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CVECenovus Energy Inc.
$31.08$57.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
CVE logo

Cenovus Energy Inc.

CVE
NYSE · Integrated Oil & Gas
$31.08
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$57.32B
P/E20.4x
52W High$34.16
Volume10.75M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Cash Flow Strength Masks Refining Margin Volatility

Cenovus's integrated model and low-cost oil sands assets drive robust cash generation, with operating cash flow averaging 2.0x net income over the past ten quarters. The company has deleveraged rapidly, reducing debt from $17.0B in 2025Q4 to $11.6B by 2026Q2, ...

GrowthMixed
ProfitabilityModerate
ValuationAttractive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

CVE price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

9/12 Beats

EPS beat 9 of last 12 quarters

02

Valuation risk

-14% Peers

P/E is 14% below peer median

03

Market leadership

RS 89 · Leader

High momentum (Outperforming 89% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Oct 29
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue rebounded 34.7% YoY in 2026Q2 to $17.4B, but gross margin compression to 10.5% in the latest quarter highlights ongoing volatility in refining margins and pricing power.

Analyst Consensus+15.8% target
Hold(27 analysts)
11 Buy15 Hold1 Sell

The Bull Case

Upside Catalysts

Strong financial performance

Cenovus Energy reported robust first-quarter 2026 results with $3.4 billion in adjusted funds flow and $2.2 billion in free funds flow, indicating strong operational efficiency and cash generation.

Strategic acquisitions

The acquisition of MEG Energy expanded Cenovus's upstream footprint, increasing exposure to oil sands and consolidating long-duration reserves, which enhances resource longevity and production stability.

Integrated operations

Cenovus's downstream operations, including upgrading, refining, and marketing in Canada and the U.S., provide diversified revenue streams and mitigate risks associated with volatile commodity prices.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
CVE+79.93%
S&P 500 (^GSPC)+12.39%
1-Year Return
CVE+82.63%
S&P 500 (^GSPC)+15.77%
3-Year Return
CVE+62.38%
S&P 500 (^GSPC)+72.52%
5-Year Return
CVE+248.94%
S&P 500 (^GSPC)+62.05%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
20.4x
Forward P/EExpansion
6.5x
EV/EBITDA100th %ile
9.7x
FCF YieldCash Flow
4.2%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
20.4x
7.9x
80th· High
EV/EBITDA
9.7x
3.9x
100th· High
Price/FCF
23.8x
7.5x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$23.29-25.1%
Base (Fair)$43.21+32.5%
Bull$76.21+145.2%
$23.29 Bear$43.21 Base$76.21 Bull
Current Market Price: $31.08
Trades at a 28.1% discount to Base DCF ($43.21)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$49.66B-14.0% YoY
Net income
$3.93B+25.0% YoY
Free cash flow
$3.41B-19.3% YoY
Operating margin
8.8%+0.1 pts YoY
ROIC (TTM)7.9%
Avg ROIC 5Y-
ROE (TTM)12.8%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate9/12 (75%)
Revenue Beat Rate5/12 (42%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 29, 2026
$1.11+0.0%
vs $1.11
$14.6B+22.9%
vs $11.9B
Q2 2026
May 6, 2026
$0.61+8.9%
vs $0.56
$8.5B-10.6%
vs $9.5B
Q1 2026
Feb 19, 2026
$0.36+28.6%
vs $0.28
$9.4B+9.0%
vs $8.6B
Q4 2025
Oct 31, 2025
$0.52+30.0%
vs $0.40
$9.5B-14.3%
vs $11.0B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·4d ago
Our Top 10 High Growth Dividend Stocks - September 2026

The article provides a methodology for selecting high-growth dividend-paying stocks, focusing on dividend growth and sustainability rather than high current yield. We use our proprietary models to rate both quantitatively and qualitatively and select the top 10 names from an initial list of nearly 500 dividend stocks. The final list of ten stocks is chosen based on sector diversity, high-growth quality scores, and positive momentum and is suitable for investors in the accumulation phase.

GuruFocus·Sep 16, 2026
A Look at Cenovus Energy Inc (CVE) After 4.1% Decline -- GF Value $18.05 vs Price $32.52

On September 16, 2026, Cenovus Energy Inc (CVE) shares fell 4.1% to a current price of $32.52, remaining within a 52-week range of $15.63 to $34.16. This recent

Zacks Investment Research·Sep 15, 2026
Cenovus Energy (CVE) Gains As Market Dips: What You Should Know

The latest trading day saw Cenovus Energy (CVE) settling at $33.92, representing a +1.95% change from its previous close.

Zacks Investment Research·Sep 11, 2026
Why Cenovus Energy (CVE) is a Top Momentum Stock for the Long-Term

The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage.

Filtered for Cenovus Energy Inc.More Headlines
04

Compare before deciding

Benchmark CVE against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Cenovus Energy Inc. (CVE)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
CVE logoCVECenovus Energy Inc.Current
$31.08$57.32B20.40-13.98%7.91%12.79%1.78%
SU logoSUSuncor Energy Inc.
$67.98$80.27B19.78-3.51%15.12%19.39%—
CNQ logoCNQCanadian Natural Resources Limited
$47.64$99.36B13.0323.87%24.35%28.73%—
IMO logoIMOImperial Oil Limited
$124.75$61.93B27.16-8.61%7.81%18.77%—
MEG logoMEGMontrose Environmental Group, Inc.
$15.64$565.7M-111.7119.26%-1.44%-2.51%—
MPC logoMPCMarathon Petroleum Corporation
$388.38$113.38B29.27-4.44%5.56%35.23%—

Compare CVE vs Peers

Cenovus Energy Inc. (CVE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SU

Most directly comparable listed peer for CVE.

Scale Benchmark

vs XOM

Larger-name benchmark to compare CVE against a more recognizable public peer.

Peer Set

Compare Top 5

vs SU, CNQ, IMO, MEG

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CVE Frequently Asked Questions

Cenovus Energy Inc. (CVE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Cenovus Energy Inc.'s revenue?

Cenovus Energy Inc. (CVE) reported $53.89B in revenue for fiscal year 2025. This represents a 167% increase from $20.15B in 2008.

How fast is Cenovus Energy Inc. growing?

Cenovus Energy Inc. (CVE) saw revenue decline by 14.0% over the past year.

Is CVE profitable?

Yes, Cenovus Energy Inc. (CVE) is profitable, generating $6.66B in net income for fiscal year 2025 (7.9% net margin).

Dividend & Returns
Does CVE pay dividends?

Yes, Cenovus Energy Inc. (CVE) pays a dividend with a yield of 1.78%. This makes it attractive for income-focused investors.

What is CVE's return on equity?

Cenovus Energy Inc. (CVE) has a return on equity (ROE) of 12.8%. This is reasonable for most industries.

What is Cenovus Energy Inc.'s free cash flow?

Cenovus Energy Inc. (CVE) generated $7.56B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in CVE back in 2008?

Total return calculator · dividends reinvested · 18+ years of data

See returns →