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Cenovus Energy Inc.NYSE:CVE Stock Report

Market Cap US$46.5b
Share Price
n/a
1Y73.5%
7D-2.5%
1D-1.2%
Portfolio Value
​
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Cenovus Energy Inc.

NYSE:CVE Stock Report

Market Cap: US$46.5b

Cenovus Energy (CVE) Stock Overview

Develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the United States, and China. More details

CVE fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance5/6
Financial Health5/6
Dividends4/6

Rewards

Trading at 65.7% below our estimate of its fair value

Earnings grew by 65.9% over the past year

Analysts in good agreement that stock price will rise by 32%

Risk Analysis

Significant insider selling over the past 3 months

Unstable dividend track record


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Cenovus Energy Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Cenovus Energy
Historical stock prices
Current Share PriceCA$24.36
52 Week HighCA$32.07
52 Week LowCA$13.86
Beta0.50
1 Month Change-13.68%
3 Month Change-10.41%
1 Year Change73.50%
3 Year Change40.08%
5 Year Change172.79%
Change since IPO-2.56%

Recent News & Updates

Seeking Alpha • Jun 16

Cenovus: Monster Cash Flow Ahead

Summary Cenovus Energy is positioned for robust Q2 cash flow, driven by higher oil prices and improved refining margins. CVE's strong free cash flow is expected to accelerate debt reduction, with net debt potentially nearing its CAD$4 billion target by year-end. With preferred shares fully bought back, CVE is poised to ramp up shareholder returns over the next year or so. Trading at less than 6x EV/EBITDA on 2027 estimates, CVE offers attractive value with production growth and increasing capital returns. Read the full article on Seeking Alpha

Recent updates

Seeking Alpha • Jun 16

Cenovus: Monster Cash Flow Ahead

Summary Cenovus Energy is positioned for robust Q2 cash flow, driven by higher oil prices and improved refining margins. CVE's strong free cash flow is expected to accelerate debt reduction, with net debt potentially nearing its CAD$4 billion target by year-end. With preferred shares fully bought back, CVE is poised to ramp up shareholder returns over the next year or so. Trading at less than 6x EV/EBITDA on 2027 estimates, CVE offers attractive value with production growth and increasing capital returns. Read the full article on Seeking Alpha
Seeking Alpha • Apr 29

Cenovus: Despite Lower Expected Oil Prices, Excellent Growth Potential With Reasonable Debt

Summary The company expects to increase its production at a 4.40% CAGR between 2024 and 2028. Cenovus has a reasonable debt level. In 2024, it reported a 47.35% liabilities-to-assets ratio. The first DCF model suggests that the company is undervalued by 81.71%, while the pessimistic DCF valuation indicates that CVE is overvalued by 19.63%. Read the full article on Seeking Alpha
Seeking Alpha • Dec 03

Cenovus Energy: Even More Attractive

Summary Cenovus Energy's shares have declined, but the company is ramping up cash returns to shareholders, leading to a fast-growing shareholder yield. A favorable US administration, undemanding valuation, and positive business growth outlook make Cenovus Energy an attractive investment. Cenovus generated strong cash flows despite low oil prices, with a 25% operating cash flow yield and an 8x free cash flow multiple. Cenovus Energy's low valuation, solid growth outlook, and robust buyback pace make it a compelling buy at current prices. Read the full article on Seeking Alpha
Seeking Alpha • Nov 20

Cenovus: Record Valuation Discount Could Set Up Strong Returns

Summary Cenovus delivered a solid Q3 with upstream production above expectations as the turnaround at Christina Lake was finished ahead of time. Downstream remains a drag on group performance, yet management is actively adressing challenges, with key work at its Lima refinery done during the turnaround and feedstock cost effects likely easing. With relative valuation at its lowest in several years, we reiterate shares at Overweight and a ~84% upside to our US$30/sh price target. Read the full article on Seeking Alpha
Seeking Alpha • Nov 01

Cash-Flow Gusher: Why Cenovus Remains One Of My Favorite Energy Plays

Summary Canada's rich reserves and export growth make Cenovus Energy a compelling dividend stock, especially with rising U.S. demand and expanded access to Asian markets. Cenovus' integration of upstream and downstream assets strengthens its profitability. Strategic pipelines and refinery access further boost its long-term value. With steady cash flow, a solid balance sheet, and aggressive shareholder returns, CVE is well-positioned for growth, making it a key pick for dividend income. Read the full article on Seeking Alpha
Seeking Alpha • Sep 04

Cenovus Energy: A Cash Flow Monster

Summary Cenovus Energy has achieved its net debt target, allowing for increased shareholder returns through buybacks and dividends, enhancing investor value. Despite recent oil price volatility, Cenovus remains profitable and could benefit from potential price rebounds and reduced Canadian-US crude price differentials. The company's low valuation compared to peers makes its buybacks highly accretive, promising substantial returns for investors. Risks include potential recession impacts, execution challenges in growth projects, and political risks, but Cenovus' strong balance sheet offers some protection. Read the full article on Seeking Alpha
Seeking Alpha • Aug 02

Cenovus Energy: Net Debt Target Bullseye So Here Comes The Cash

Summary Cenovus Energy hit the net debt target in July. Cenovus Energy to direct 100% of excess free cash flow to shareholder returns beginning with the third quarter. That is a whole lot more money available to shareholder returns. Cenovus needs a history as an integrated company with optimized acquisitions. Management highlighted the cost control progress by revising 2024 guidance. The growth shown by the margin and cash flow measures is likely to continue for the second half of the fiscal year. Read the full article on Seeking Alpha
Seeking Alpha • Jun 12

