Cenovus Energy Inc.

TSX:CVE Stock Report

Market Cap: CA$73.9b

Cenovus Energy Future Growth

Future criteria checks 0/6

Cenovus Energy's revenue is forecast to decline at 4.5% per annum while its annual earnings are expected to grow at 0.9% per year. EPS is expected to grow by 10.5% per annum. Return on equity is forecast to be 15.6% in 3 years.

Key information

0.9%

Earnings growth rate

10.52%

EPS growth rate

Oil and Gas earnings growth9.4%
Revenue growth rate-4.5%
Future return on equity15.60%
Analyst coverage

Low

Last updated07 May 2026

Recent future growth updates

Analysis Article • May 08

Cenovus Energy Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Shareholders might have noticed that Cenovus Energy Inc. ( TSE:CVE ) filed its first-quarter result this time last...

Recent updates

Analysis Article • May 08

Cenovus Energy Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Shareholders might have noticed that Cenovus Energy Inc. ( TSE:CVE ) filed its first-quarter result this time last...
Narrative Update • May 05

CVE: Future Cash Returns Portfolio Shift And Buybacks Will Shape Risk Balance

Cenovus Energy's analyst fair value estimate has been nudged up from CA$41.56 to CA$42.00 as analysts factor in a series of recent price target increases and updated views on the company's leadership, portfolio and cash flow profile. Analyst Commentary Recent research on Cenovus Energy has been active, with a series of price target changes and one clear upgrade and downgrade highlighting how views are evolving around valuation, management execution and the portfolio mix.
Narrative Update • Apr 20

CVE: Future Cash Returns And Buybacks Will Drive Risk Reward Balance

The analyst price target for Cenovus Energy has been raised by CA$4.50 to CA$41.56, with analysts pointing to updated views on revenue trends, margins, and future P/E assumptions as they respond to a series of recent target increases across the Street. Analyst Commentary Recent research on Cenovus Energy has been active, with several firms adjusting targets and views as they reassess valuation, cash flow potential, and the impact of recent corporate moves.
Narrative Update • Apr 04

CVE: Cash Returns And Portfolio Changes Will Shape Future Risk Reward Balance

Narrative Update: Cenovus Energy The analyst price target for Cenovus Energy has been raised from CA$33.19 to CA$37.06, with analysts citing updated views on fair value, revenue growth, profit margins and a recent cluster of higher Street targets from firms including Goldman Sachs, RBC, TD Securities, BMO Capital, Morgan Stanley, Scotiabank, Raymond James and Veritas. Analyst Commentary Recent research on Cenovus Energy shows a cluster of higher price targets alongside a few cautious signals, giving you a mixed but useful read on how the Street is thinking about valuation and execution risk.
Narrative Update • Mar 21

CVE: Cash Returns And Portfolio Integration Will Shape Future Risk Reward Balance

Cenovus Energy's analyst fair value estimate has been revised higher from CA$32.12 to CA$33.19, reflecting a series of recent target price increases from multiple firms as analysts factor in updated views on revenue, profit margins and sector conditions. Analyst Commentary Recent Street research on Cenovus Energy points to an active debate around upside potential versus execution and commodity related risks, with several firms adjusting their price targets and ratings in quick succession.
New Narrative • Mar 20

Oil Sands Scale And Integrated Refining Will Support Stronger Long Term Earnings Power

Catalysts About Cenovus Energy Cenovus Energy is an integrated oil and gas company with a large oil sands, heavy oil and refining footprint in Canada and the United States. What are the underlying business or industry changes driving this perspective?
New Narrative • Mar 06

Oil Sands And Refining Pressures Will Restrain Long Term Earnings Potential

Catalysts About Cenovus Energy Cenovus Energy is an integrated oil and gas company with operations across Canadian oil sands, conventional production, offshore assets and refining. What are the underlying business or industry changes driving this perspective?
Narrative Update • Mar 05

CVE: Portfolio Shift And Cash Returns Will Shape Future Tradeoff

Narrative Update Our updated analyst price target for Cenovus Energy has risen by about CA$3 per share. This reflects a higher fair value estimate of CA$32.12 as analysts factor in a less severe revenue contraction, a lower projected profit margin, a higher future P/E, and a series of recent price target revisions clustered around CA$32 to CA$35.
Narrative Update • Feb 19

