Cenovus (CVD) Upgraded RBC Capital as Oil Continues Fall

RBC Capital upgraded shares of Cenovus Energy (NYSE:CVE) from (Sector Perform) to "Outperform," even as oil and gas prices continue to plunge. They have a price target of $42 on the company.

U.S. crude futures fell 2.3 percent and gasoline futures dropped 5 percent to hit a nine-week low as worries mounted about high prices squelching energy demand and the fragile economy weigh on the industry.

Crude futures have fallen close to 15 percent so far on the month.

Oil futures were down 2.3 percent to $97.37 a barrel in New York. June Brent fell to $112.87, down 1 percent for Monday.

Gasoline futures for June delivery declined 14 cents, or 5.01 percent, to end the session at $2.93 a gallon, the lowest close since March 16.

U.S. gasoline at the retail level fell to $3.955 Monday from $3.961 Sunday. Diesel prices dropped $4.123 from $4.127.

June natural gas closed up 7 cents, or 1.7 percent, at $4.32 per million British thermal units. Natural gas prices were up on concerns flooding in Louisiana may cut back on supply.

Heating oil futures were down Monday, with the June heating oil contract closing at $2.87 a gallon, down 7 cents, or 2.3 percent.

Cenovus Energy Inc. partcipates in the development, production, and marketing of crude oil, natural gas, natural gas liquids and bitumen, in Canada with refining operations in the America.

Cenovus closed Monday at $33.57, falling $0.41, or 1.21 percent.