Cenovus Energy (CVE.TO) Buy, Sell or Hold

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Cenovus Energy (CVE.TO)

40.28

+0.49 (1.23%)

as of Jul 21, 2026, 7:08:17 pm Market Open.

877 watching

Investor Insights

Jul 21, 2026, 12:00 am

This summary was created by AI, based on 28 opinions in the last 12 months.

Cenovus Energy, symbol CVE-T, has elicited mixed feedback from experts, with many recognizing its strong operational aspects following its acquisition of MEG Energy. The reviews indicate a consensus that the stock has benefits from significant refinery margins and a solid asset base in the oil sands, which positions it well for future performance. However, there are concerns over its increased debt load from the MEG acquisition, with some experts urging caution regarding near-term performance as the company focuses on debt reduction over share buybacks or dividends. Opinions vary, with some highlighting it as undervalued in the context of robust oil prices, while others prefer competitors like CNQ, indicating varying levels of confidence in its future prospects. Overall, Cenovus is seen as a solid long-term investment, although experts recommend careful monitoring of market conditions and stock performance before making additional investments.

Consensus

Positive

Valuation

Undervalued

Similar

TOP PICK

The CEO is a good micro and macro thinker. The Husky purchase debt is being paid down quickly. Once this is done, they should introduce a meaningful share buyback program. Trading at a material discount to peers. Trading at a 27% free cashflow yield right now. Has lots of flexibility on how to return capital to investors. Could go up to $23 per share. (Analysts’ price target is $16.02)

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BUY

The price is now good. Its cash flow is below 5x or 4x. It pays a modest dividend. They're technologically advance and own great properties. They lowered their interest in White Rose and Terra Nova, which frees up more capital to deploy in traditional fields. Good managers. He owns a little and should do well in coming years.

HOLD

Balance sheet in good shape. Oil at these levels means incredible levels of free cashflow. Trading at historically low multiples. Economy is slowing, so he reduced his position in the summer to about 2%. He tries to ignore OPEC news, but would be fine with the name for the next few months. If it got into the mid-teens, he'd probably be out.

TOP PICK

The bonds. Due in 2027. Tremendous free cashflow, being used to eliminate debt. Right time to own oil sector bonds. Fundamentals of underlying bonds and equities are in good shape. He's not crazy about bonds, but you have to have some. Gives you roughly 2.5%.

TOP PICK

It is hard to predict the oil price in a year out. They are now making so much money and the debt is coming down. It's a massive company. Debt is a concern after the Husky purchase but debt is coming down quickly. (Analysts’ price target is $15.79)

BUY

He was buying just this morning. There will be a shortage of projects built in the oil sands. CVE-T is positioned very well in the oil sands.

BUY

Only large cap name he holds in the fund. The on-going asset sales from the Husky purchase is a catalyst. They are well down the path of selling them to pay down debt. Once this is done, they should initiate a share buyback. Deep value with a catalyst for a re-rate.

COMMENT

Long term bearish on energy. However in the next 2-3 years, there has been underinvestment and this has lead to prices squeeze higher. Bullish for a trade. Buy dips and sell into strength. $100 barrel would be the upper limit for consumer demand. Could see some more upside before price becomes a problem.

DON'T BUY

Husky deal was reasonably priced and strategically sensible. Exploration and production is out of favour, especially the small players. Canada is hostile to oil right now. Rise in ESG investing increases cost of capital. Oil at the top of its $40-80 trading range puts a lid of profit for the producers.

TOP PICK

Ridiculously miss priced. Core focus is deleveraging the balance sheet. Looking strongly at monetizing non-core assets from the Husky acquisition. The stock is trading at 3.5x cashflow at current prices with 35% free cashflow yield. Using a 6x multiple, it can be a double. (Analysts’ price target is $12.75)

WEAK BUY

Impact of asset sales this year. Thinks they have the balance sheet now at 0.9x debt to cash flow. Has the cashflow to buy the shares back. It has dramatically turned around. Cheap at 3.5x. Seeing EPS growth. If you like oil and energy stocks, you could look at it. The commodity will dance around with politics and environmental impacts. A stock to trade.

PAST TOP PICK

(A Top Pick May 15/20, Up 87%) Only large cap he owns. The most near term catalyst. Has had time to digest the Husky assets. They have lots of assets that are non core that they can sell. The leverage they have taken on is being paid off faster than planned. At $60 oil, would trade at 9% free cashflow yield. At $70 it doubles.

PAST TOP PICK

(A Top Pick Apr 03/20, Up 181%) Bought Husky and gained scale. Became more integrated. It did take away some leverage to rising oil price. Took on debt they are aggressively paying down. Only large cap he owns right now. Highest free cashflow leverage, at 9% free cashflow at $60. Doubles at $70 oil. Could buy back all their shares and pay off debt in 5 years.

BUY

This is one of two oil large-caps he owns. CVE reported an inline quarter today, including taking a charge on the Keystone XL. At $60 oil, CVE is targeted at 19% free cash flow yield. They diluted some upside when they bought Husky Energy, but there are likely some assets in Husky to delever CVE. Large caps like this have really lagged the rise in oil prices but will bounce back. Doesn't know why it's getting pressured today, but he isn't worried. The merger with Husky means CVE is committed to paying down that debt, which he expects to reach a market average for debt by end of 2021.

DON'T BUY

HSE-T + CVE-T: Stay after the merger? He does not own either one. He understands the merger makes sense. There are a lot of cost savings that can be found. He prefers CNQ-T, PXT-T and one of his Top Picks today. He prefers these to HSE-T. If the sector bounces back you could get an uplift.

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Cenovus Energy (CVE.TO)