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Cenovus Energy Price Target Raised to C$51 at RBC

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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.

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