The Globe and Mail reports in its Tuesday, Sept. 19, edition that Desjardins Securities analyst Chris MacCulloch says he is becoming "more cautious" on the energy sector, particularly on the oil side, expressing a preference for natural gas–weighted equities. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacCulloch has reaffirmed his "buy" on Cenovus Energy. He boosted his share target by $2.50 to $33.50. Analysts on average target the shares at $30.47. Mr. MacCulloch says in a note: "We do not believe it's a stretch to suggest that most of the easy gains in Canadian oil and gas equities have now occurred following a 3.5-year period of supernormal performance, although it's a deeply unpopular view in some quarters. Barring another sharp leg-up in commodity prices, which may be forthcoming on the natural gas side, investors need to become more discriminating with respect to security selection. Implied returns to target have thinned for all names under coverage in recent months, although we still see deep value in select corners of the sector." The Globe reported on May 31 that RBC Dominion Securities analyst Greg Pardy rated Cenovus "outperform." It was then worth $22.50.