Cenovus Energy Inc.

NYSE:CVE Stock Report

Market Cap: US$53.1b

Cenovus Energy Management

Management criteria checks 3/4

Cenovus Energy's CEO is Jon McKenzie, appointed in Apr 2023, has a tenure of 3.33 years. total yearly compensation is CA$13.57M, comprised of 9.1% salary and 90.9% bonuses, including company stock and options. directly owns 0.046% of the company’s shares, worth $24.32M. The average tenure of the management team and the board of directors is 2.3 years and 6 years respectively.

Key information

Jon McKenzie

Chief executive officer

CA$13.6m

Total compensation

CEO salary percentage9.08%
CEO tenure3.3yrs
CEO ownership0.05%
Management average tenure2.3yrs
Board average tenure6yrs

Recent management updates

Recent updates

Seeking Alpha • Jul 29

Cenovus: Cash Flood Begins

Summary Cenovus Energy delivered strong Q2 cash flow, driven by elevated oil prices and robust refining margins, despite minor revenue and profit estimate misses. CVE's operating cash flow surged to CAD$5.64 billion in Q2, a significant increase over prior quarters, highlighting the company's operational leverage in the current macro environment. Strategic tailwinds include persistent high oil prices, tight refined product supply, and successful production growth following the MEG Energy acquisition. I maintain a bullish outlook on CVE, emphasizing ongoing cash generation potential and resilience amid geopolitical uncertainty and favorable industry dynamics. 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

CEO Compensation Analysis

How has Jon McKenzie's remuneration changed compared to Cenovus Energy's earnings?
DateTotal CompensationSalaryCompany Earnings
Jun 30 2026n/an/a

CA$7b

Mar 31 2026n/an/a

CA$5b

Dec 31 2025CA$14mCA$1m

CA$4b

Sep 30 2025n/an/a

CA$3b

Jun 30 2025n/an/a

CA$3b

Mar 31 2025n/an/a

CA$3b

Dec 31 2024CA$10mCA$1m

CA$3b

Sep 30 2024n/an/a

CA$4b

Jun 30 2024n/an/a

CA$5b

Mar 31 2024n/an/a

CA$5b

Dec 31 2023CA$9mCA$989k

CA$4b

Sep 30 2023n/an/a

CA$4b

Jun 30 2023n/an/a

CA$4b

Mar 31 2023n/an/a

CA$5b

Dec 31 2022CA$5mCA$750k

CA$6b

Sep 30 2022n/an/a

CA$5b

Jun 30 2022n/an/a

CA$4b

Mar 31 2022n/an/a

CA$2b

Dec 31 2021CA$6mCA$700k

CA$553m

Sep 30 2021n/an/a

CA$816m

Jun 30 2021n/an/a

CA$80m

Mar 31 2021n/an/a

-CA$371m

Dec 31 2020CA$4mCA$588k

-CA$2b

Sep 30 2020n/an/a

-CA$2b

Jun 30 2020n/an/a

-CA$2b

Mar 31 2020n/an/a

CA$287m

Dec 31 2019CA$4mCA$625k

CA$2b

Compensation vs Market: Jon's total compensation ($USD9.69M) is below average for companies of similar size in the US market ($USD14.56M).

Compensation vs Earnings: Jon's compensation has increased by more than 20% in the past year.

CEO

Jon McKenzie (58 yo)

3.3yrs
Tenure
CA$13,571,936
Compensation

Mr. Jonathan M. McKenzie, also known as Jon, CA, was Vice-Chair of Canadian Association of Petroleum Producers from November 2023 until November 2024 and is its Chair of the Board from November 2024. He se...

Leadership Team

NamePositionTenureCompensationOwnership
Jonathan McKenzie
President3.3yrsCA$13.57m0.046%
$ 24.3m
Kam Sandhar
Executive VP & CFO2.9yrsCA$4.85m0.011%
$ 6.0m
P. Dahlin
Executive VP & COO1.4yrsCA$4.54m0.0032%
$ 1.7m
Jeffery Lawson
Executive VP of Corporate Development & Chief Sustainability Officer2.7yrsCA$3.03m0.0094%
$ 5.0m
John Soini
Executive Vice-President of Upstream – Thermal & Atlantic Offshoreno dataCA$3.04m0.00011%
$ 58.5k
Susan Anderson
Senior Vice-President of Legal1.4yrsno data0.0018%
$ 956.7k
Geoffrey Murray
Executive Vice-President of Commercial2.3yrsno data0.0015%
$ 797.2k
Logan Popko
Senior Vice-President of Corporate & Operations Services2.3yrsno datano data
Eric Zimpfer
Head of Downstreamno datano datano data
Candace Newman
Senior Vice-President of Corporate Servicesless than a yearno data0.00021%
$ 111.6k
2.3yrs
Average Tenure

Experienced Management: CVE's management team is considered experienced (2.3 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Jonathan McKenzie
President3.3yrsCA$13.57m0.046%
$ 24.3m
Claude Mongeau
Lead Independent Director9.7yrsCA$384.50k0.011%
$ 5.8m
Eva Kwok
Independent Director5.6yrsCA$311.50k0.0012%
$ 632.5k
Frank Sixt
Independent Director5.6yrsCA$313.00k0.0036%
$ 1.9m
Alexander Pourbaix
Non-Independent Chairman8.8yrsCA$515.60k0.079%
$ 42.0m
Rhonda Zygocki
Independent Director10.3yrsCA$339.50kno data
James Girgulis
Independent Director2.8yrsCA$325.48k0.00068%
$ 361.4k
Richard Marcogliese
Independent Director10.3yrsCA$336.00k0.0036%
$ 1.9m
Keith Casey
Independent Director6.3yrsCA$327.50k0.0011%
$ 595.3k
Michael Crothers
Independent Director2.8yrsCA$320.00k0.00049%
$ 260.4k
Melanie Little
Independent Director3.6yrsCA$324.50k0.00038%
$ 202.0k
Jane Kinney
Independent Director7.3yrsCA$346.00kno data
6.0yrs
Average Tenure
66yo
Average Age

Experienced Board: CVE's board of directors are considered experienced (6 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/08/05 20:53
End of Day Share Price 2026/08/05 00:00
Earnings2026/06/30
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)