Credit Suisse Reaffirms Their Buy Rating on Cenovus Energy (CVE)

Credit Suisse analyst William Janela maintained a Buy rating on Cenovus Energy (CVEResearch Report) today and set a price target of C$33.00. The company’s shares opened today at $18.18.

Janela covers the Utilities sector, focusing on stocks such as Cenovus Energy, Imperial Oil, and Conocophillips. According to TipRanks, Janela has an average return of 44.0% and a 69.62% success rate on recommended stocks.

Currently, the analyst consensus on Cenovus Energy is a Strong Buy with an average price target of $24.08, implying a 32.45% upside from current levels. In a report released today, National Bank also maintained a Buy rating on the stock with a C$39.00 price target.

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The company has a one-year high of $24.51 and a one-year low of $13.95. Currently, Cenovus Energy has an average volume of 6.15M.

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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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