UBS Downgrades Cenovus Energy Inc. (CVE) to Neutral

UBS downgraded Cenovus Energy Inc. (NYSE: CVE) and from Buy to Neutral with a price target of $18.

Analyst Michael Rimell commented, "With 4% potential upside to our $18 price target we are downgrading CVE from Buy to Neutral. While CVE's financial position is amongst the strongest in the group, the company's significant dividend obligations leave it with one of the highest breakeven prices in the group (UBSe ~$50/bbl). The company has outperformed the peer group by 12% over the last 6 months and now trades at a 27% premium on 2016E DACF."

For an analyst ratings summary and ratings history on Cenovus Energy Inc. click here. For more ratings news on Cenovus Energy Inc. click here.

Shares of Cenovus Energy Inc. closed at $12.14 yesterday.

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