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Amundi trimmed its holdings in shares of Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) by 4.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,146,401 shares of the oil and gas company’s stock after selling 219,795 shares during the period. Amundi owned about 0.28% of Cenovus Energy worth $127,682,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TD Asset Management Inc boosted its position in Cenovus Energy by 3.6% during the 4th quarter. TD Asset Management Inc now owns 16,995,459 shares of the oil and gas company’s stock valued at $287,897,000 after buying an additional 595,518 shares during the period. OMERS ADMINISTRATION Corp purchased a new position in shares of Cenovus Energy in the second quarter valued at about $17,275,000. Beverly Hills Private Wealth LLC purchased a new position in shares of Cenovus Energy in the second quarter valued at about $2,678,000. Alberta Investment Management Corp bought a new position in shares of Cenovus Energy during the second quarter valued at about $143,730,000. Finally, GQG Partners LLC bought a new position in shares of Cenovus Energy during the second quarter valued at about $411,552,000. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Price Performance Shares of CVE stock opened at $33.44 on Thursday. The business’s fifty day moving average is $29.65 and its 200 day moving average is $27.52. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The stock has a market cap of $61.62 billion, a price-to-earnings ratio of 12.86 and a beta of 0.35. Cenovus Energy Inc has a twelve month low of $15.63 and a twelve month high of $33.87.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. The firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company’s revenue was up 47.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.45 EPS. Research analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current fiscal year. Cenovus Energy Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is presently 24.62%.

Analysts Set New Price Targets A number of research analysts have commented on the company. Royal Bank Of Canada upped their price target on Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Wall Street Zen lowered Cenovus Energy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 5th. Finally, JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

View Our Latest Research Report on Cenovus Energy

About Cenovus Energy (Free Report)

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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Cenovus Energy Inc (NYSE:CVE – Get Free Report) (TSE:CVE)’s stock price reached a new 52-week high during trading on Tuesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock traded as high as $33.79 and last traded at $33.5850, with a volume of 360347 shares trading hands. The stock had previously closed at $32.37.

CVE has been the topic of a number of other reports. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Cenovus Energy in a report on Thursday, August 27th. Wall Street Zen downgraded Cenovus Energy from a “strong-buy” rating to a “buy” rating in a report on Saturday. Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $39.00.

Get Our Latest Report on CVE

Institutional Investors Weigh In On Cenovus Energy A number of institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC increased its position in Cenovus Energy by 274.9% in the 2nd quarter. NewEdge Advisors LLC now owns 39,406 shares of the oil and gas company’s stock valued at $978,000 after acquiring an additional 28,895 shares during the period. IFP Advisors Inc lifted its holdings in shares of Cenovus Energy by 59.2% during the second quarter. IFP Advisors Inc now owns 15,601 shares of the oil and gas company’s stock worth $387,000 after purchasing an additional 5,800 shares during the period. Mraz Amerine & Associates Inc. lifted its holdings in shares of Cenovus Energy by 1.0% during the second quarter. Mraz Amerine & Associates Inc. now owns 366,951 shares of the oil and gas company’s stock worth $9,104,000 after purchasing an additional 3,665 shares during the period. Spark Investment Management LLC bought a new stake in shares of Cenovus Energy in the second quarter worth $694,000. Finally, West Family Investments Inc. acquired a new stake in Cenovus Energy in the second quarter valued at $337,000. 51.19% of the stock is owned by institutional investors. Cenovus Energy Stock Up 2.6% The firm has a market capitalization of $61.19 billion, a price-to-earnings ratio of 12.78 and a beta of 0.35. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The stock has a fifty day moving average of $29.48 and a two-hundred day moving average of $27.45.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same period in the previous year, the business earned $0.45 EPS. The business’s quarterly revenue was up 47.9% compared to the same quarter last year. Sell-side analysts anticipate that Cenovus Energy Inc will post 3.2 earnings per share for the current year.

Cenovus Energy Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 24.23%.

Cenovus Energy Company Profile (Get Free Report)

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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BlackRock Inc. bought a new stake in Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 7,389,302 shares of the oil and gas company’s stock, valued at approximately $183,329,000. BlackRock Inc. owned approximately 0.40% of Cenovus Energy at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. J.W. Cole Advisors Inc. lifted its stake in shares of Cenovus Energy by 3.9% during the fourth quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock valued at $227,000 after buying an additional 500 shares during the period. Gateway Investment Advisers LLC boosted its position in Cenovus Energy by 0.6% during the fourth quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after acquiring an additional 523 shares during the last quarter. International Assets Investment Management LLC grew its stake in Cenovus Energy by 0.9% in the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after acquiring an additional 565 shares during the period. OLD National Bancorp IN grew its stake in Cenovus Energy by 5.2% in the 1st quarter. OLD National Bancorp IN now owns 12,597 shares of the oil and gas company’s stock worth $334,000 after acquiring an additional 618 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in Cenovus Energy by 24.4% in the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock valued at $56,000 after acquiring an additional 649 shares during the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of brokerages have weighed in on CVE. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, July 30th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a research report on Thursday, July 16th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of $36.25.

Check Out Our Latest Analysis on Cenovus Energy Cenovus Energy Stock Performance NYSE:CVE opened at $31.71 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. The company has a market cap of $58.65 billion, a P/E ratio of 12.20 and a beta of 0.34. Cenovus Energy Inc has a fifty-two week low of $15.63 and a fifty-two week high of $33.40. The firm’s 50 day moving average is $28.27 and its two-hundred day moving average is $26.83.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. The business had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. Analysts expect that Cenovus Energy Inc will post 3.2 EPS for the current year.

Cenovus Energy Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s payout ratio is 24.62%.

