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

In a report published earlier today, BMO Capital Markets reiterated its Outperform rating and $45.00 price target for Cenovus Energy Incorporated

. 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.