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

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Cenovus Energy (CVE.TO)

38.56

-1.52 (3.79%)

as of Jun 9, 2026, 8:00:00 pm Market Open.

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Investor Insights

Jun 9, 2026, 12:00 am

This summary was created by AI, based on 27 opinions in the last 12 months.

Cenovus Energy (CVE-T) is being positively regarded by various analysts for its strong positioning within the oil sector, especially due to its refinery margins and high-quality oilsands assets. The recent acquisition of MEG Energy is seen as a strategic move that could yield long-term benefits despite the current debt load. Many experts appreciate the company's management and operational improvements, along with an anticipated increase in cash flow due to higher energy prices. While some analysts note the acquisition's impact on debt management, the general sentiment is that Cenovus remains undervalued given current market conditions. With a robust dividend yield and a focus on shareholder returns, there is a balanced view on potential for future capital appreciation, despite some caution regarding market stability.

Consensus

Buy

Valuation

Undervalued

Similar

CNQ

BUY ON WEAKNESS

Their balance isn't bad nor is their debt. Oil production is up, but they are vulnerable to lower oil prices. A WTI/WCS price pullback--which he expects--will push this stock back below $4. So, don't buy now. Long-term, this is better, or add on pullbacks. If you bought in March, you could so some trading.

DON'T BUY

A very levered play to oil. It has over $6.7 billion in liquidity. Their 2021 net-debt to cash flow is 24 times -- an accident waiting to happen. You need higher commodity prices for a some time to make this a good buy. He is not convinced energy prices are ready to get there just yet. He would not be buying now.

BUY ON WEAKNESS

He does not cover the company. The stock has recovered well. It is highly leveraged to oil prices, which he thinks are a little high right now (although he sees $40 in Q4 for WTI). It will probably retrace its price a little, perhaps below $4. Long term debt is $7.6 billion against $17 billion in equity, so the balance sheet is in good shape.

TOP PICK

They have ample liquidity and have access to $5.5 billion in capital. They have cash burn of $1.5 billion. This gives them years of longevity. He thinks Suncor might eventually take a run at them. This is the only large cap company he owns. He thinks it has upside of 100% or more. If you like the outlook for heavy oil, it is a good way to play the recovery. Yield 0% (Analysts’ price target is $6.12)

DON'T BUY

We have very depressed oil prices. You want to move into a more defensive category. He Prefers another if you have to have oil exposure.

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Curated by Allan Tong since 2019.
99+ opinions with 4.15 rating.

TOP PICK

For those who can stomach a true oil stock that is not one Suncor and CNQ, then consider Cenovus. First of all, why consider any oil stock at all, the most beaten down sector on the TSX in recent years? Two reasons: the oil war between the Saudis and Russians and the end of the COVID-10 lockdown. Even if one of these events ends in the next month, energy stocks will enjoy a renaissance. A barrel of WCS has been scraping historic lows at $3.90.? To capitalize, choose a survivor, and CVE has enough liquidity to endure, notes analyst Eric Nuttall. Cenovus is the only large-cap oil he owns. Josef Schachter adds that CVE has a decent balance sheet. It prudently cut back its budget by over 30%.

TOP PICK

The only large cap producer he owns. They have liquidity to make it through. He projects a cash burn of $1.1 billion on over $4 billion of liquidity at $30 oil. Yield 0% (Analysts’ price target is $7.02)

COMMENT

Has a decent balance sheet with good cash flow. The dividend is safe, but they have cut back their budget over 30%. They will stop oil shipments by rail because of high costs and low oil prices. They were the first to batten down the hatches, but after we endure the oil and virus crises, CVE will survive. If low prices continue, they could cut costs further.

WEAK BUY

One of the lowest-cost producers in the Oil Sands, and he recommends it even though energy has been decimated. It likely has a good position now, assuming this environment doesn't go on too long. How long Russia and the Saudis can keep prices this low without harming their own economies?

PAST TOP PICK

(A Top Pick Apr 17/19, Down 74%) It has the problem that it has more debt than he would like because of an acquisition. They paid off a good chunk of the debt but there is still some left and they suffer compared to some others. It will look in the future as a super bargain at these levels. Some oil company somewhere in the world will go into bankruptcy. It makes no sense to sell it here.

DON'T BUY

Balance sheets are getting more impaired. Market is starting to hint that dividend may be cut. Wouldn't be adding to his position. Yield is 6%.

DON'T BUY

Overlevered with lots of debt that will impair cash flow. This will be at risk if oil prices remain this low for a while, but who knows? Oil prices could change anytime. He's not in the distressed debt game. But if the Saudi-Russian oil war ends, this is a name that will benefit better than others.

HOLD

Buy at $6? He sold CVE earlier to today. He wanted dry powder to find other opportunities. They have the best leverage to an improvement in the Canadian energy sector. If you think oil prices will rebound, you could see a 50% rebound in this -- and many others.

BUY

It's an energy name he'd buy. If it rises past $14, it could go to $18.

DON'T BUY

Energy continues to be challenged. Unless you have the very best assets, there continues to be risk. Blackrock, for example, is forsaking energy in their investing. CVE-T has been trying to base out here. The energy sector needs to do more work. If he had to pick one name he would probably buy CNQ-T. It has been outperforming the S&P lately.

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Cenovus Energy (CVE.TO)