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Investing.com - Raymond James upgraded Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) from Outperform to Strong Buy and raised its price target to C$32.00 from C$30.00. The stock, currently trading at $17.69 and near its 52-week high, has shown strong momentum with a 50% return over the past six months. According to InvestingPro analysis, the company maintains a healthy financial profile with a "GOOD" overall score.
The upgrade reflects Raymond James’ updated model that now incorporates Cenovus Energy’s planned acquisition of MEG Energy. The firm expressed confidence that the acquisition deal will be completed.
Raymond James also revised its estimates based on Cenovus Energy’s recent operations update and noted a more constructive outlook for the company’s refining business.
The firm cited what it "increasingly sees as the best risk-adjusted return in the space" as a key factor in its decision to upgrade the Canadian energy producer’s stock rating.
The new C$32.00 price target represents an increase of C$2.00 from Raymond James’ previous target of C$30.00 for Cenovus Energy shares.
In other recent news, Cenovus Energy reported impressive financial results for the second quarter of 2025, with earnings per share hitting $0.33, significantly surpassing the anticipated $0.09. This represented a notable 276.2% surprise. Revenue also exceeded expectations, reaching $10.51 billion compared to the projected $8.68 billion, marking a 21.08% surprise. Additionally, Cenovus Energy has amended its acquisition agreement with MEG Energy, increasing the offer to $29.80 per MEG share, up from the original proposal. The revised terms allow MEG shareholders to choose between cash or Cenovus shares, with the total consideration capped at $3.8 billion in cash and 157.7 million Cenovus shares. In another strategic move, Cenovus has agreed to sell its 50% interest in WRB Refining to Phillips 66 for $1.4 billion in cash, with the transaction expected to close by the end of the third quarter. Furthermore, TD Cowen has reiterated its Buy rating for Cenovus Energy, citing the company’s strong second-quarter results as addressing most investor concerns.
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