In a new note to investors today, an analyst has provided a rating update for Cenovus Energy (CVE). Analyst Gregory Pardy from RBC Capital reiterated a Buy rating, with a C$14 price target.
According to TipRanks.com, Pardy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -4.0% and a 42.5% success rate. Pardy covers the Basic Materials sector, focusing on stocks such as Imperial Oil Limited, Cenovus Energy Inc, and Canadian Natural.
Currently, the analyst consensus on Cenovus Energy is a Moderate Buy with an average price target of C$14.64, a 22.3% upside from current levels. In a report released today, CIBC also upgraded the stock to Buy with a C$16.50 price target.
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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 Thursday at C$11.98.
