Raymond James Reaffirms Their Buy Rating on Cenovus Energy (CVE)

In a report released today, George Huang from Raymond James maintained a Buy rating on Cenovus Energy (CVEResearch Report), with a price target of C$32.00. The company’s shares closed last Friday at $19.33.

According to TipRanks, Huang is a 5-star analyst with an average return of 27.1% and a 77.14% success rate. Huang covers the Utilities sector, focusing on stocks such as Canadian Natural, Cenovus Energy, and Imperial Oil.

Cenovus Energy has an analyst consensus of Strong Buy, with a price target consensus of $25.48, representing a 31.82% upside. In a report released on January 11, National Bank also maintained a Buy rating on the stock with a C$39.00 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 $18.7 billion and a net profit of $1.61 billion. In comparison, last year the company earned a revenue of $13.43 billion and had a net profit of $551 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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