On July 31, Cenovus rose 3.34% in regular trading, trading at $30.045/share, with turnover of $97.76 million. The stock continues to advance as the market digests better-than-expected second-quarter results released on July 29, compounded by a fresh analyst price target upgrade.
Cenovus reported Q2 earnings per share of $1.53, beating the analyst consensus estimate of $1.37 by 11.68% and representing a 240% year-over-year increase. Revenue came in at CA$17.4 billion, surpassing the FactSet estimate of CA$16.87 billion. Prior to the earnings release, the stock had declined for several consecutive sessions amid sector-wide weakness and cautious pre-report sentiment. On July 30, RBC Capital Markets raised its price target on the stock to C$51 from C$47, maintaining an Outperform rating, further reinforcing bullish momentum.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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