02:55 PM EDT, 05/01/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target of USD23, up USD3, reflects a 5.6x multiple of EV to projected 2024 EBITDA, slightly below its peer average. We cut our 2024 EPS view by CAD0.18 to CAD2.36 and lift 2025's by CAD0.25 to CAD2.65. Q1 EPS of CAD0.71 vs. CAD0.36, beat consensus by CAD0.23. Q1 production (~801k boe/d) increased ~3% Y/Y, but remained flat sequentially. Q1 refining utilization (87%) rose 19 percentage points Y/Y and 10 percentage points sequentially, while throughput volumes (655k b/d) grew by 43% Y/Y and 13% sequentially. CVE reiterated its 2024 guidance, with expected production to be in the range of 790k boe/d at the midpoint (vs. 779k boe/d in 2023), while capex is expected to be in the range of CAD4.7B at the midpoint (vs. CAD4.3B). CVE's net debt stood at CAD4.8B at the end of Q1 (vs. CAD6.6B in the prior-year period), and it expects to achieve its net debt target of CAD4B before the end of Q3. If realized, CVE noted it plans to return 100% of free cash flows to shareholders, which we view as positive.