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RBC Maintains Cenovus Energy's Outperform Rating, C$42 Price Target Ahead of Q1 Results

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-- RBC Capital Markets reiterated its outperform rating on the shares of Cenovus Energy (CVE.TO) and its C$42.00 price target ahead of the May 6 release of the oil producer and refiner's first-quarter earnings.

RBC estimated Cenovus' operating earnings at $0.86 per share, above the Street projection of $0.82 per share.

RBC's adjusted funds from operations forecast of $1.54 per share aligned with the Street estimate, while the RBC production estimate of 960,400 barrels of oil equivalent per day (boe/d) was below the Street expectation of 963,000 boe/d.

Cenovus' capital spending was pegged at $1.18 billion by RBC, compared to the $1.27 billion Street forecast.

"The company is well positioned to benefit from elevated commodity prices in terms of balance sheet deleveraging and in its US refining segment," RBC said.

Price: $36.45, Change: $+0.50, Percent Change: +1.39%

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