About Cenovus Energy (Free Report)

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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Key Takeaways Cenovus targets more than 1.1 million BOE/d of upstream production by the end of 2028.Christina Lake North is expected to add about 40,000 bpd by 2028 through redevelopment.Cenovus' refining and pipeline capacity helps limit transport costs and heavy-crude price risks. Cenovus Energy (CVE - Free Report) , an integrated energy company based in Canada with operations spanning upstream and downstream segments, is well-positioned for sustained production growth, backed by low-cost oil sands assets and a strong pipeline of growth projects. CVE’s upstream production is primarily supported by its oil sands assets, which are characterized by low operating and sustaining costs and a long reserve life, providing resilience across volatile commodity-price environments.

The company has outlined a clear path to achieve more than 1.1 million barrels of oil equivalent per day of upstream production by the end of 2028. This includes Sunrise and Foster Creek optimization and the ramp-up of West White Rose. Moreover, Christina Lake North is expected to add approximately 40,000 barrels per day (bpd) by 2028 through a redevelopment program.

Additionally, a key strength for the company lies in its integrated upstream and downstream platform. The company has approximately 473,000 barrels per day (MBbls/d) of upgrading and refining capacity, providing a reliable outlet for its growing heavy-oil production. The strong refinery availability allows the company to process crude into higher-value refined products, capitalize on a favorable downstream environment and capture value across multiple stages of the value chain. Its pipeline and refining infrastructure also help mitigate the risk of Canadian heavy crude price dislocations and reduce transportation costs.

The combination of a low-cost asset base and a visible production growth runway should support durable earnings and cash flow generation. Moreover, its integrated business model, with refining availability and pipeline capacity, will enable CVE to sustain profitability during periods of volatility.

Other Canadian Integrated Energy CompaniesSuncor Energy (SU - Free Report) is a leading Canadian integrated energy player whose operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining and product marketing. The company’s integrated business model, spanning upstream production and downstream refining, provides resilience across commodity cycles, supporting profitability and cash flow generation. Moreover, SU’s refineries can process various crude slates, while its logistics network broadens product outlets.

Imperial Oil Limited (IMO - Free Report) is another leading integrated energy company headquartered in Canada. IMO’s operations span exploration and production, refining and a petrochemicals business. The company’s diversified business operations can cushion weakness in one segment and preserve cash generation through varying commodity-market conditions. Notably, the U.S. oil giant Exxon Mobil Corporation holds an approximately 69.6% stake in the Canadian operator.

CVE’s Price Performance, Valuation & EstimatesShares of CVE have jumped 93% over the past year compared with the 73.7% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, CVE trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 5.83X. This is below the broader industry average of 6.07X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CVE’s 2026 earnings has not seen any revision over the past seven days.

Image Source: Zacks Investment Research

CVE, SU and IMO each currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Key Takeaways Cenovus Energy has a strong upstream presence, including oil sands assets in northern Alberta.EIA projects WTI to average $80.88 this year, a level expected to support upstream operations.CVE shares gained 113.5% over the past year, outpacing the industry's 85.8% growth. Cenovus Energy Inc. (CVE - Free Report) is an integrated energy company with a strong presence in the upstream business, comprising oil sands assets in northern Alberta. Thus, the company’s business is highly vulnerable to oil prices.

West Texas Intermediate (“WTI”) is currently trading above $85 per barrel, according to data from Oilprice.com, significantly higher than the shut-in and breakeven prices for existing wells in key resources. The escalation of conflicts in the Middle East has been aiding the rally in commodity prices.

Also, in its latest short-term energy outlook, the U.S. Energy Information Administration (“EIA”) projects the WTI spot price to average $80.88 per barrel this year, a level that should remain supportive of upstream operations. As a result, CVE’s upstream operations are benefiting from higher benchmark oil prices, which are eventually increasing oil sands production.

Will CVX & COP Also Gain From High Oil?Like CVE, Chevron Corporation (CVX - Free Report) and ConocoPhillips (COP - Free Report) will benefit from the ongoing strength in oil prices.

With COP generating a significant proportion of revenues from crude oil, the high price of the commodity is extremely favorable for the leading oil and gas exploration and production company.

The upstream energy giant also has low-cost drilling opportunities across the Permian, Eagle Ford and Bakken that could be successfully developed over two decades. Thus, the outlook for ConocoPhillips’ upstream operations looks bright.

Chevron, on the other hand, has been witnessing growth in production volumes, thanks to its footprint in the Permian, the most prolific basin in the United States. CVX is thus well-poised to gain from prevailing high oil prices.

CVE’s Price Performance, Valuation & EstimatesShares of CVE have gained 113.5% over the past year compared with the industry’s growth of 85.8%.

Image Source: Zacks Investment Research

From a valuation standpoint, CVE trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 5.96X. This is below the broader industry average of 6.18X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CVE’s 2026 earnings hasn’t seen any revisions over the past seven days.

Image Source: Zacks Investment Research

CVE currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Cenovus Energy trades at 5.97x EV/EBITDA versus the industry's 6.11x average.High WTI prices are supporting Cenovus Energy's upstream operations and oil sands production.Cenovus Energy faces higher second-half spending, early-2027 tax payments and carbon-tax uncertainty. Cenovus Energy Inc. (CVE - Free Report) is currently considered undervalued on a relative basis, with the stock trading at 5.97x trailing 12-month Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA), which is a discount compared with the broader industry average of 6.11x. ExxonMobil Holdings Corporation (XOM - Free Report) and Chevron (CVX - Free Report) , two other integrated energy majors, are valued at 9.24x and 7.76x, respectively.

Image Source: Zacks Investment Research

Such a discounted valuation often signals an entry point. However, before making investment decisions, one should consider the company's overall business environment and fundamentals.

High Oil Price Continues to Aid CVE’s Upstream BusinessWest Texas Intermediate (“WTI”) is currently trading above $85 per barrel, according to data from Oilprice.com, significantly higher than the shut-in and breakeven prices for existing wells in key resources. The escalation of conflicts in the Middle East has been aiding the rally in commodity prices.

In its latest short-term energy outlook, the U.S. Energy Information Administration (EIA) projects the WTI spot price to average $80.88 per barrel this year, a level that should remain supportive of upstream operations.  As a result, CVE’s upstream operations are benefiting from higher benchmark oil prices, which are eventually increasing oil sands production. High oil prices are also benefiting other energy majors like XOM and CVX.

