Tudor, Pickering, Holt on Thursday reiterated its buy rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$28.00 price target ahead of the oil producer and refiner's second-quarter results.

"Heading into earnings, our updated model saw TPHe Q2'25 CFPS marginally decrease to C$0.80 from our prior C$0.81, keeping us modestly above Street C$0.78. On Upstream, we revised our total production estimate lower to TPHe 770mboepd vs. our prior 798 and Street 763, flowing through our estimate for June wildfire impacts / shut-ins at Christina Lake and Rush Lake; TPHe C$2.12B op. margin vs. Street C$2.16B. Within Downstream, we increased our estimates for utilization with Canada ops particularly strong, with TPHe 89% on total company utilization vs. our prior 86% and Street 90%, which was offset by MTM factors and a FIFO adjustment as the other main moving pieces; TPHe -C$156MM op. margin vs. our prior -C$123MM and Street -C$129MM. On shareholder returns, we model an active quarter on buybacks at TPHe ~C$300MM as implied by the public data, in addition to the ~C$365MM in dividend distributions," analyst Jeoffrey Lambujon wrote.

(MT Newswires 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://www.mtnewswires.com/contact-us)

Price: 19.29, Change: +0.17, Percent Change: +0.89