RBC Capital upgraded shares of Cenovus Energy (NYSE:CVE) from (Sector Perform) to "Outperform," even as oil and gas prices continue to plunge. They have a price target of $42 on the company.
U.S. crude futures fell 2.3 percent and gasoline futures dropped 5 percent to hit a nine-week low as worries mounted about high prices squelching energy demand and the fragile economy weigh on the industry.
Crude futures have fallen close to 15 percent so far on the month.
Oil futures were down 2.3 percent to $97.37 a barrel in New York. June Brent fell to $112.87, down 1 percent for Monday.
Gasoline futures for June delivery declined 14 cents, or 5.01 percent, to end the session at $2.93 a gallon, the lowest close since March 16.
U.S. gasoline at the retail level fell to $3.955 Monday from $3.961 Sunday. Diesel prices dropped $4.123 from $4.127.
June natural gas closed up 7 cents, or 1.7 percent, at $4.32 per million British thermal units. Natural gas prices were up on concerns flooding in Louisiana may cut back on supply.
Heating oil futures were down Monday, with the June heating oil contract closing at $2.87 a gallon, down 7 cents, or 2.3 percent.
Cenovus Energy Inc. partcipates in the development, production, and marketing of crude oil, natural gas, natural gas liquids and bitumen, in Canada with refining operations in the America.
Cenovus closed Monday at $33.57, falling $0.41, or 1.21 percent.
Showing posts with label Cenovus Energy. Show all posts
Showing posts with label Cenovus Energy. Show all posts
Tuesday, May 17, 2011
Monday, May 16, 2011
Ratings on (CNX) (CRZBY) (CVE) (DAR) (ENOC) Upgraded
Ratings on CONSOL Energy Inc. (NYSE: CNX), Commerzbank AG (NASDAQ: CRZBY), Cenovus Energy Inc (NYSE: CVE), Darling International Inc. (NYSE: DAR) and EnerNOC, Inc. (NASDAQ: ENOC) were upgraded by analysts.
Citigroup (NYSE:C) upgraded CONSOL Energy Inc. (CNX) from a “hold” rating to a “buy” rating.
Nomura upgraded Commerzbank AG (CRZBY) from a “reduce” rating to a “neutral” rating.
RBC Capital upgraded Cenovus Energy Inc (CVE) from a “sector perform” rating to an “outperform” rating. They have a price target of $42.00 on the company.
Morgan Joseph upgraded Darling International Inc. (DAR) from a “hold” rating to a “buy” rating. They have a price target of $21.00 on the company.
Credit Suisse (NYSE:CS) upgraded EnerNOC, Inc. (ENOC) from a “neutral” rating to an “outperform” rating. They have a price target of $23.00 on the company.
Citigroup (NYSE:C) upgraded CONSOL Energy Inc. (CNX) from a “hold” rating to a “buy” rating.
Nomura upgraded Commerzbank AG (CRZBY) from a “reduce” rating to a “neutral” rating.
RBC Capital upgraded Cenovus Energy Inc (CVE) from a “sector perform” rating to an “outperform” rating. They have a price target of $42.00 on the company.
Morgan Joseph upgraded Darling International Inc. (DAR) from a “hold” rating to a “buy” rating. They have a price target of $21.00 on the company.
Credit Suisse (NYSE:CS) upgraded EnerNOC, Inc. (ENOC) from a “neutral” rating to an “outperform” rating. They have a price target of $23.00 on the company.
Wednesday, April 20, 2011
Chevron (CVX) (XOM) (BP) (COP) Jump on Low Oil Inventories
Shares of Chevron (NYSE:CVX), ExxonMobil (NYSE:XOM), BP (NYSE:BP) and ConocoPhillips (NYSE:COP) were all jumping today on news Oil inventories fell by 2.3 million barrels last week, according to the Energy Information Administration.
Expectations were oil inventories were going to increase by 1.6 million barrels.
Consequently the price of crude oil surged over the $110 a barrel mark again. Nymex oil for June delivery increased 2.1 percent to $110.54 as of 11:25 AM EDT.
Looking forward to the earnings reports of big oil companies next week, Key Private Bank analyst Steven Hoedt say he likes Hess Corporation (NYSE:HES), “which stand to benefit disproportionately from wide crack spreads, which means robust refining margins, leading to the potential for earnings surprises.”
Also noted was the Alberta tar sands play, where Hoedt noted, “With spare capacity tight, price needs to remain persistently high over an extended period of time for the message to be sent that capital needs to be committed to developing productive capacity. We continue to believe that one of the prime beneficiaries of this growing investment will be the oil sands of Alberta, where many are waking up to the fact that the region has 50-75 years of reserves in the ground. While incredibly costly to bring on line, once in production, a company has possession of long-duration reserves and there are very few places in the world today where it is possible to find even medium-duration oil reserves where there is also political security. In other words, the oil sands are a strategic asset that is currently being undervalued by the market, in our view. Prime beneficiaries are Suncor Energy (NYSE:SU), Cenovus Energy (NYSE:CVE), and Canadian Natural Resources (NYSE:CNQ), in our view.”
BP was trading at $45.87, gaining $1.19, or 2.66 percent, as of 1:59 PM EDT. Exxon was trading at $85.49, up $1.69, or 2.02 percent. ConocoPhillips was at $ 79.96, rising $1.81, or 2.32 percent. Chevron was trading at $107.87, increasing $2.47, or 2.34 percent.
