May 21, 2019 / 11:24 AM / 6 months ago

BUZZ-CS sees opportunity for Canadian Natural, Cenovus

** Canadian Natural Resources and Cenovus Energy Inc are well positioned to benefit in the second quarter despite the tight oil macro and narrower spread, Credit Suisse analysts write

** Cenovus and Canadian Natural have underperformed more diversified peers Suncor Energy Inc, Imperial Oil , and Husky Energy during the pullback in the past four weeks - CS

** Brokerage estimates CNQ to generate C$1.2 billion ($894.7 million)in discretionary cash in Q2, while CVE’s oil sands business should deliver another strong quarter

** With both upstream and downstream fundamentals showing material improvement, CS sees 2Q19 cash flow per share on an average up ~14% vs 1Q19

** CNQ up 11.3% YTD, while CVE up 21.1% so far this year

$1 = 1.34 Canadian dollars Reporting By Arundhati Sarkar in Bengaluru

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