Tudor, Pickering, Holt on Thursday maintained its buy rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$28.00 price target following first-quarter results from the oil producer and refiner.
"Positive on beats across the board on op margin, AFFO, and capex, with the dividend increased and Q2TD showing increased buyback activity. For context, AFFO of C$2,212MM beat TPHe/Street C$1,900MM/C$1,984MM (on a per share basis, C$1.21 vs. TPHe/Street C$1.03/C$1.08), owing equally to Upstream and Downstream vs. our model. Net of better-than-expected capex of C$1,229MM vs. TPHe/Street C$1,317MM/C$1,273MM, CVE also printed materially better FCF vs. expectations, which totaled C$983MM vs. consensus-implied C$583MM/C$711MM and supported C$333MM in common and preferred dividends, C$200MM in Series 5 preferred redemptions, and C$62MM in buybacks. Additionally, the Board approved an 11% increase to the base dividend to an annualized C$0.80/shr (~4.9% yield)," 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: 17.83, Change: +1.54, Percent Change: +9.45
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