In a report released yesterday, Tudor Pickering from Tudor Pickering maintained a Hold rating on Cenovus Energy (CVE), with a price target of C$5.50. The company’s shares closed last Tuesday at $4.38.
Currently, the analyst consensus on Cenovus Energy is a Moderate Buy with an average price target of $5.36, implying a 22.7% upside from current levels. In a report issued on October 26, Credit Suisse also downgraded the stock to Hold with a C$7.00 price target.
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Based on Cenovus Energy’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $3.81 billion and GAAP net loss of $194 million. In comparison, last year the company earned revenue of $5.07 billion and had a net profit of $187 million.
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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 Oil sands segment includes the development and production of bitumen in northeast Alberta including Foster Creek, Christina Lake and Narrows Lake as well as projects in the early stages of development. The Deep Basin segment includes includes land primarily in the Elmworth-Wapiti, Kaybob-Edson, and Clearwater operating areas. The Refining and Marketing segment provides transportation and selling of crude oil, antural gas and NGLS. The Corporate and Eliminations segment includes unrealized gains and losses recorded on derivative financial instruments, divestiture of assets, as well as other administrative, financing activities and research costs. The company was founded in 1881 and is headquartered in Calgary, Canada.
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