Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$42.00 price target ahead of the oil producer and refiner's first-quarter results.

"In our pre-earnings model update, we increased our Q1'26 CFPS estimate to TPHe C$1.40, up from our prior C$0.97, which sits well above Street C$1.09 though we'd anticipate positive estimate revisions in the coming weeks. MTM (mark to market) impacts were the primary driver of our refresh, with our operational assumptions only modestly nudged lower across CVE's segments," 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: 35.82, Change: +0.34, Percent Change: +0.96