Canaccord Genuity Keeps Their Hold Rating on Cenovus Energy (CVE)


Cenovus Energy (CVE), the Materials sector company was revisited today, yet the Wall Street analyst remains currently on the sidelines. The company received a Hold rating from Canaccord Genuity’s analyst Anthony Petrucci, with a C$13.50 price target.

According to TipRanks.com, Petrucci has 0 stars on 0-5 star ranking scale with an average return of -23.7% and a 14.6% success rate. Petrucci covers the Basic Materials sector, focusing on stocks such as Painted Pony Petroleum Ltd, Tamarack Valley Energy Ltd, and Trican Well Service Ltd.

Currently, the analyst consensus on Cenovus Energy is a Moderate Buy with an average price target of C$14.50.

Based on Cenovus Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$5 billion and net profit of C$110 million. In comparison, last year the company earned revenue of C$5.83 billion and had a GAAP net loss of C$390 million.

Cenovus Energy, Inc. engages in gas and oil provisions. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. It operates through four segments: Oil Sands, Deep Basin, Refining & Marketing, and Corporate & Eliminations.

The company’s shares closed on Tuesday at C$11.95.

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