West Texas Intermediate Spot Average

Image Source: The U.S. Energy Information Administration

CVE’s Downstream Operations to Remain StrongOn the second-quarter 2026 earnings call, management noted that CVE’s refining business remained strong, with Canadian and U.S. refinery utilization at about 94% and 96%, respectively, supported by strong operational availability and favorable refined-product pricing.

Also, since it has exposure to Canadian heavy oil, which is cheaper than lighter crude, CVE is likely to be enjoying a feedstock cost advantage. In other words, the company’s Canadian refining business is capable of using lower-priced fuel to produce high-value end products, giving it an edge over other refiners and helping it continue its upward trajectory.

Should You Invest in the Stock?Investors’ strong preference for the stock is getting reflected in the price chart. In the past year, CVE has jumped 117.1%, outperforming the industry’s 86.1% growth. XOM and CVX have surged 52.6% and 34.3%, respectively, over the same time frame.

Image Source: Zacks Investment Research

Investors should also know that Cenovus expects higher spending in the second half because of major refinery maintenance, while some large tax payments are due mainly in early 2027. It also relies heavily on outside condensate supplies and still faces uncertainty around Canada’s carbon-tax rules.

Hence, investors shouldn’t rush to buy the stock. Those who have already invested may hold the stock. Cenovus Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.

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Stock to Watch: Cenovus Energy (CVE - Free Report) Cenovus Energy Inc. is a Calgary, Canada-based integrated energy company. The company produces crude oil, natural gas and natural gas liquids, and markets its production across North America and international markets. Its upstream operations are mainly in Canada and the Asia Pacific region. Its downstream operations include upgrading and refining assets in Canada and the United States.

CVE is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Momentum investors should take note of this Oils-Energy stock. CVE has a Momentum Style Score of A, and shares are up 8.5% over the past four weeks.

One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.05 to $3.20 per share. CVE boasts an average earnings surprise of +16.9%.

With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, CVE should be on investors' short list.

Posted by Defense World Staff on Aug 1st, 2026

Amundi raised its holdings in shares of Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) by 1.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,366,196 shares of the oil and gas company’s stock after buying an additional 71,891 shares during the period. Amundi owned about 0.29% of Cenovus Energy worth $142,365,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Jones Financial Companies Lllp lifted its position in shares of Cenovus Energy by 574.8% during the first quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after purchasing an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cenovus Energy by 6.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after buying an additional 44,125 shares during the period. Prudential Financial Inc. purchased a new stake in Cenovus Energy during the 2nd quarter worth $525,000. EverSource Wealth Advisors LLC lifted its holdings in Cenovus Energy by 57.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock worth $67,000 after buying an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Cenovus Energy in the 2nd quarter valued at about $495,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Analysts Set New Price Targets A number of equities research analysts have weighed in on CVE shares. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Weiss Ratings lowered shares of Cenovus Energy from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Finally, Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.25.

View Our Latest Research Report on Cenovus Energy

Cenovus Energy Price Performance Shares of Cenovus Energy stock opened at $30.14 on Friday. Cenovus Energy Inc has a 52 week low of $14.48 and a 52 week high of $32.07. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The stock has a market cap of $56.07 billion, a PE ratio of 11.59 and a beta of 0.34. The company’s 50-day moving average price is $27.28 and its two-hundred day moving average price is $25.22.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 47.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cenovus Energy Inc will post 3.02 EPS for the current fiscal year.

Cenovus Energy Announces Dividend The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Cenovus Energy’s dividend payout ratio is presently 24.62%.

Cenovus Energy Profile (Free Report)

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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Key Takeaways CVE Q2 2026 earnings matched estimates, revenues rose 42% y/y on higher oil prices and Oil Sands volumes.Cenovus generated C$3.79B in free funds flow and returned C$1.43B to shareholders.CVE raised 2026 upstream production guidance after strong Oil Sands performance and optimized turnarounds. Cenovus Energy Inc. (CVE - Free Report) reported second-quarter 2026 adjusted earnings of $1.11 per share, matching the Zacks Consensus Estimate. The bottom line skyrocketed 233% from the year-ago figure of 33 cents per share.

Quarterly revenues of $12.59 billion surpassed the consensus estimate of $9.57 billion by 31.6%. The top line increased 41.5% year over year from $8.90 billion a year earlier.

Higher crude oil and refined-product pricing, along with increased Oil Sands volumes, supported the results.

CVE's Oil Sands Business Drives Revenue GrowthOil Sands revenues surged 89.4% year over year to C$11.22 billion. The segment benefited from higher sales volumes and benchmark crude oil prices, partly reflecting additional production from the MEG Energy acquisition completed in November 2025.

The unit’s operating margin increased to C$4.40 billion from the C$1.82 billion recorded a year earlier. Results were supported by redevelopment programs at Christina Lake, new sustaining well pads connected through the Narrows Lake tie-back and production gains from the Foster Creek optimization project.

Conventional revenues increased 61.8% to C$869 million, while the segment’s operating margin rose to C$140 million from C$84 million. Offshore revenues advanced 54.3% to C$486 million from C$315 million, and operating margin improved to C$375 million from C$231 million.

Cenovus Posts Strong Upstream ProductionIn the second quarter, the company recorded Oil Sands crude oil production of 783.8 thousand barrels per day (Mbbls/d), an increase from the year-ago quarter’s figure of 577.1 Mbbls/d. Oil Sands natural gas production was 15.6 million cubic feet per day (MMcf/d), lower than the 16.5 MMcf/d recorded a year ago. Oil Sands production volumes rose 35.6% to 786.4 thousand barrels of oil equivalent per day (Mboe/d) from 579.8 Mboe/d in the year-ago quarter.

The company’s Conventional crude oil and natural gas liquids production was 28.9 Mbbls/d compared with 24.9 Mbbls/d a year ago. Conventional natural gas production was 535.9 MMcf/d, lower than the 569.2 MMcf/d recorded a year ago. Conventional volumes dipped 1.3% to 118.2 Mboe/d from 119.8 Mboe/d recorded in the second quarter of 2025.