CVE: Portfolio Shifts And Free Cash Flow Will Shape Future Returns

Cenovus Energy's updated analyst price target edges higher to CA$29.18 from CA$29.06, with analysts pointing to management quality, shareholder alignment, free cash flow generation and recent portfolio shifts as key factors supporting the revised view. Analyst Commentary Recent research updates show a mix of optimism and caution around Cenovus Energy, with price targets adjusted in both directions as analysts weigh leadership, capital allocation and the impact of recent portfolio moves.
Analysis Article • Feb 11

Investors Still Aren't Entirely Convinced By Cenovus Energy Inc.'s (TSE:CVE) Earnings Despite 26% Price Jump

Cenovus Energy Inc. ( TSE:CVE ) shareholders would be excited to see that the share price has had a great month...
Narrative Update • Feb 05

CVE: MEG Integration And Buybacks Will Shape Future Cash And Production

Narrative Update The average analyst price target for Cenovus Energy has been trimmed slightly, by about $0.15. Analysts are factoring in mixed recent target moves along with updated views on revenue trends, margin expectations and future P/E levels following the MEG Energy acquisition developments.
Narrative Update • Jan 22

CVE: MEG Integration And New Buybacks Will Support Future Cash Returns

Narrative Update The updated analyst price target for Cenovus Energy reflects a small fair value adjustment to $29.21, alongside a mixed set of Street moves, with several firms lifting targets into the C$30 to C$32 range and one trimming to C$32, as analysts factor in refreshed 2025 guidance, early 2026 commentary, and the MEG Energy acquisition. Analyst Commentary Recent research updates around Cenovus Energy remain largely constructive, with most firms adjusting their price targets in a narrow C$30 to C$32 range and reacting to both refreshed guidance and the pending MEG Energy acquisition.
Narrative Update • Jan 07

CVE: MEG Integration And Buybacks Will Support Future Cash Returns

Analysts have nudged their fair value estimate for Cenovus Energy higher, with updated price targets clustering in the C$30 to C$32 range as they factor in refreshed 2025 and 2026 guidance and the impact of the MEG Energy acquisition. Analyst Commentary Recent research has centered on how Cenovus can execute on its updated 2025 and preliminary 2026 plans while integrating MEG Energy, with valuation tweaks reflecting both upside potential and deal risk.
Narrative Update • Dec 15

CVE: MEG Integration And Buybacks Will Drive Future Margin And Cash Flow

We are raising our fair value estimate for Cenovus Energy slightly to $29.68 from $29.35, as analysts lift price targets across the sector, citing updated 2025 guidance, early 2026 outlook commentary, and improved profitability expectations following the MEG acquisition. Analyst Commentary Street research activity around Cenovus has been active, with a series of target price revisions and rating changes reflecting shifting views on the company’s post MEG-acquisition profile, capital allocation, and risk-reward balance.
Narrative Update • Dec 01

CVE: MEG Acquisition Integration Will Drive Margin and Cash Flow Upside

The analyst price target for Cenovus Energy has been increased modestly, reflecting a higher fair value estimate of $29.35. Analysts have factored in updated guidance and favorable outlooks following recent acquisitions and deal-related developments.
Narrative Update • Nov 17

CVE: MEG Deal Integration Will Drive Margin Gains And Address Execution Risks

Analysts have modestly increased their price target for Cenovus Energy to C$28.97 from C$27.97, citing improved profit margin outlooks and updated models reflecting recent acquisitions and deal developments. Analyst Commentary Recent Street research offers a nuanced perspective on Cenovus Energy, as analysts weigh both the potential gains and risks associated with the company’s recent activities.
Narrative Update • Nov 03

CVE: MEG Acquisition Will Drive Stronger Returns Amid Deal Execution Risks

Analysts have slightly lowered their average price target for Cenovus Energy to C$27.97 from C$28. They cite updated models that factor in higher revenue growth but slightly reduced profit margin forecasts following recent research and the MEG acquisition.
Narrative Update • Oct 15

