-- 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%