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.

875 watching

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 viewed positively by analysts, with a majority expressing confidence in its operations and growth potential. The recent MEG Energy acquisition is recognized as a strategic move that could enhance synergies and volumes in the long term, despite an increased debt burden. Analysts appreciate the management's effectiveness and the company's strong cash flow, particularly benefiting from record refinery margins. The consensus reflects expectations of higher energy prices contributing positively to cash flow, though some caution is advised regarding debt reduction and the potential impact on shareholder returns. Analysts believe Cenovus is undervalued in the current market, with several indicating significant upside potential based on earnings ratios and future oil price predictions.

Consensus

Buy

Valuation

Undervalued

Similar

CNQ

COMMENT

Constructive on energy. As long as the technicals look constructive, he'll build upon his small position in energy. CVE has a sideways pattern, great for trading but not necessarily long-term holds. Resistance seems to be holding. Consider a large-cap ETF to diversify your risk.

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BUY

Pretty good overall. It's been rangebound for the last two years, which isn't bad given how its peers have suffered. We're entering oil seasonality. Watch the $14 level for a breakout.

BUY

You are seeing a rotation out of SU-T and CNQ-T and into CVE-T. This one offers you the best exposure to the improving backdrop. He thinks we are entering into a multi-year bull market for energy. There is still a dislocation in value between the price of stocks and where oil already is. This is a window of opportunity for companies like SU-T to go out and take advantage of it.

TOP PICK

Money appears to be returning into the energy sector. They still have some debt, but the oil sands properties are good. They are 80% oil based and own two excellent refineries. Yield 1.95% (Analysts’ price target is $15.20)

WAIT

Likes the energy sector. Once we get past tax-loss selling, you're going to see a pop in these stocks. Has really good assets. Overhang is that Conoco Phillips owns a big part, and when they sell, he'll take a look at it. Long-term, a good investment.

COMMENT

Cenovus or MEG? He likes MEG for the prospect of M&A. They have great tax pools and is deeply discounted. CVE provides exposure to heavy oil production and Alberta monetizing their rail position. He would prefer MEG, because of its relative valuation. Both have a good investment case.

BUY ON WEAKNESS

$16.29 is his model price. They can sustain their yield, but it theatens to fall. Sell at $11.05. Watch carefully. This is good risk-reward for a trader. It's trying to bottom, but he doesn't know where this is going. He likes it. If it break here, it'll fall to $9.50.

BUY

Heavy oil? He is bullish on heavy oil as countries like Venezuela have seen production fall to 20 year lows. Mexico is declining as well. This is good for Canada, but we are still pipeline constrained. At $60 WTI and $15 heavy oil differentials he likes CVE-T, MEG-T and BTE-T.

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COMMENT

A takeout target? MEG-T is not his largest holding as they have more leverage than he is comfortable with. Their low cost structure and 65 years of production life, he sees them being able to de-leverage themselves back to 2 times cash flow over the next two years. The company will generate over 20% free cash yield at $55 WTI prices and $17.50 heavy oil differential. This makes them the #1 M&A target in Canada -- maybe CVE-T.

DON'T BUY

Oil stocks are under a black cloud right now. He would only buy oil stocks to get good dividend payout. We're seeing in the oil and energy area that investors want to get away from oil. Yield is just okay at 2.2%.

PAST TOP PICK

(A Top Pick Aug 17/18, Down 4%) The new CEO has done a good job in a very tough energy environment. The crude by rail plan is important for CVE. He sold his shares and bought CNQ-T for its better balance sheet. If oil improves, CVE will rip higher.

SELL ON STRENGTH

CVE vs. SU. Doesn't love energy so much. Has its challenges, China being one of them. Another being energy pricing. Suncor is coming into a level of support. If he owned it, he'd give it the benefit of the doubt and hold. Might be a buy for a more aggressive investor. Cenovus is off its support level, and attempting a trend. Oil tends to do best in the spring. If we see any kind of a rally around $15, he'd sell.

PAST TOP PICK

(A Top Pick Jun 18/19, Down 3%) To his surprise, the energy sector (globally) pays the highest yield. The pipelines have held on quite well. He's waiting for energy to come back--rising tides rises all boats.

TOP PICK

Following the Conoco acquisition, he vowed to not own this. He bought it in June as their asset sales have done well. There has been a good change in investor sentiment. They have 100,000 bpd contracted by rail and another 300,000 bpd by pipeline. They are generating great free cash flow as they are now in harvest mode after a few years of capital expenditures. Yield 1.63% (Analysts’ price target is $14.89)

DON'T BUY

It is one of the two most levered to oil if you really want to make a bet. Technically, it is set up quite well on a point a figure chart, but it is not the leader in the group. He would choose SU-T or CNQ-T.

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Cenovus Energy (CVE.TO)