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Cenovus Energy Inc CVE

Energy — Oil & Gas Integrated

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
30.11%

Capital & Financial Ratios

Market Cap
60,380.00
Revenue
38,993.17
Net Income
4,783.38
Free Cash Flow
8,867.85
Net Debt
3,891.75
Current Ratio
1.63
Debt/Equity
0.25
P/E ratio
12.50
P/S ratio
1.56
P/B ratio
2.46
Past 5Y EPS Growth
(1.85%)
This Y EPS Growth
113.09%
Next Y EPS Growth
(20.73%)
Next 5Y EPS Growth
22.58%
in millions of $

Dividends

Payout Ratio
0.29
Annual Dividend Rate
0.41
Annual Dividend Yield
2.41%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 0.62
—
—
—
2025 0.56
—
—
—
—
2024 0.49
—
—
—
—
—
2023 0.39
—
—
—
—
2022 0.27
—
—
—
—
—
2021 0.07
—
—
—
—
2020 0.05
—
2019 0.16
—
—
—
—
2018 0.15
—
—
—
—
2017 0.15
—
—
—
—
2016 0.15
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 1,649.76 2,257.27 1,961.02 2,289.69
Receivables 2,556.50 2,076.28 2,720.38 3,212.07
Inventory 2,985.42 3,281.18 2,396.88 3,148.51
Other — — — —
7,191.69 7,614.73 7,078.27 8,650.27
2023 2024 2025 Q'26
Payables 4,059.58 4,555.41 4,184.70 4,347.52
ST’ Debt 132.60 266.38 — —
Other 121.49 — — —
4,600.37 5,372.79 4,518.93 5,311.79
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 9,006.29 12,587.52 — —
—
’25 9,261.42 8,906.64 9,578.25 7,821.12
35,567.43
’24 9,931.20 10,876.47 10,444.52 8,359.18
39,611.36
’23 9,064.07 9,097.42 10,864.24 9,647.00
38,672.72
’22 12,789.94 15,008.11 13,386.28 10,272.84
51,457.17
’21 7,226.67 8,611.79 10,087.29 11,062.50
36,988.25
’20 2,958.94 1,568.54 2,746.81 2,599.67
9,873.96
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 1,589.73 4,056.49 — —
—
’25 915.77 1,751.38 1,557.59 1,664.04
5,888.78
’24 1,427.00 2,030.67 1,824.33 1,457.71
6,739.70
’23 (211.41) 1,478.85 2,043.19 2,162.41
5,473.03
’22 1,077.80 2,323.98 3,059.58 2,309.82
8,771.19
’21 180.07 1,120.20 1,666.81 1,755.69
4,722.77
’20 93.21 (604.76) 528.81 186.53
203.79
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 1,589.73 4,056.49 — —
—
’25 915.77 21.24 1,557.59 (1,847.90)
2,376.84
’24 1,427.00 2,030.67 1,824.33 (2,202.24)
3,079.76
’23 (1,025.27) 728.49 1,276.10 2,162.41
5,473.03
’22 488.76 1,684.34 2,423.33 1,322.56
5,918.99
’21 (251.95) 672.07 1,174.23 1,083.39
2,677.75
’20 (137.95) (703.31) 401.36 2.46
(437.45)
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.61 1.11 — —
—
’25 0.32 0.33 0.52 0.36
1.54
’24 0.46 0.39 0.31 0.05
1.22
’23 0.24 0.33 0.72 0.29
1.57
’22 0.62 0.93 0.62 0.29
2.46
’21 0.08 0.09 0.21 (0.16)
0.22
’20 (1.09) (0.14) (0.12) (0.10)
(1.45)