Narrows Lake And West White Rose Will Secure Long-Life Production

Cenovus Energy’s analyst price target has been raised from C$27.67 to C$28.00. Analysts cite strengthening fundamentals and the anticipated benefits of the MEG acquisition in their updated outlooks.
Narrative Update • Aug 27

Narrows Lake And West White Rose Will Secure Long-Life Production

Analysts have raised Cenovus Energy’s price target to CA$27.40, citing confidence in value creation from recent acquisitions—particularly the MEG Energy takeover—and execution on strategic priorities. Analyst Commentary Bullish analysts are raising price targets in recognition of Cenovus Energy’s value creation through its successful track record of upstream acquisitions.
Analysis Article • May 10

Cenovus Energy Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions

Cenovus Energy Inc. ( TSE:CVE ) investors will be delighted, with the company turning in some strong numbers with its...
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New Narrative • Nov 07

Calculated Enhancements And Pipeline Projects Poised To Propel Future Growth And Margins

Project completions and tie-ins position Cenovus for increased production reliability, boosting future revenue and margins.

Earnings and Revenue Growth Forecasts

TSX:CVE - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202841,1665,3768,12813,3442
12/31/202753,2105,9848,21212,9744
12/31/202659,2557,89911,21914,4534
3/31/202648,7534,6314,2469,094N/A
12/31/202549,6963,9163,3218,228N/A
9/30/202551,6263,1212,8247,849N/A
6/30/202552,2502,6482,9758,192N/A
3/31/202554,5132,7923,4178,625N/A
12/31/202454,2773,1064,2209,235N/A
9/30/202454,5983,7035,44510,152N/A
6/30/202455,3564,7476,03010,416N/A
3/31/202453,0054,6135,3669,599N/A
12/31/202352,2044,0733,0907,388N/A
9/30/202353,1334,1143,0107,412N/A
6/30/202356,0273,8594,5208,763N/A
3/31/202362,9615,4265,6899,752N/A
12/31/202266,8976,4157,69511,403N/A
9/30/202266,5605,2247,34810,617N/A
6/30/202261,7904,1665,6168,666N/A
3/31/202253,2621,9584,2947,056N/A
12/31/202146,3575533,3565,919N/A
9/30/202136,3808162,0073,985N/A
6/30/202127,338801,0962,579N/A
3/31/202118,875-371-720376N/A
12/31/202013,543-2,379-586273N/A
9/30/202014,631-2,113-166763N/A
6/30/202015,708-1,732-204865N/A
3/31/202019,1372871,8022,974N/A
12/31/201920,5422,194N/A3,285N/A
9/30/201919,888731N/A3,030N/A
6/30/201921,009302N/A3,455N/A
3/31/201921,238-1,892N/A2,713N/A
12/31/201820,843-2,916N/A2,154N/A
9/30/201821,378-2,342N/A2,569N/A
6/30/201819,907-1,825N/A1,902N/A
3/31/201818,1121,143N/A2,608N/A
12/31/201717,0432,268N/A3,059N/A
9/30/201715,2882,835N/A2,323N/A
6/30/201713,8472,505N/A2,041N/A
3/31/201712,556-284N/A1,007N/A
12/31/201611,006-459N/A861N/A
9/30/201610,606-891N/A1,019N/A
6/30/201610,934965N/A1,251N/A
3/31/201611,9141,322N/A1,381N/A
12/31/201511,529914N/A1,474N/A
9/30/201514,378787N/A2,020N/A
6/30/201516,075-660N/A2,570N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CVE's forecast earnings growth (0.9% per year) is below the savings rate (3%).

Earnings vs Market: CVE's earnings (0.9% per year) are forecast to grow slower than the Canadian market (11% per year).

High Growth Earnings: CVE's earnings are forecast to grow, but not significantly.

Revenue vs Market: CVE's revenue is expected to decline over the next 3 years (-4.5% per year).

High Growth Revenue: CVE's revenue is forecast to decline over the next 3 years (-4.5% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CVE's Return on Equity is forecast to be low in 3 years time (15.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 00:25
End of Day Share Price 2026/05/07 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Cenovus Energy Inc. is covered by 40 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Patrick O'RourkeATB Cormark
Brent WatsonATB Cormark Historical (Cormark Securities)