September 10, 2018 / 2:35 PM / 15 days ago

BUZZ-Cenovus Energy rises after rail transport deal, J.P. Morgan upgrade

** Canadian oil and gas producer’s shares up 4.2 pct at C$12.28 after Reuters reports that co had inked a deal with Canadian National Railway

** CNR deal will boost Cenovus’ crude oil shipments by 50 pct by year-end - Reuters report

** In July, CEO Alex Pourbaix said he was considering a multi-year commitment to move 50,000-60,000 bpd by rail

** Canadian oil and gas producers have been struggling with transportation bottlenecks and pipeline constraints that have weighed on Canadian crude prices

** Brokerage J.P. Morgan upgrades to “overweight” from “neutral”; raises PT by C$1 to C$17, inline with median target

** 14 of 24 brokerages rate the stock “buy” or higher, 10 “hold”

** Including session’s gain, stock up nearly 8 pct YTD (Reporting by Laharee Chatterjee in Bengaluru)

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