Cenovus Energy Inc.

NYSE:CVE Stock Report

Market Cap: US$45.6b

Cenovus Energy Past Earnings Performance

Past criteria checks 5/6

Cenovus Energy has been growing earnings at an average annual rate of 16.3%, while the Oil and Gas industry saw earnings growing at 8% annually. Revenues have been growing at an average rate of 5.3% per year. Cenovus Energy's return on equity is 14.3%, and it has net margins of 9.5%.

Key information

16.26%

Earnings growth rate

17.94%

EPS growth rate

Oil and Gas Industry Growth33.67%
Revenue growth rate5.34%
Return on equity14.27%
Net Margin9.50%
Last Earnings Update31 Mar 2026

Recent past performance updates

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

Revenue & Expenses Breakdown

How Cenovus Energy makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:CVE Revenue, expenses and earnings (CAD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 2648,7534,6311,0490
31 Dec 2549,6963,9168280
30 Sep 2551,6263,1217560
30 Jun 2552,2502,6487510
31 Mar 2554,5132,7927750
31 Dec 2454,2773,1068260
30 Sep 2454,5983,7037230
30 Jun 2455,3564,7478010
31 Mar 2453,0054,6137920
31 Dec 2352,2044,0737010
30 Sep 2353,1334,1149430
30 Jun 2356,0273,8597920
31 Mar 2362,9615,4268490
31 Dec 2266,8976,4159020
30 Sep 2266,5605,2249380
30 Jun 2261,7904,1669580
31 Mar 2253,2621,9589040
31 Dec 2146,3575538580
30 Sep 2136,3808166420
30 Jun 2127,338805550
31 Mar 2118,875-3714810
31 Dec 2013,543-2,3793830
30 Sep 2014,631-2,113268-16
30 Jun 2015,708-1,732274-10
31 Mar 2019,137287239-4
31 Dec 1920,5422,1943310
30 Sep 1919,88873129418
30 Jun 1921,00930228916
31 Mar 1921,238-1,89228317
31 Dec 1820,843-2,9161,0200
30 Sep 1821,378-2,34233344
30 Jun 1819,907-1,82533846
31 Mar 1818,1121,14333744
31 Dec 1717,0432,26826036
30 Sep 1715,2882,83528421
30 Jun 1713,8472,50529220
31 Mar 1712,556-28430922
31 Dec 1611,006-45931836
30 Sep 1610,606-89129137
30 Jun 1610,93496527938
31 Mar 1611,9141,32228138
31 Dec 1511,52991433527
30 Sep 1514,37878731426

Quality Earnings: CVE has high quality earnings.

Growing Profit Margin: CVE's current net profit margins (9.5%) are higher than last year (5.1%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: CVE has become profitable over the past 5 years, growing earnings by 16.3% per year.

Accelerating Growth: CVE's earnings growth over the past year (65.9%) exceeds its 5-year average (16.3% per year).

Earnings vs Industry: CVE earnings growth over the past year (65.9%) exceeded the Oil and Gas industry 6%.

Return on Equity

High ROE: CVE's Return on Equity (14.3%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/07 15:06
End of Day Share Price 2026/07/07 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 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)