Expectations were oil inventories were going to increase by 1.6 million barrels.
Consequently the price of crude oil surged over the $110 a barrel mark again. Nymex oil for June delivery increased 2.1 percent to $110.54 as of 11:25 AM EDT.
Looking forward to the earnings reports of big oil companies next week, Key Private Bank analyst Steven Hoedt say he likes Hess Corporation (NYSE:HES), “which stand to benefit disproportionately from wide crack spreads, which means robust refining margins, leading to the potential for earnings surprises.”
Also noted was the Alberta tar sands play, where Hoedt noted, “With spare capacity tight, price needs to remain persistently high over an extended period of time for the message to be sent that capital needs to be committed to developing productive capacity. We continue to believe that one of the prime beneficiaries of this growing investment will be the oil sands of Alberta, where many are waking up to the fact that the region has 50-75 years of reserves in the ground. While incredibly costly to bring on line, once in production, a company has possession of long-duration reserves and there are very few places in the world today where it is possible to find even medium-duration oil reserves where there is also political security. In other words, the oil sands are a strategic asset that is currently being undervalued by the market, in our view. Prime beneficiaries are Suncor Energy (NYSE:SU), Cenovus Energy (NYSE:CVE), and Canadian Natural Resources (NYSE:CNQ), in our view.”
BP was trading at $45.87, gaining $1.19, or 2.66 percent, as of 1:59 PM EDT. Exxon was trading at $85.49, up $1.69, or 2.02 percent. ConocoPhillips was at $ 79.96, rising $1.81, or 2.32 percent. Chevron was trading at $107.87, increasing $2.47, or 2.34 percent.
Monday, November 1, 2010
Cenovus'(NYSE: CVE) Downstream Will Weigh on Them Says TD Newcrest
According to TD Newcrest, the downstream of Cenovus Energy Inc (NYSE:CVE) will weigh the company down, and they downgraded them from "Buy" to "Hold" based on that assumption.
TD said, "Of note, our 2010 CFPS estimate is now marginally higher since we were already at the low-end of the new target range. Our 2011 CFPS estimate also increases marginally (drives 75% of the EV/DACF component of our target price calculation) but since we reduced our target multiple to 8.5x from 9x to reflect current peer group multiples, our target price falls to $32/share. We note that 2010 guidance had not been updated since April 2010. With a target return of 15%, we are concurrently downgrading to HOLD."
Cenvus closed Friday at $27.82. losing $0.35, or 0.89 percent. They lowered their price target from C$33 to C$32 on the company.
TD said, "Of note, our 2010 CFPS estimate is now marginally higher since we were already at the low-end of the new target range. Our 2011 CFPS estimate also increases marginally (drives 75% of the EV/DACF component of our target price calculation) but since we reduced our target multiple to 8.5x from 9x to reflect current peer group multiples, our target price falls to $32/share. We note that 2010 guidance had not been updated since April 2010. With a target return of 15%, we are concurrently downgrading to HOLD."
Cenvus closed Friday at $27.82. losing $0.35, or 0.89 percent. They lowered their price target from C$33 to C$32 on the company.
Tuesday, October 26, 2010
JPMorgan (NYSE:JPM) Launches Coverage on Cenovus (NYSE:CVE), Nexen (NYSE:NXY), Talisman (NYSE:TLM), Canadian Natural Resources (NYSE:CNQ) and Suncor (
JPMorgan took aim at companies with strong exposure to the Canadian oil sands in Alberta, with analyst Katherine Minyard initiating coverage on Cenovus Energy (NYSE:CVE), Nexen (NYSE:NXY), Talisman Energy NYSE:TLM), Canadian Natural Resources (NYSE:CNQ), Suncor Energy (NYSE:SU) and Husky Energy (TSE:HSE).
She started off Cenovus Energy, Nexen, and Talisman Energy with "Overweight" ratings. Canadian Natural Resources and Suncor Energy with "Neutral" ratings, and Husky Energy with an "Underweight" rating.
“We believe depth of resource base, production growth visibility and exposure to an increasingly important source of global oil supply make for an attractive value proposition in oil sands-rich Canadian oils,” Minyard said in a note to clients.
Minyard concedes her outlook on the sector is based on the ongoing support underlying oil prices. If they were to drop, the scenario for the above-mentioned companies in the short term could change significantly.
She concluded, “Although our near- and long-term oil price modeling assumptions do not call for prices to differ significantly from the current $81/barrel, significant or sustained weakness in the oil price would likely pressure share prices.”
She started off Cenovus Energy, Nexen, and Talisman Energy with "Overweight" ratings. Canadian Natural Resources and Suncor Energy with "Neutral" ratings, and Husky Energy with an "Underweight" rating.
“We believe depth of resource base, production growth visibility and exposure to an increasingly important source of global oil supply make for an attractive value proposition in oil sands-rich Canadian oils,” Minyard said in a note to clients.
Minyard concedes her outlook on the sector is based on the ongoing support underlying oil prices. If they were to drop, the scenario for the above-mentioned companies in the short term could change significantly.
She concluded, “Although our near- and long-term oil price modeling assumptions do not call for prices to differ significantly from the current $81/barrel, significant or sustained weakness in the oil price would likely pressure share prices.”
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