Cenovus Rises After Beating Quarterly EstimatesJeremy van Loon
Cenovus Energy Inc. gained the most in almost five years after the company said third-quarter earnings beat analysts’ estimates, helped by added oil-sands production.
The shares rose 6.5 percent to C$27.97 at the close in Toronto, the biggest climb since November 2009.
Production at its steam-assisted oil-sands operations in northern Alberta grew 23 percent to the equivalent of 125,089 barrels a day in the quarter from the same period last year. Excluding one-time items, the company earned 49 cents a share, more than the 42-cent average of 21 estimates compiled by Bloomberg.
“Results for the quarter are slightly positive overall as the earnings and cash flow beat was driven by stronger netbacks in the oil sands and natural gas businesses,” Randy Ollenberger, an analyst at BMO Capital Markets, wrote in a note to clients today.