RBC Capital Markets raised its price target on Cenovus Energy (CVE.TO, CVE) to C$51 from C$47.
Analyst Greg Pardy maintained an Outperform rating on shares of the Canadian integrated oil and natural gas company following its Q2 results on Wednesday.
Cenovus shares rose C$1.77, or 4.5%, to C$40.83 on the Toronto Stock Exchange.
"Cenovus Energy delivered robust second-quarter results top-to-bottom along with a favorable guidance outlook which points toward higher production and lower unit operating costs this year," Pardy said in a note to clients.
(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://finwires.com/en/contact)