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Cenovus Vitality (NYSE:CVE) +1.1% in Tuesday’s buying and selling as Goldman Sachs upgraded the inventory to Purchase from Impartial with a $22 worth goal, bumped up from $20, citing engaging valuation following underperformance and an inflection of operations, significantly in refining.
Goldman’s Neil Metha mentioned he sees an imminent catalyst for Cenovus (CVE) shares across the restart of the Superior refinery in Wisconsin and the Toledo refinery in Ohio following fires, which ought to drive an inflection within the downstream phase money move on this yr’s H2.
Mehta additionally believes attaining the corporate’s anticipated C$4B leverage goal will pave the way in which for elevated shareholder returns, anticipating to transition to 100% extra free money move payout to shareholders.
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