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

1.3
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 12.27 14.97 14.20 10.23 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.91 21.37 21.90 18.75 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,998 6,925 7,150 7,211 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.58 5.58 5.54 4.93 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 51,457.17 38,672.72 39,611.36 35,567.43 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.47% 52.66% 32.49% 34.22% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,715.89 3,733.63 2,971.02 3,204.19 — — —
EBT
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.05% 9.65% 7.50% 9.01% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4,961.34 3,043.95 2,293.03 2,812.70 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,599.09 3,440.28 3,554.86 3,715.91 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 26.37 20.40 21.41 19.65 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 2.53 1.59 1.23 1.55 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.50 2.89 3.64 3.25 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.46) 0.00 (1.98) (1.94) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3.03 2.89 1.66 1.31 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 10.88 11.22 11.74 12.51 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,951.30 1,895.49 1,850.19 1,809.90 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ 7.21 10.36 12.22 10.85 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.69 0.81 0.71 0.86 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.71 1.50 1.31 1.36 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.76 0.91 0.79 1.04 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.57 16.33 41.95 (9.75) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8,771.19 5,473.03 6,739.70 5,888.78 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (2,852.19) — (3,659.95) (3,511.94) ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5,918.99 5,473.03 3,079.76 2,376.84 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,391.40 2,591.32 2,241.95 2,559.34 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6,773.58 5,398.21 5,624.57 7,895.60 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,293.71 3,748.45 3,367.30 5,934.59 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 21,221.46 21,269.85 21,725.42 22,643.32 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.46% 7.28% 5.58% 6.47% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.99% 10.56% 8.57% 8.18% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 25.15% 14.47% 10.70% 12.73% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Cenovus Energy Inc. (CVE) has shown remarkable resilience in the volatile oil sector, transforming via the 2021 $3.8 billion Husky acquisition that doubled production to over 800,000 BOE/d and added refining buffers. Revenue surged 461% from 2016 to a 2022 peak of CAD 51.5 billion amid high oil prices, with efficiency metrics like revenue per employee up 67% post-merger. Free cash flow per share hit CAD 3.03 in 2022, funding aggressive debt reduction—net debt down 56% to CAD 3.4 billion by 2024—while ROE peaked at 25.2% before settling at 10.7%, outpacing peers.

Today, CVE trades at attractive valuations (P/E 12.2x, P/S 0.71x) with robust FCF (CAD 1.66/share in 2024) supporting <40% payout ratios, buybacks, and a 4-5% yield. Analysts forecast EPS growth to CAD 1.52 in 2025, ROE at 13.6%, and steady production amid capex discipline, implying mid-teens total returns if WTI holds USD 70-80. Risks like carbon taxes and EV shifts loom, but hedging and integration position CVE for outperformance—explore the full analysis for detailed forecasts and triggers.

Read full commentary →

Cenovus Energy Inc (CVE) Latest News

News by impact score

Fine-tune

28 Aug

4 , 10:14 PM
Cenovus Energy Inc has entered the ranks of the world’s largest oil and gas producers. Entry into top global producer ranks marks major expansion that strengthens competitive position and lifts long-term market outlook.

3 , 12:34 PM
Cenovus Energy maintains resilience via its low-cost production base and downstream integration amid energy market volatility. Low-cost base and downstream integration strengthen Cenovus operational stability and competitive edge.

21 Aug

4 , 10:36 AM
High oil prices may boost Cenovus Energy Inc's revenues and margins through its core oil production operations. High oil prices directly raise revenues and margins for oil producers like Cenovus Energy.

20 Aug

4 , 8:14 AM
Cenovus Energy targets nearly 1.1 MMBoe/d production by 2028, with analysis questioning the feasibility and clarity of its path to that goal. Reaching the 1.1 MMBoe/d target by 2028 would represent a major strategic shift with direct effects on Cenovus market position.

3 , 12:47 PM
CNQ raises 2026 production outlook while holding core capital flat. Production outlook increase with flat capital indicates stronger future output without added spending.

7 Aug

3 transcript www.fool.com, 8:14 PM
Cenovus Energy Inc conducted its Q2 2026 earnings call covering financial results, operational updates and forward outlook for the company. Earnings call provides financial metrics and guidance that can moderately shift near-term market sentiment and valuation for Cenovus.

30 Jul

4 , 10:09 AM
Cenovus Energy CEO expects new West Coast pipelines to enable higher oil production growth for the company. New pipeline access would expand export capacity and support sustained production increases at Cenovus.

4 , 6:07 AM
Cenovus Energy reported strong Q2 2026 results and raised output guidance, improving its financial outlook and production targets. Strong Q2 2026 results and higher output guidance will drive significant gains in financial performance and investor sentiment.

3 , 12:11 PM
Cenovus Energy posts strong earnings that sustain the view of the stock as undervalued on the TSX. Earnings strength supports ongoing undervalued perception and may lift short-term sentiment for Cenovus shares.

3 , 10:00 AM
Cenovus Energy Inc highlighted production growth in its Q2 earnings call. Q2 production growth signals improved operational results likely to influence short-term market sentiment for Cenovus Energy Inc.

3 , 8:10 AM
Cenovus Energy Inc reported higher Q2 earnings year-over-year driven by increased pricing and greater oil sands volumes. Improved Q2 earnings from pricing gains and higher oil sands volumes support better financial results without signaling major strategic shifts.

