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 that highlight Cenovus Energy’s promising outlook. The company’s production guidance for 2026, ranging from 945 to 985 mboepd, exceeds expectations, particularly driven by its oil sands operations. Additionally, while the capital expenditure is projected to be higher than consensus estimates, it aligns with expectations when excluding capitalized turnarounds.
Key areas of focus for Cenovus Energy in 2026 include the startup of the WWR project, growth in oil sands production, integration of MEG, and the Lima turnaround. Moreover, the company’s strategies concerning debt management and share buybacks are also crucial elements contributing to the positive outlook. These factors collectively support the Buy rating, indicating confidence in Cenovus Energy’s future performance.
In another report released yesterday, TD Cowen also maintained a Buy rating on the stock with a C$29.00 price target.