The company’s Offshore crude oil and natural gas liquids production was 22.8 Mbbls/d compared with 22.0 Mbbls/d a year ago. Offshore natural gas production was 258.3 MMcf/d, lower than the 265.7 MMcf/d recorded a year ago. Offshore production dipped 0.8% to 65.8 Mboe/d from the year-ago figure of 66.3 Mboe/d.

The total upstream production in the reported quarter increased 26.7% to 970.4 Mboe/d from 765.9 Mboe/d in the year-earlier quarter.

CVE's Refining Operations Deliver Margin GainsCenovus’ Canadian Refining revenues increased 24.8% year over year to C$1.61 billion. The segment generated an operating margin of C$182 million, up from C$107 million, despite a turnaround at the Lloydminster Upgrader.

The U.S. Refining revenues rose 1.5% to C$6.55 billion. Operating margin improved sharply to C$771 million against a loss of C$178 million, supported by stronger refined-product pricing and reliable refinery operations. Higher Chicago gasoline, diesel and crack-spread benchmarks aided downstream profitability.

Total downstream revenues increased to C$8.16 billion from C$7.74 billion a year ago, while operating margin rose to C$953 million against a loss of C$71 million a year ago.

Cenovus' Throughput Reflects Portfolio ChangesTotal crude oil unit throughput declined 32.2% year over year to 451.5 Mbbl/d. Canadian Refining throughput fell 9.5% to 101.7 Mbbl/d, while U.S. Refining throughput decreased 36.8% to 349.8 Mbbl/d.

The decline primarily reflected the September 2025 divestiture of Cenovus’ interests in the Wood River and Borger refineries. The Upgrader turnaround also weighed on volumes. These factors reduced total downstream production by 31.7% to 498.3 Mbbl/d.

CVE Records Higher EarningsConsolidated operating margin increased to C$5.87 billion from C$2.07 billion. Operating expenses declined 20.3% to C$1.39 billion from C$1.75 billion. However, general and administrative expenses rose to C$218 million from C$153 million, and the company recorded a C$163 million foreign exchange loss against a C$353 million gain a year earlier.

Net earnings totaled C$2.87 billion compared with C$851 million in the prior-year quarter.

Cenovus Cash Flow, Balance Sheet & DividendCash from operating activities increased to C$5.64 billion from C$2.37 billion, while adjusted funds flow was C$4.99 billion. Capital investment was C$1.20 billion, resulting in free funds flow of C$3.79 billion.

Cenovus repaid the remaining C$2.20 billion under the term loan used to help fund the MEG acquisition. Net debt declined to C$5.39 billion at June 30, 2026, from C$8.06 billion at the end of March. Cash and cash equivalents totaled C$3.17 billion.

Cenovus returned C$1.43 billion to shareholders during the quarter, including C$1.02 billion of share repurchases and C$411 million of dividends. The board also declared a third-quarter dividend of C$0.22 per common share.

CVE Raises 2026 Corporate GuidanceManagement raised the midpoint of its 2026 upstream production guidance, citing strong Oil Sands performance and optimized turnaround activity at Foster Creek and Christina Lake. Total upstream production is expected to be between 970 MBOE/d and 1.01 million barrels of oil equivalent per day. Downstream throughput guidance was increased to a range of 435 MBOE/d to 455,000 MBOE/d, while the C$5.0-C$5.3 billion capital investment range was maintained.

CVE’s Zacks Rank & Key PicksCenovus currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector that have released their second-quarter 2026 earnings are NOV Inc. (NOV - Free Report) , HF Sinclair Corporation (DINO - Free Report) and Cactus, Inc. (WHD - Free Report) . NOV sports a Zacks Rank #1 (Strong Buy), while DINO and WHD carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

NOV reported second-quarter 2026 adjusted earnings of 31 cents per share, which topped the Zacks Consensus Estimate of 16 cents per share.

As of June 30, 2026, NOV had long-term debt of $1.69 billion, and cash and cash equivalents of $1.16 billion.

HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, which beat the Zacks Consensus Estimate of $4.39 per share.

As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion.

Cactus reported second-quarter 2026 adjusted earnings of 93 cents per share, which surpassed the Zacks Consensus Estimate of 71 cents per share.

As of June 30, 2026, WHD had cash and cash equivalents of $365 million.

Cenovus Energy delivered outstanding Q2 earnings and free cash flow, overshadowing minor revenue and EPS misses. CVE's annualized EPS of C$1.53 implies a price-earnings ratio near 5. Market skepticism centers on the duration of elevated commodity prices due to the Iranian situation.

HomeStock IdeasLong IdeasEnergy Analysis

SummaryCenovus Energy delivered strong Q2 cash flow, driven by elevated oil prices and robust refining margins, despite minor revenue and profit estimate misses.CVE's operating cash flow surged to CAD$5.64 billion in Q2, a significant increase over prior quarters, highlighting the company's operational leverage in the current macro environment.Strategic tailwinds include persistent high oil prices, tight refined product supply, and successful production growth following the MEG Energy acquisition.I maintain a bullish outlook on CVE, emphasizing ongoing cash generation potential and resilience amid geopolitical uncertainty and favorable industry dynamics.Looking for a helping hand in the market? Members of Cash Flow Club get exclusive ideas and guidance to navigate any climate. Learn More » Richard Drury/DigitalVision via Getty Images

Article Thesis Cenovus Energy Inc. (CVE) reported its Q2 results on Wednesday morning. While revenue and profit estimates were missed slightly, these numbers still improved drastically thanks to the current energy price environment. The best numbers, I

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of CVE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

CALGARY, Alberta, July 29, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its second-quarter 2026 financial and operating results. In the quarter, the company generated approximately $5.0 billion of adjusted funds flow and $3.8 billion of free funds flow. Operating results in the quarter included Upstream production of 970.4 thousand barrels of oil equivalent per day (MBOE/d)1 and Downstream crude throughput of 451.5 thousand barrels per day (Mbbls/d), representing an overall crude unit utilization rate of 95%.

