Cenovus Energy Is Speeding Towards A Refining Inflection Point, Says Bullish Analyst
Portfolio Pulse from Priya Nigam
Cenovus Energy (NYSE:CVE) has restarted over 70% of production impacted by wildfires in May. Goldman Sachs upgraded the stock from Neutral to Buy and raised the price target from $20 to $22, citing imminent catalysts from the restart of Superior and Toledo refineries.
June 07, 2023 | 2:40 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Goldman Sachs upgraded Cenovus Energy (NYSE:CVE) to Buy and raised the price target to $22, as the company restarts production after wildfires and expects an inflection in Downstream cash flow.
The upgrade by Goldman Sachs and the raised price target indicate a positive outlook for Cenovus Energy. The restart of over 70% of production and the imminent restart of Superior and Toledo refineries are expected to drive an inflection in Downstream cash flow, which should positively impact the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100