Cenovus Energy +3% as BMO upgrades, citing rising cash flow outlook [Seeking Alpha]
Cenovus Energy Inc (CVE)
Last cenovus energy inc earnings: 4/29 06:00 am
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Source: Seeking Alpha
Cenovus Energy +3% as BMO upgrades, citing rising cash flow outlookCenovus Energy (CVE+2.9%) is sharply higher after BMO Capitalupgrades shares to Outperform from Market Perform with a $17 price target, raised from $15, as stronger oil prices help repair the company's balance sheet, especially as "the low oil price hedges roll off" during the remainder of 2018.BMO believes "rising free cash flow and a deleveraged balance sheet could support a positive re-rating of Cenovus's valuation multiples," and the firm raises its 2018 cash flow/share forecast to $1.66 from $1.65 and its 2019 estimate to $2.91 from $2.89.Helped by the lower-priced hedges beginning to dissipate, as well as higher production, the firm thinks CVE likely will generate $5.8B in surplus cash flow over the 2018-22 period.See all stocks on the move »Now read:Cenovus Energy, Inc. 2018 Q1 - Results - Earnings Call Slides »
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CVE
Earnings
- 2/15/24 - Beat
CVE
Sec Filings
- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- 3/27/24 - Form 6-K
- CVE's page on the SEC website