Highlights

Delivered Upstream production of 970.4 MBOE/d, an increase of over 200 MBOE/d from Q2 2025.Record quarterly Oil Sands production of 786.4 MBOE/d, including record quarterly production at Christina Lake and Sunrise.Operated at a 95% crude unit utilization rate in the Downstream, with total crude throughput of 451.5 Mbbls/d and U.S. Refining adjusted market capture of 67%2.Increased full-year 2026 production guidance by 25 MBOE/d and decreased Oil Sands operating cost guidance by approximately 6%, as a result of strong performance across the Oil Sands assets and optimization of turnaround activity. Capital investment guidance is unchanged.Returned $1.4 billion to shareholders in the second quarter, including $1.0 billion through common share repurchases and $0.4 billion through common share dividends. “Through disciplined execution across the Upstream and Downstream, our people delivered outstanding operating performance and our best-ever quarterly financial results,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “We are advancing toward sustained production of one million BOE per day, a milestone that underscores our consistent execution, the ingenuity of our staff and our strong commitment to safety.”

Financial summary 

($ millions, except per share amounts)2026 Q22026 Q12025 Q2Cash from (used in) operating activities5,6362,1812,374Adjusted funds flow24,9863,3771,519Per share (diluted)22.661.800.84Capital investment1,2001,1701,164Free funds flow23,7862,207355Excess free funds flow23,2571,723(306)Net earnings (loss)2,8701,570851Per share (diluted)1.530.830.45Long-term debt, including current portion8,55810,6337,241Net debt5,3888,0584,934     Production and throughput

(before royalties, net to Cenovus)2026 Q22026 Q12025 Q2Oil and NGLs (Mbbls/d)1835.5830.1624.0Conventional natural gas (MMcf/d)1809.8852.0851.4Total Upstream production (MBOE/d)1970.4972.1765.9Total Downstream crude throughput (Mbbls/d)1451.5458.5665.8 1 See Advisory for production by product type and by reporting segment.
2 Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

Second-quarter results

Operating1

Cenovus’s total revenues were $17.4 billion in the second quarter, up from $12.4 billion in the first quarter of 2026. Upstream revenues were $12.6 billion, an increase from $9.4 billion in the previous quarter, while Downstream revenues were $8.2 billion, an increase from $5.6 billion in the first quarter.

Operating margin3 was $5.9 billion, compared with $4.4 billion in the prior quarter. Upstream operating margin4 was $4.9 billion, up from $3.7 billion in the prior quarter, as a result of higher benchmark oil prices and strong cost discipline. Downstream operating margin4 was $953 million, an increase from $734 million in the prior quarter, reflecting strong market crack spreads and upgrading differentials. Operating margin in the U.S. Refining segment was $771 million, which included a $152 million inventory holding gain.

Total Upstream production was 970.4 MBOE/d, compared to 972.1 MBOE/d in the first quarter. Christina Lake production was 372.1 Mbbls/d, up from 358.9 Mbbls/d in the prior quarter as a result of strong well pad performance at Narrows Lake and continued progress on the redevelopment well program at Christina Lake North. Foster Creek production was 214.5 Mbbls/d, down from 223.0 Mbbls/d in the prior quarter as a result of an unplanned disruption in late May. Sunrise production was 65.7 Mbbls/d, up from 59.4 Mbbls/d in the prior quarter as a result of the strong ramp-up from the first well pad in the East development area.

Production from the Lloydminster thermal assets was 103.1 Mbbls/d, compared with 102.3 Mbbls/d in the first quarter. Lloydminster conventional heavy oil output was 28.4 Mbbls/d, compared with 29.0 Mbbls/d in the prior quarter.

Production in the Conventional segment was 118.2 MBOE/d, a decrease from 121.7 MBOE/d in the prior quarter, largely as a result of third-party maintenance.

In the Offshore segment, production was 65.8 MBOE/d compared with 75.4 MBOE/d in the first quarter. In Asia Pacific, production was 51.2 MBOE/d, compared with 57.1 MBOE/d in the prior quarter due to planned maintenance in China and Indonesia. In the Atlantic region, production was 14.6 Mbbls/d, down from 18.3 Mbbls/d in the prior quarter as a result of turnaround activities at Terra Nova.

Cenovus is on track to achieve an Upstream monthly production milestone in excess of one million BOE/d in the month of July.

Total Downstream crude throughput in the second quarter was 451.5 Mbbls/d. Crude throughput in Canadian Refining was 101.7 Mbbls/d, representing a utilization rate of 94%, compared with 115.3 Mbbls/d in the prior quarter, as a result of a turnaround at the Lloydminster Upgrader.

In U.S. Refining, crude throughput was 349.8 Mbbls/d, compared with 343.2 Mbbls/d in the first quarter, representing a crude unit utilization rate of 96%. U.S. Refining revenues were $6.5 billion, an increase from $4.2 billion in the prior quarter, reflecting higher refined product prices. Adjusted market capture in U.S. Refining was 67%, compared with 114% in the prior quarter, a result of expected seasonal refined product pricing impacts as well as elevated domestic light crude pricing.

3Non-GAAP financial measure. Operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
4Specified financial measure. See Advisory.

Financial

Cash from operating activities in the second quarter increased to $5.6 billion from $2.2 billion in the first quarter. Adjusted funds flow was $5.0 billion, compared with $3.4 billion in the prior quarter, and free funds flow was $3.8 billion, compared with $2.2 billion in the prior quarter, driven by higher commodity prices and strong operational performance. Net earnings increased to $2.9 billion from $1.6 billion in the prior quarter.

