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 third-quarter results.

"Heading into earnings, our updated model saw Q3'25 CFPS increase to TPHe C$1.21 from our prior C$1.12, keeping us below Street C$1.22 though more marginally so on our refreshed estimates. Operations were pre-released with the amended bid for MEG, which for Q3 included an estimate of 832mboepd on production, which was already near our prior 833 at the time, with Street still at 825. We've trued up with this update, shifting some of our production weighting for turnaround activities at Sunrise, lower than originally expected Lloydminster production, and lower gas volumes; TPHe C$2.56B op. margin vs. Street C$2.45B. Within Downstream, US operations were particularly stronger than we'd originally modeled, with our model now matching the pre-released throughput of 712mbpd vs. our prior 673 and Street 685; this was slightly offset by weaker MTM factors than at the time of our last update. We now sit at a TPHe C$211MM op. margin vs. our prior C$219MM and Street C$312MM," 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)

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