29 Jul

4 financialpost.com, 11:53 AM
Cenovus Energy profits tripled due to higher prices and record oilsands production. Tripled profits with record production point to major gains in financial results and market positioning.

3 www.marketbeat.com, 5:04 PM
Cenovus Energy Q2 earnings call highlighted financial results, production figures, cost management and operational updates for the period. Q2 earnings highlights deliver financial and operational updates that may affect short-term market sentiment without indicating transformative changes.

3 , 6:00 AM
Cenovus Energy Inc reported second-quarter 2026 results. Quarterly earnings releases typically drive short-term stock moves and sentiment without altering long-term strategy.

27 Jul

4 , 11:35 AM
Cenovus Energy Inc prepares to release Q2 earnings, raising questions on whether investors should buy the stock ahead of results. Q2 earnings release may significantly shift Cenovus Energy stock price and investor views.

15 Jul

4 , 12:40 PM
Cenovus Energy Inc evaluates whether its key growth projects will support long-term outlook. Key growth projects represent major strategic moves that could significantly alter Cenovus Energy trajectory and investor sentiment.

14 Jul

4 , 6:00 PM
Canada links new West Coast pipeline approval to oil sands expansion, enabling higher production and exports for operators including Cenovus Energy. Pipeline approval tied to oil sands growth directly expands export capacity and supports higher output for Cenovus.

4 , 2:14 PM
Cenovus Energy expands output as higher oil prices return to focus. Output expansion directly enables higher revenues and stronger positioning amid rising oil prices.

3 , 8:29 AM
Renewed Middle East tensions could benefit Cenovus Energy's upstream business by driving higher global oil prices and increased demand for its Canadian production. Geopolitical tensions in oil regions typically move crude prices and near-term sentiment for upstream producers like Cenovus without fundamentally changing long-term trajectory.

13 Jul

4 financialpost.com, 3:03 PM
Alberta introduces incentives for oilsands producers to fill proposed West Coast pipeline. Pipeline incentives improve transportation options and market reach for Cenovus Energy's oilsands output.

9 Jul

3 , 9:49 AM
Cenovus Energy enters 5-year oil sands deal with potential to strengthen North American construction sector. 5-year oil sands deal represents core operational move likely to moderately influence Cenovus performance and positioning.

8 Jul

3 , 8:22 PM
Cenovus Energy (TSX:CVE) valuation rises after strong Q1 results and oil price gains. Strong Q1 results and oil price gains produce a valuation lift for Cenovus.

3 , 6:14 PM
Cenovus Energy beat Q1 earnings forecasts and posted record output, lifting its stock 7.3%. Q1 earnings beat plus record output indicate improved financial results that can lift near-term stock performance.

6 Jul

3 , 12:39 PM
Cenovus Energy's integrated structure provides a competitive edge during periods of lower oil prices. Integrated operations deliver measurable cost and margin advantages that can lift Cenovus results versus pure upstream peers when prices fall.

2 Jul

3 , 10:07 AM
Cenovus Energy Inc. (CVE) stock remains undervalued with rising earnings estimates supporting further upside potential. Rising earnings estimates point to improving financial outlook that may lift near-term valuation.

27 Jun

3 , 11:49 PM
Scotiabank initiates coverage on Cenovus Energy (CVE) with Outperform rating, citing further upside potential for the stock. Positive analyst initiation signals improved sentiment that may lift short-term share price without altering long-term fundamentals.

22 Jun

3 Zacks, 9:26 AM
Rising LNG demand could boost Cenovus Energy Inc conventional and offshore segments performance. Potential LNG demand growth may moderately affect CVE segment results.

12 Jun

3 , 5:08 AM
Pipeline concerns at Cenovus Energy highlight challenges for carbon policy compliance and future export growth initiatives. Pipeline concerns may affect carbon policies and export growth for Cenovus.

5 Jun

3 Zacks, 1:37 PM
Cenovus Energy Inc maintains resilience to heavy oil price swings through integrated operations, hedging and cost controls that stabilize cash flows and protect margins. Operational resilience measures can moderate short-term earnings volatility without altering long-term growth trajectory.

3 Jun

3 Simply Wall St., 11:10 AM
Conflicting valuation signals and earnings revisions raise questions over potential shifts in Cenovus Energy's market narrative. Valuation signals and earnings revisions may moderately sway investor sentiment on Cenovus without major trajectory changes.
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