The Negativity Toward Cenovus Energy Is Overdone

Summary Cenovus Energy Inc. has underperformed its peers. We expect near-term catalysts to improve sentiment and push Cenovus Energy shares higher over the coming months. Longer-term gains will come from the company’s powerful economic model and higher oil prices. Read the full article on Seeking Alpha
Seeking Alpha • Jun 05

Cenovus Energy: 29% Dividend Hike Is Just The Beginning

Summary Cenovus Energy has raised its dividend by 29% due to declining debt levels and strong free cash generation. The company's oil sands operations generate attractive cash flows with low break-even costs. Cenovus plans to increase production and expects to grow its dividend at an annual rate of 13-14% in the coming years. Read the full article on Seeking Alpha
Seeking Alpha • May 12

Cash Flow Gusher: How Cenovus Energy Can Shower You With Dividends

Summary Canadian oil sands are looking to boost output by 15% through 2030, providing a valuable source of supply growth in a world without U.S. shale growth. Cenovus Energy, a Canadian oil company, has strong growth prospects and a future-proof business model with diversified operations in upstream production and refining. Cenovus generated $3.2 billion in operating income in Q1 2024 and plans to return excess free cash flow to shareholders through dividends and buybacks. Read the full article on Seeking Alpha
Seeking Alpha • Apr 10

Cenovus Energy: My Top Pick Among Canadian Majors

Summary Startup of the Canadian Trans Mountain Pipeline will ease previous transportation bottlenecks and likely provide a significant tailwind to local benchmark WCS pricing. While all Canadian majors should profit from this, I see Cenovus Energy as having the most leverage towards both WCS differentials and a generally favorable oil price outlook. I estimate CVE can hit its net debt target by Q3, allowing for 100% of FCF to be allocated towards shareholders for a potential ~7.3% total distribution yield (peers ~6.5%). Despite strong fundamentals, Canadian oils still trade at ~20% discount to US majors, with CVE's historical premium vs. peers having eroded recently. I see a favorable set-up for CVE as I estimate the market to gradually price in lower differentials and higher shareholder returns and initiate at Overweight (PT $34). Read the full article on Seeking Alpha
Seeking Alpha • Feb 18

Cenovus Energy: Possibly One Of The Most Undervalued Energy Stocks

Summary Cenovus Energy achieved significant operational milestones in Q4'23, including the successful restart of two refineries and progress on the TMX pipeline. Canadian oil industry is expected to benefit from the TMX pipeline, potentially reducing oil differentials and boosting profitability. Despite headwinds, Cenovus Energy remains committed to debt reduction and returning excess free cash flow to shareholders, offering attractive investment opportunities. Read the full article on Seeking Alpha
Seeking Alpha • Nov 16

Cenovus Energy: The Waiting Is The Hardest Part

Summary Cenovus Energy Inc. stock has seen a 30% increase since June, peaking above $21 recently. The stock has trended down due to concerns over oil demand in 2024, but may present a buying opportunity. Analysts rate Cenovus Energy as a buy, with price targets ranging from $19.13 to $27.02, a potential 30% increase from current levels. We are calling a buy on plans for increased production and new demand coming from the soon-to-open TMX pipeline. Read the full article on Seeking Alpha

Shareholder Returns

CVEUS Oil and GasUS Market
7D-2.5%-0.4%1.6%
1Y73.5%18.0%18.6%

Return vs Industry: CVE exceeded the US Oil and Gas industry which returned 18% over the past year.

Return vs Market: CVE exceeded the US Market which returned 18.6% over the past year.

Price Volatility

Is CVE's price volatile compared to industry and market?
CVE volatility
CVE Average Weekly Movement5.4%
Oil and Gas Industry Average Movement6.2%
Market Average Movement7.3%
10% most volatile stocks in US Market16.7%
10% least volatile stocks in US Market3.2%

Stable Share Price: CVE has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: CVE's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
20097,211Jon McKenziewww.cenovus.com

Cenovus Energy Inc., together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the United States, and China. It operates through Upstream and Downstream segments. The company is involved in the development and production of bitumen and heavy oil; owns and operates pipeline gathering systems and terminals; operation of assets rich in NGLs and natural gas in Alberta and British Columbia; and offshore operations, exploration, and development activities in the East Coast of Canada and the Asia Pacific region.

Cenovus Energy Inc. Fundamentals Summary

How do Cenovus Energy's earnings and revenue compare to its market cap?
CVE fundamental statistics
Market capUS$46.45b
Earnings (TTM)US$3.26b
Revenue (TTM)US$34.32b
14.0x
P/E Ratio
1.3x
P/S Ratio

Is CVE overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
CVE income statement (TTM)
RevenueCA$48.75b
Cost of RevenueCA$36.63b
Gross ProfitCA$12.13b
Other ExpensesCA$7.49b
EarningsCA$4.63b

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)2.47
Gross Margin24.87%
Net Profit Margin9.50%
Debt/Equity Ratio32.7%

How did CVE perform over the long term?

See historical performance and comparison

Dividends

2.5%
Current Dividend Yield
31%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/06 00:18
End of Day Share Price 2026/07/06 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 39 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)