Scotiabank Sees More Room to Run for Cenovus Energy (CVE), Initiates with Outperform

Cenovus Energy Inc. (NYSE:CVE) is included among Billionaire Steven Cohen’s Top 11 Dividend Stock Picks.

On June 26, Scotiabank initiated coverage of Cenovus Energy Inc. (NYSE:CVE) with an Outperform rating. It also set a C$47 price target on the stock. The firm said that while Canadian oil and gas stocks have already delivered strong gains this year, it still sees further upside in select names. The analyst launched coverage on six large-cap exploration, production, and royalty companies, while also resuming coverage of six small- and mid-cap E&P companies in the sector.

Earlier, on May 13, Goldman Sachs raised its price recommendation on CVE to $36 from $32. It reiterated a Buy rating on the shares. The firm said it continues to expect an inflection in production volumes and free cash flow as West White Rose comes online. The analyst also pointed to additional upside from Christina Lake North and stronger commodity prices, according to a research note.

Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region. It also has upgrading, refining, and marketing operations in Canada and the United States.

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