Cenovus Outperform Rating by RBC : $33 Price Target
Cenovus Energy (CVE.TO) has kept its Outperform rating and $33 price target at RBC Capital Markets, according to a Tuesday note.
According to RBC, its recent meeting with Cenovus Energy's President & CEO, Jon McKenzie,
and CFO, Kam Sandhar, pointed towards confidence in terms of the company's operational and/or financial performance this year.
RBC said its "constructive stance" towards Cenovus reflects the company's "capable" leadership team and strengthened balance sheet.
RBC also cited Census' improved downstream operating performance and rising shareholder returns on the horizon.
According to RBC, Cenovus expects to achieve its $4.0 billion net debt target sometime this summer, which would unlock 100% shareholder returns.