10:29 AM EDT, 04/17/2024 (MT Newswires) -- RBC Capital Markets on Tuesday reiterated Cenovus Energy Inc.'s (CVE.TO) Outperform rating and C$32.00 price target ahead of the company reporting first quarter results on May 1..
RBC outlined its first-quarter estimates for Cenovus
RBC forecasts operating EPS at $0.59, compared to the Street forecast of $0.29 to $0.64.
RBC sees adjusted funds from operations per share at $1.12, compared to the consensus projection of $1.09 to $1.20.
RBC expects Cenovus to book production of 799,400 barrels of oil equivalent per day (boe/d), in line with the Street forecast range of 787,000 boe/d to 808,000 boe/d.
Capital spending is projected at $1.14 billion, within the consensus forecast range of $1.05 billion to $1.26 billion.
"We look forward to an update on the company's progress toward its stated $4.0 billion net debt floor -- which opens the door to 100% payout of excess quarterly free cash flow," RBC said.
***
z173