Michael Barth, CFA, an analyst from Raymond James, maintained the Buy rating on Cenovus Energy. The associated price target is C$32.00.
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Michael Barth, CFA has given his Buy rating due to a combination of factors that highlight Cenovus Energy’s strong financial performance and operational efficiency. The company reported an Adjusted Funds Flow from Operations (AFFO) that significantly exceeded both Raymond James’ and consensus estimates, driven by robust refining contributions and efficient cost management in the Oil Sands segment. This financial outperformance was achieved despite the pre-release of production and refining throughput figures, which set new quarterly records.
Additionally, Cenovus Energy demonstrated strong operational metrics in its U.S. Refining segment, achieving record throughput and lower operating expenses, which contributed to a substantial operating profit that surpassed expectations. The company’s ability to generate higher Free Funds Flow, coupled with lower capital expenditures, further supports the positive outlook. Despite some uncertainty surrounding the MEG acquisition, the overall financial health and strategic progress of Cenovus Energy justify the Buy rating, with expectations of positive forward estimate revisions.
In another report released on October 31, Jefferies also maintained a Buy rating on the stock with a C$30.00 price target.
CVE’s price has also changed dramatically for the past six months – from $11.770 to $16.920, which is a 43.76% increase.