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Cenovus Energy
(TSX:CVE)
Cenovus Energy (CVE) vs. iShares MSCI Canada ETF (EWC)
Cenovus Energy Business Overview & Revenue Model
Cenovus Energy Earnings Call Summary
Cenovus Energy Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.61B | 54.28B | 52.20B | 66.90B | 46.36B | 13.54B |
| Gross Profit | 4.34B | 5.63B | 6.16B | 11.36B | 5.74B | -1.43B |
| EBITDA | 8.90B | 9.56B | 10.23B | 13.90B | 6.66B | -238.00M |
| Net Income | 2.68B | 3.14B | 4.11B | 6.45B | 587.00M | -2.38B |
Balance Sheet | ||||||
| Total Assets | 55.82B | 56.54B | 53.91B | 55.87B | 54.10B | 32.77B |
| Cash, Cash Equivalents and Short-Term Investments | 2.56B | 3.09B | 2.23B | 4.52B | 2.87B | 378.00M |
| Total Debt | 10.49B | 10.63B | 9.95B | 11.64B | 15.42B | 9.32B |
| Total Liabilities | 26.40B | 26.77B | 25.20B | 28.28B | 30.50B | 16.06B |
| Stockholders Equity | 29.40B | 29.75B | 28.70B | 27.58B | 23.60B | 16.71B |
Cash Flow | ||||||
| Free Cash Flow | 2.98B | 4.22B | 3.09B | 7.64B | 3.36B | -586.00M |
| Operating Cash Flow | 8.19B | 9.23B | 7.39B | 11.40B | 5.92B | 273.00M |
| Investing Cash Flow | -5.54B | -5.13B | -5.29B | -2.31B | -942.00M | -863.00M |
| Financing Cash Flow | -3.29B | -3.50B | -4.31B | -7.68B | -2.51B | 837.00M |
Cenovus Energy Technical Analysis
Cenovus Energy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | $14.68B | 9.98 | 18.43% | 2.95% | 8.28% | 31.00% | |
| ― | $65.58B | 14.03 | 18.80% | 2.14% | -5.55% | -4.81% | |
| ― | $67.69B | 12.19 | 12.46% | 4.09% | -1.96% | -22.38% | |
| ― | C$23.97B | 15.38 | 9.76% | 5.06% | 3.86% | -5.32% | |
| ― | $42.83B | 16.22 | 8.83% | 3.73% | -7.82% | -42.65% | |
| ― | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
| ― | $30.42B | 17.87 | 10.69% | 5.31% | -3.86% | -9.35% |
Cenovus Energy Corporate Events
Cenovus Energy has amended its agreement to acquire MEG Energy, offering MEG shareholders the option to receive cash or Cenovus shares, with a total value of approximately $30 per MEG share. Additionally, Cenovus announced the sale of certain assets to Strathcona Resources for up to $150 million, which includes the Vawn thermal heavy oil asset and undeveloped lands, expected to close in the fourth quarter of 2025. These strategic moves are anticipated to enhance Cenovus’s market position and operational efficiency.
