In a report released today, Lloyd Byrne from Jefferies maintained a Buy rating on Cenovus Energy, with a price target of C$30.00.
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Lloyd Byrne has given his Buy rating due to a combination of factors tied to Cenovus Energy’s stronger-than-expected cash generation and project execution. The company’s cash flow per share exceeded both Jefferies and consensus estimates, even after adjusting for temporary benefits from a tax item and a pipeline settlement, highlighting underlying operational strength.
Moreover, Cenovus delivered its Foster Creek optimization project ahead of schedule and is now prioritizing the timely execution of the West White Rose project targeted for the second quarter of 2026. Byrne also sees additional value from the planned integration of MEG, upstream growth initiatives, and downstream positioning, all supported by healthy free cash flow that exceeded internal estimates despite slightly higher capital spending.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a C$31.00 price target.
Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CVE in relation to earlier this year.