Long-term debt, including the current portion, was $8.6 billion as at June 30, 2026. During the quarter, the remaining $2.2 billion outstanding on the term loan facility obtained to fund a portion of the cash consideration for the MEG Energy Corp. acquisition was fully repaid and subsequently cancelled. Net debt was $5.4 billion as at June 30, 2026, a decrease of $2.7 billion from the prior quarter, as a result of strong financial results and a $0.7 billion decrease in non-cash working capital.

In the second quarter, the company achieved its interim net debt threshold of $6 billion. While net debt is between $6.0 billion and $4.0 billion, the company will target to return approximately 75% of excess free funds flow to shareholders over time. The company continues to steward toward a long-term net debt target of $4.0 billion.

Growth projects

At Christina Lake North, the facility expansion project continues to progress, and the first of two new steam generators is expected to be brought online by year-end. In addition, the redevelopment well program is proceeding to plan and production is expected to increase in the second half of 2026. At Foster Creek, the enhanced sulphur recovery project, which is expected to reduce operating costs by $0.50 to $0.75 per barrel, was successfully completed and brought online within the quarter. Cenovus’s first commercial diluent solvent aided process project was sanctioned in the first quarter of 2026 with fabrication and earthworks underway in Q2. The project is expected to add 5 to 10 Mbbls/d of production by 2028.

At West White Rose, drilling of the first well continues to progress and the project remains on track for first oil in late Q3.

2026 guidance update

Cenovus has revised its 2026 corporate guidance to reflect the company’s updated outlook for the remainder of the year. It is available on cenovus.com under Investors.

Changes to the company’s 2026 guidance include:

Total upstream production raised to a range of 970 MBOE/d to 1,010 MBOE/d, an increase of 25 MBOE/d. This includes the impacts of strong performance in the Oil Sands and optimization of turnaround activity at Foster Creek and Christina Lake.Decreased overall Upstream operating cost guidance, including reductions to Oil Sands, Conventional and Asia Pacific as a result of higher production and lower costs. Revised operating cost guidance ranges are as follows: Oil Sands operating costs per BOE: From $11.25 - $12.75 to $10.75 - $11.75Conventional operating costs per BOE: From $11.00 - $12.00 to $10.00 - $10.50Asia Pacific operating costs per BOE: From $10.00 - $11.00 to $9.50 - $10.00Atlantic operating costs per bbl: From $35.00 - $45.00 to $40.00 - $45.00 Canadian Refining throughput raised to a range of 110 Mbbls/d to 115 Mbbls/d, an increase of 5 Mbbls/d at the midpoint, and Canadian Refining per-unit operating expenses decreased to a range of $10.50/bbl to $11.50/bbl, reflecting strong year-to-date performance. The company has also updated its commodity price assumptions and guidance range for cash taxes. There has been no change to the expected capital investment range of $5.0 billion to $5.3 billion.

Dividend declarations and share purchases

The Board of Directors has declared a quarterly base dividend of $0.22 per common share, payable on September 29, 2026, to shareholders of record as of September 15, 2026.

All dividends paid on Cenovus’s common shares will be designated as “eligible dividends” for Canadian income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

In the second quarter, the company returned $1.4 billion to shareholders, composed of $1.0 billion from its purchase of 26.2 million common shares through its normal course issuer bid and $0.4 billion through common share dividends.

2026 planned maintenance

The following table provides details on planned maintenance activities at Cenovus assets in 2026 and anticipated production or throughput impacts.

Potential quarterly production/throughput impact (MBOE/d or Mbbls/d)

(MBOE/d or Mbbls/d)Q3Q4Annual impactUpstreamOil Sands17 - 21-4 - 6Offshore---Conventional---DownstreamCanadian Refining--2 - 4U.S. Refining35 - 4540 - 5020 - 26     Conference call today

Cenovus will host a conference call today, July 29, 2026, at 9 a.m. MT (11 a.m. ET).

To participate in the conference call, please register in advance of the call start time. Once registered, you will receive a unique PIN that can be used to access the call by phone. You can either dial into the conference call using the unique PIN or select the "Call Me" option to receive an automated call.

A live audio webcast of the conference call will be available and will remain archived for approximately 30 days.

Advisory

Basis of Presentation

Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (the IFRS Accounting Standards).

Barrels of Oil Equivalent

Natural gas volumes have been converted to BOE on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

Product types

Product type by reporting segmentThree months ended
June 30, 2026Oil SandsBitumen (Mbbls/d)755.4Heavy crude oil (Mbbls/d)28.4Conventional natural gas (MMcf/d)15.6Total Oil Sands segment production (MBOE/d)786.4ConventionalLight crude oil (Mbbls/d)6.7Natural gas liquids (Mbbls/d)22.2Conventional natural gas (MMcf/d)535.9Total Conventional segment production (MBOE/d)118.2OffshoreLight crude oil (Mbbls/d)14.6Natural gas liquids (Mbbls/d)8.2Conventional natural gas (MMcf/d)258.3Total Offshore segment production (MBOE/d)65.8Total Upstream production (MBOE/d)970.4   Forward‐looking Information

This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “expect”, “on track”, “payable”, “progress”, “remain”, “steward”, “target”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: advancing towards sustained production milestone of one million BOE/d; commitment to safety; achieving an Upstream monthly production milestone in excess of one million BOE/d in the month of July; targeting to return approximately 75% of EFFF to shareholders over time; stewarding towards our long-term net debt target; Christina Lake North facility expansion project and redevelopment well program progress; expectation of operating cost reduction at Foster Creek; continued development of the eastern area and bringing a second pad online in the third quarter at Sunrise; additional production expected by 2028 from the diluent solvent aided process project; timing of first oil from the West White Rose project; future dividend payments; and 2026 planned maintenance and production/throughput impacts.

Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to the assumptions inherent in Cenovus’s updated 2026 corporate guidance available on cenovus.com.

The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: changes to general economic, market and business conditions; the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2025.

Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2025 and June 30, 2026 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

Specified Financial Measures

This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the periods ended December 31, 2025 and June 30, 2026 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus's website at cenovus.com), which is incorporated by reference into this news release.

Upstream Operating Margin and Downstream Operating Margin

Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 of the interim Consolidated Financial Statements.