The most recent analyst rating on (TSE:CVE) stock is a Hold with a C$26.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has postponed the special meeting for MEG Energy shareholders to vote on its proposed acquisition of MEG to October 30, 2025. The decision comes as 63% of MEG shares are currently in favor of the transaction, which requires a 66⅔% approval. The acquisition offers MEG shareholders a choice between cash or Cenovus shares, with the deal representing a 44% premium over MEG’s previous share price. This move is seen as a strategic effort by Cenovus to expand its operations and leverage synergies with MEG, potentially impacting stakeholders through increased value and market positioning.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$32.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has acquired an additional 3,276,460 common shares of MEG Energy Corp., bringing its total ownership to 25 million shares, or 9.8% of MEG’s outstanding shares. This acquisition supports a previously announced transaction with MEG, and Cenovus plans to vote its shares in favor of this transaction, indicating a strategic move to strengthen its position in the energy market.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$32.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has acquired 8.5% of MEG Energy’s common shares, totaling 21,723,540 shares, as part of its previously announced transaction with MEG. This acquisition allows Cenovus to potentially influence MEG’s future decisions and reflects its strategic move to strengthen its position in the energy sector. The company may adjust its ownership based on market conditions, indicating a flexible approach to its investment strategy.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$32.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has amended its agreement to acquire MEG Energy, increasing the offer to a mix of cash and shares, reflecting shareholder preferences for greater share consideration. This strategic move is expected to deliver superior value to MEG shareholders, with key regulatory approvals already secured. Additionally, Cenovus reported record production and throughput in its third-quarter results, highlighting strong operational performance and the successful sale of its interest in WRB Refining LP, which has bolstered its financial position.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has released a presentation detailing the advantages of its transaction with MEG Energy, which has been unanimously approved by MEG’s board. The transaction offers MEG shareholders a premium valuation with cash and Cenovus shares, providing certainty and the opportunity to benefit from Cenovus’s scale, experience, and diversified revenue streams. In contrast, Strathcona Resources’ offer is considered inferior due to its reliance on illiquid and overvalued shares, which may not align with MEG shareholders’ interests. This transaction is expected to enhance Cenovus’s industry positioning and provide significant value to stakeholders.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has announced the sale of its 50% stake in WRB Refining LP to Phillips 66 for approximately US$1.4 billion. This strategic move will allow Cenovus to concentrate on assets it fully controls, enhancing its downstream operations’ focus and integration with its upstream heavy oil business. The proceeds from the sale will be used to reduce net debt and increase shareholder returns through share repurchases, reflecting a commitment to financial stability and rewarding investors.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
On August 21, 2025, Cenovus Energy Inc. announced a definitive arrangement agreement to acquire MEG Energy Corp. in a transaction valued at $7.9 billion, including assumed debt. The acquisition, which involves a mix of cash and stock, aims to consolidate Cenovus’s and MEG’s assets at Christina Lake, enhancing integrated development and unlocking access to previously stranded resources. The transaction, approved by the boards of both companies, is expected to close in the fourth quarter of 2025, pending regulatory and shareholder approvals, and is anticipated to strengthen Cenovus’s market position in the oil sands industry.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$29.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy has announced a definitive agreement to acquire MEG Energy Corp. in a transaction valued at $7.9 billion, which includes assumed debt. This acquisition is set to bolster Cenovus’s position as a leading SAGD oil sands producer, with combined production exceeding 720,000 barrels per day. The deal is expected to generate over $400 million in annual synergies by 2028 and will be immediately accretive to Cenovus’s financial metrics. The company plans to maintain a strong balance sheet and focus on shareholder returns, with a structured financing plan involving a term loan and bridge facility.
The most recent analyst rating on (TSE:CVE) stock is a Buy with a C$23.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.
Cenovus Energy’s recent earnings call conveyed a positive sentiment, underscored by significant operational achievements and robust financial results. The company demonstrated resilience by successfully recovering from challenges such as wildfires and operational incidents, while also making substantial progress on key projects. This strong performance translated into considerable returns for shareholders, highlighting the company’s effective management and strategic execution.
Cenovus Energy Inc. is an integrated energy company involved in oil and natural gas production, as well as refining and marketing operations, with a presence in Canada and the Asia Pacific region. The company focuses on maximizing value through safe and responsible development of its assets, integrating environmental, social, and governance considerations into its business plans.
Cenovus Energy reported its second-quarter 2025 results, highlighting $2.4 billion in cash from operating activities and a total upstream production of 765,900 BOE/d, impacted by planned maintenance and wildfires. Key achievements include the first oil at Narrows Lake, progress on the West White Rose project, and successful turnarounds at multiple facilities. The company returned $819 million to shareholders and anticipates increased free funds flow as growth projects near completion.
The most recent analyst rating on (TSE:CVE) stock is a Sell with a C$19.00 price target. To see the full list of analyst forecasts on Cenovus Energy stock, see the TSE:CVE Stock Forecast page.