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CVN - Macquarie rates the stock as Outperform

PUBLISHED

2020-07-29

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June quarter activities revealed the company is in cash conservation mode and Macquarie believes the Dorado FPSO and platform contractor selection will be key going forward.

Downside risk exists to prior capital expenditure guidance. The broker envisages considerable upside from the progression of Dorado as the project approaches a final investment decision.

Outperform rating and $0.35 target are unchanged.

Sector: Energy.

Target price is $0.35.Current Price is $0.19. Difference: $0.16 - (brackets indicate current price is over target). If CVN meets the Macquarie target it will return approximately 46% (excluding dividends, fees and charges - negative figures indicate an expected loss).