Operating Margin

Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

 Upstream (5)Downstream (5)Total ($ millions)2026
Q22026
Q12025
Q22026
Q22026
Q12025
Q22026
Q22026
Q12025
Q2 Revenues Gross Sales14,23110,3707,3948,1575,6277,74322,38815,99715,137 Less: Royalties(1,661)(983)(621)———(1,661)(983)(621) 12,5709,3876,7738,1575,6277,74320,72715,01414,516 Expenses Purchased Product2,0741,2441,1116,6634,3786,8788,7375,6227,989 Transportation and Blending4,5823,3752,621———4,5823,3752,621 Operating9711,0478965055269471,4761,5731,843 Realized (Gain) Loss on Risk Management2813836(11)(11)642(3) Operating Margin4,9153,7082,137953734(71)5,8684,4422,066 5 Found in Note 1 of the June 30, 2026, or the March 31, 2026, interim Consolidated Financial Statements.

Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow (EFFF)

The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s interim Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and EFFF. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

 Three Months Ended ($ millions)June 30, 2026March 31, 2026June 30, 2025 Cash From (Used in) Operating Activities(6)5,6362,1812,374 (Add) Deduct:    Settlement of Decommissioning Liabilities(39)(53)(68) Net Change in Non-Cash Working Capital689(1,143)923 Adjusted Funds Flow4,9863,3771,519 Capital Investment1,2001,1701,164 Free Funds Flow3,7862,207355 Add (Deduct):    Base Dividends Paid on Common Shares(411)(377)(364) Purchase of Common Shares under Employee Benefit Plan(58)(51)(15) Dividends Paid on Preferred Shares—(2)(4) Settlement of Decommissioning Liabilities(39)(53)(68) Principal Repayment of Leases(88)(90)(94) Acquisitions, Net of Cash Acquired(5)(10)(129) Proceeds From Divestitures729913 Excess Free Funds Flow3,2571,723(306) 6 Found in the June 30, 2026, or the March 31, 2026, interim Consolidated Financial Statements.

Adjusted Market Capture

Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

 ($ millions)Three months ended
June 30, 2026Three months ended
March 31, 2026 Revenues (7)6,5494,220 Purchased Product (7)5,3843,318 Gross Margin1,165902 Inventory Holding (Gain) Loss(152)(457) Adjusted Gross Margin1,013445 Total Processed Inputs (Mbbls/d)372.9359.9 Adjusted Refining Margin ($/bbl)29.8313.74 Operable Capacity (Mbbls/d)364.8364.8 Operable Capacity by Regional Benchmark (percent) Chicago 3-2-1 Crack Spread Weighting8888 Group 3 3-2-1 Crack Spread Weighting1212 Benchmark Prices and Exchange Rate Chicago 3-2-1 Crack Spread (US$/bbl)46.5417.55 Group 3 3-2-1 Crack Spread (US$/bbl)41.4517.16 RINs (US$/bbl)13.788.71 US$ per C$1 - Average0.7230.729 Weighted Average Crack Spread, Net of RINs ($/bbl)44.4612.06 Adjusted Market Capture (percent)67114 7 Found in Note 1 of the June 30, 2026, or the March 31, 2026, interim Consolidated Financial Statements.

Cenovus Energy Inc.

Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts

Investors
Investor Relations general line
403-766-7711

Media
Media Relations general line
403-766-7751

CALGARY, Alberta, July 22, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) will release its second-quarter 2026 results on Wednesday, July 29, 2026. The news release will provide consolidated second-quarter operating and financial information. The company’s financial statements will be available on Cenovus’s website, cenovus.com.

Second-quarter 2026 conference call: 9 a.m. MT (11 a.m. ET)

Analysts wishing to participate in the conference call are asked to register in advance.

To participate in the conference call, complete the online registration form before the call begins. Once registered, participants will receive a unique PIN to access the call by phone. You can either dial into the conference call using the unique PIN or select the “Call Me” option to receive an automated call.

A live audio webcast of the conference call will be available and will remain archived for approximately 30 days.

Cenovus Energy Inc.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is committed to maximizing value by developing its assets in a safe, responsible and cost-efficient manner, integrating sustainability considerations into its business plans. Cenovus common shares are listed on the Toronto and New York stock exchanges. For more information, visit cenovus.com.

Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

Cenovus contacts:

InvestorsMediaInvestor Relations general line
403-766-7711Media Relations general line
403-766-7751

Cenovus Energy (CVE - Free Report) closed the most recent trading day at $28.26, moving +1.11% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.

The oil company's stock has climbed by 11.09% in the past month, exceeding the Oils-Energy sector's gain of 3.6% and the S&P 500's gain of 0.55%.

Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. In that report, analysts expect Cenovus Energy to post earnings of $1.11 per share. This would mark year-over-year growth of 236.36%. In the meantime, our current consensus estimate forecasts the revenue to be $9.57 billion, indicating a 7.44% growth compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.02 per share and a revenue of $37.13 billion, indicating changes of +96.1% and +4.43%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 4.12% fall in the Zacks Consensus EPS estimate. Cenovus Energy currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Cenovus Energy is presently being traded at a Forward P/E ratio of 9.24. Its industry sports an average Forward P/E of 11, so one might conclude that Cenovus Energy is trading at a discount comparatively.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 217, which puts it in the bottom 12% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

Key Takeaways Cenovus targets production above 1 million BOE/d by 2028 through multiple growth projects. Christina Lake North's redevelopment well program began ahead of schedule and should lift output this year.Cenovus' integrated assets and pipeline access help secure better pricing during market volatility. Cenovus Energy (CVE - Free Report) is an integrated energy company based in Canada, with its operations spanning the upstream and downstream segments. CVE’s upstream production is primarily supported by its oil sands assets, which are characterized by a low cost of production and a long reserve life. Following the acquisition of MEG Energy, Christina Lake North has emerged as one of Cenovus' most important growth assets, strengthening its long-term production outlook.

