is 203.62 with a stop at 217.67.

4-22-23: Closed at 213.00. Trade pressures are down. Volumes are bullish. The next target down is 203.62.

8-29-26: Closed at 362.12. Trade pressures are up. Volumes are bullish. The next target up is 387.09. A close below 357.73 would signal lower.

9-5-26: Closed at 390.99. Trade pressures are up but turning down. The next target up is 398.52. A close below 376.59 would signal lower.

9-13-26: Closed at 396.06. Trade pressures are up but declining. Volumes are bearish. The next target up is 409.12. A close below 386.52 would signal lower.

9-18-26: Closed at 425.30. Trade pressures are up. Volumes are bullish. The next target up is 438.15. A close below 382.60 would signal lower.

9-26-26: Closed at 393.79. Trade pressures are down but rising. Volumes are bearish. The next target down is 375.78. A close above 406.83 would signal higher.

10-2-26: Closed at 422.33. Trade pressures are up. Volumes are bullish. The next target up is 443.29. A close below 402.90 would signal lower.

10-9-26: Closed at 455.03. Trade pressures are up. Volumes are bearish. The next target down is 437.69. A close above 468.33 would signal higher.

10-17-26: Closed at 477.51. Trade pressures are up, but declining. Volumes are bullish. The next target up is 485.22. A close below 468.00 would signal lower. 

10-24-26: Closed at 457.00. Trade pressures are down. Volumes are bearish. The next target down is 428.66. A close above 474.73 would signal higher.

10-30-26: Closed at 444.35. Trade pressures are down but rising. Volumes are bearish. The next target down is 427.04. A close above 448.07 would signal higher.

 

Phillips 66

You may recall that Phillips 66 (PSX) operates 12 refineries in the U.S., with the capacity to refine nearly two million barrels of crude oil per day. So, it’s another refiner that’s thriving in an environment of limited supplies, increased demand, elevated prices for refined products and high refining margins.

Speaking of the latter, the company revealed that its refining margin jumped to $38 per barrel in the third quarter, compared to $24.08 per barrel in the second quarter.

Thanks to the increase in its refining margin, Phillips 66 achieved stunning results in the quarter. Third-quarter adjusted earnings skyrocketed 448.2% year-over-year to $5.62 billion, or $14.08 per share. The consensus estimate called for adjusted earnings of $11.79 per share, so Phillips 66 posted a 19.4% earnings surprise.

Given the strength of its business, Phillips 66 remains committed to rewarding its shareholders. The company returned $2.8 billion to shareholders in the form of dividends and stock buybacks in the quarter. The company plans to continue to return more than 50% of its cash flow to shareholders. PSX is a Conservative buy below $300.

SOM Technicals:

8-29-26: Closed at 244.01. Trade pressures are down into the nmeutral zone but rising. Volumes are neutral. The next taeget up is 249.97.

9-5-26: Closed at 255.09. Trade pressures are up but turning over. Volumes are bullish. The next target up is 260.57. A close below 247.08 would signal lower.

9-13-26: Closed at 259.96. Trade pressures are up but turning down. Volumes are bearish. The next target up is 265.43. A close below 255.54 would signal lower.

9-18-26: Closed at 273.55. Trade pressures are up. volumes are bullish. The next target up is 277.12. A close below 262.74. would signal lower.

9-26-26: Closed at 255.75. Trade pressures are down, but turning up. Volumes are bearish. The next target down is 238.46. A close above 263.45 would signal higher.

10-2-26: Closed at 264.58. Trade pressures are up. Volumes are bullish. The next target up is 267.71. A close below 255.86 would signal lower.

10-9-26: Closed at 278.18. Trade pressures are up. Volumes are bearish. The next taret down is 268.89. A closae above 285.23 wuld signal higher.

10-17-26: Closed at 293.17. Trade pressures are up, but declining. Volumes are neutral. The next target up is 297.42. A close below 283.23 would signal lower.

10-24-26: Closed at 283.18. Trade pressures are down. Volumes are bearish. The next target down is 276.51. A close above 292.23 would signal higher.

10-30-26: Closed at 280.67. Trade pressures are up. Volumes are bearish. The next target up is 292.49. A close below 273.50 would signal lower.

 

Plains GP Holdings LP

Plains GP Holdings LP (PAGP) is a North American holding company for Plains All American Pipeline (PAA), which operates pipelines, gathering systems and storage terminals for crude oil and natural gas. The company has more than 20,000 miles of pipeline and gathering systems currently in operation, and its storage capacity is about 76 million barrels.

As we discussed last month when Plains GP Holdings made it to the Top Stocks list for the first time, it gives us indirect ownership in PAA and the ability to profit from a midstream energy company that’s thriving amidst higher energy prices and persistent demand.

Plains GP Holdings will release third-quarter results on Friday, November 6. Revenue is expected to grow 20% year-over-year to $13.91 billion. Earnings per share are forecast to come in at $0.48 per share. PAGP, though, has a history of posting positive earnings surprises.

What we really like about PAGP is that it consistently rewards its shareholders. Plains GP Holdings has paid a dividend of 50-straight quarters. The company will pay a quarterly dividend of $0.42 per share on November 13. All shareholders of record on October 30 will receive the dividend. The stock has a 5.8% dividend yield. PAGP is a Conservative buy below $31.