The Globe and Mail reports in its Wednesday, July 24, edition that Desjardins analyst Chris MacCulloch is sticking with his "buy" recommendation for Cenovus Energy. The Globe's David Leeder writes that Mr. MacCulloch boosted his share target by $1.50 to $33. Analysts on average target the shares at $33.77. Mr. MacCulloch expects second quarter earnings season for Canadian energy companies to be a "relatively uneventful affair from an operational perspective." However, he cautioned the impact of wildfire activity remains a concern moving forward. Cenovus Energy is Mr. MacCulloch's top large-cap oil stock. He says in a note: "While heavy oil producers have benefitted from tightening WCS differentials following the recent commissioning of the TMX pipeline, 2Q24 also included the heaviest period of the year for maintenance turnarounds, which disproportionately impacted oil sands producers and refiners. Natural gas producers also faced another challenging quarter within the context of depressed commodity prices, particularly for those highly exposed to the AECO and Station 2 market (with limited relief on the horizon until 4Q24). As a result, we expect most producers to post slightly lower sequential cash flows (vs 1Q24)."