Market Overview

BMO Capital Markets Reiterates Outperform Rating, $45 PT for Cenovus Energy

Share:
Related CVE
US Stock Futures Edge Higher, Crude Oil Drops
Cenovus Confirms Discussions Regarding Potential Sale of Assets
Cenovus to sell royalty lands business to Ontario Teachers' for C$3.3B (Seeking Alpha)

In a report published earlier today, BMO Capital Markets reiterated its Outperform rating and $45.00 price target for Cenovus Energy Incorporated (NYSE: CVE).

BMO Capital went on to say “We are maintaining our 2012 earnings estimate of $1.93/share and our 2013 estimate of $1.59. Our outlook assumes that production averages 262,489 boe/d and 281,308 boe/d, respectively...Cenovus is our top investment recommendation in the group based on (1) proven execution capabilities (2) industry-leading cash operating and supply costs (3) projected 5-year CAGR in net asset value of 14%. Our $45 target price implies a 2013E EV/EBITDA of 10.2x and is roughly in line with our risked 2012 net asset value estimate of $45.63.”

Cenovus Energy Incorporated closed on Friday at $31.46.

Latest Ratings for CVE

DateFirmActionFromTo
May 2015JP MorganMaintainsNeutral
Apr 2015UBSInitiates Coverage onBuy
Apr 2015NomuraInitiates Coverage on

View More Analyst Ratings for CVE
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Reiteration Analyst Ratings

 

Related Articles (CVE)

Around the Web, We're Loving...

Get Benzinga's Newsletters