Cenovus Energy Maintained at Buy at BMO Following MEG Energy Acquisition; Price Target Raised to C$29.00

MT Newswires Live11-18

BMO Capital Markets on Monday maintained its outperform rating on the shares of Cenovus Energy (CVE.TO, CVE) while raising its price target to C$29.00 from an undisclosed prior level after the company completed its acquisition of rival oil-sands producer MEG Energy.

"The CVE/MEG saga has finally ended, setting up Cenovus for incremental production growth and operating synergies. Cenovus' downstream business also finally delivered positive cash flow for the first time since Q2/24 and the company hosted an investor tour at its Toledo refinery to highlight its efforts to improve profitability. All in, this could mean that the company may be able to finally generate some positive earnings momentum that supports stronger share price performance. We are resuming coverage with an Outperform rating and increasing our target price to $29," analyst Randy Ollenberger wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 25.63, Change: +0.23, Percent Change: +0.91

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