In its first quarter earnings call, CVE mentioned that the redevelopment well program at Christina Lake North started ahead of schedule and is expected to deliver a meaningful production increase throughout the rest of the year. Cenovus is also pursuing other key growth projects, including the Foster Creek optimization, Sunrise optimization and the West White Rose project, which are expected to contribute to its target of producing more than 1 million barrels of oil equivalent per day (BOE/d) by 2028. With multiple growth projects under development and a portfolio of long reserve-life assets, Cenovus is well positioned to deliver sustainable production growth and generate meaningful cash flows over the long term.

The company's upstream business also stands to benefit from the current strength in crude prices, driven by the escalating geopolitical tensions in the Middle East. Cenovus’ production mostly comprises heavy crude, which is typically priced against the Western Canadian Select (“WCS”) benchmark. While WCS usually trades at a discount to the West Texas Intermediate (WTI), the overall commodity price environment currently remains favorable for upstream players.

Moreover, CVE’s access to downstream infrastructure and pipeline capacity allows it to mitigate the risk of heavy crude price dislocations by gaining access to premium markets and realizing better pricing. The integrated nature of its business supports its profitability during volatile times.

Other Canadian Integrated Energy CompaniesSuncor Energy (SU - Free Report) is a leading Canadian integrated energy player whose operations include oil sands development and upgrading, conventional and offshore crude oil and gas production, petroleum refining and product marketing. The company’s integrated business model, spanning upstream production and downstream refining, provides resilience across commodity cycles, supporting profitability and cash flow generation.

Imperial Oil Limited (IMO - Free Report) is another leading integrated energy company headquartered in Canada. IMO’s operations span across exploration and production, refining and a petrochemicals business. The company is a major Canadian oil sands producer and the largest jet fuel supplier in the country. Notably, the U.S. oil giant Exxon Mobil Corporation holds an approximately 71% stake in the Canadian operator.

CVE’s Price Performance, Valuation & EstimatesShares of CVE have jumped 102% over the past year compared with the 73.5% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, CVE trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 6.79X. This is below the broader industry average of 7.15X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CVE’s 2026 earnings has seen downward revisions over the past seven days.

Image Source: Zacks Investment Research

SU and IMO currently sport a Zacks Rank #1 (Strong Buy) each, while CVE carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways Cenovus shares surged 85.3% in the past year, beating CNQ, SU and the sub-industry's 52.9% rallies.Cenovus expects to beat its C$150M 2026 MEG synergy target and generate above C$400M annually by 2028.Cenovus trades at 6.6X EV/EBITDA, below the industry average and Canadian Natural Resources' 9.08X. Over the past year, shares of Cenovus Energy Inc. (CVE - Free Report) have climbed 85.3%, comfortably outpacing Canadian Natural Resources' (CNQ - Free Report) 33.5% gain and Suncor Energy's (SU - Free Report) 49.9% rally. During the same period, the stock has surpassed the sub-industry’s 52.9% return. The strong stock performance reflects growing investor confidence in the company's execution strategy and expanding operational footprint within Canada's energy sector.

Image Source: Zacks Investment Research

Cenovus has steadily strengthened its business through disciplined capital allocation, acquisitions and production growth. As the stock continues to outperform, investors are evaluating whether the company's improving fundamentals can support further upside.

Adding to the bullish case, Cenovus has exceeded the Zacks Consensus Estimate in the past four quarters, delivering an average earnings surprise of 50.8%. Such consistent earnings outperformance highlights the company's operational strength despite the cyclical nature of the energy industry.

Image Source: Zacks Investment Research

Key Factors Driving Cenovus' Growth StoryMEG Energy Acquisition Is Already Delivering ResultsThe acquisition of MEG Energy, completed in late 2025 for C$7.1 billion, has quickly become a major value driver for Cenovus. The transaction expanded the company's oil sands portfolio by adding assets adjacent to its Christina Lake operations, creating opportunities for operational efficiencies and lower development costs.

Management has indicated that redevelopment wells at Christina Lake North are performing better than originally anticipated. Consequently, the company expects to exceed its initial C$150-million synergy target for 2026, while maintaining its outlook of generating more than C$400 million in annual synergies by 2028.

Beyond near-term cost savings, the acquisition strengthens Cenovus' reserve base, enhances production capacity and further reinforces its leadership position among Canada's oil sand producers.

Low-Cost Operations Provide a Durable Competitive AdvantageOne of Cenovus' biggest strengths remains its industry-leading cost structure. According to the company, combined operating and sustaining capital costs are approximately $21 per barrel, making Cenovus one of the lowest-cost producers in its peer group.

Its portfolio of long-life, high-quality oil sands assets enables the company to generate attractive returns across commodity price cycles. Management has also maintained a disciplined capital allocation strategy, with growth projects designed to earn acceptable returns even if WTI crude falls to around US$45 per barrel.

This structural cost advantage positions Cenovus to protect margins, generate healthy free cash flow and continue to create long-term shareholder value even in weaker commodity environments.

Integrated Operations Enhance Cash Flow StabilityWhile crude oil prices remain supportive, the longer-term outlook points to a more balanced global oil market as OPEC+ gradually restores production, geopolitical supply disruptions ease and inventories rebuild. According to the U.S. Energy Information Administration (EIA), Brent crude prices are expected to average $82 per barrel in 2026 before moderating in 2027 as higher global supply weighs on the market.

Against this backdrop, Cenovus appears well-positioned to generate resilient cash flows. The company's upstream portfolio is anchored by long-life oil sand assets with combined operating and sustaining capital costs of approximately $21 per barrel, while management expects its growth investments to generate acceptable returns even at WTI prices of US$45 per barrel. This low-cost production profile provides a meaningful cushion against weaker commodity prices.

Cenovus' integrated business model strengthens its earnings resilience. The company owns approximately 660,000 barrels per day of refining capacity across North America through refineries in Canada and the United States. This downstream business helps offset volatility in upstream earnings by capturing refining margins when crude price realizations weaken. In addition, its extensive pipeline connectivity and heavy-oil processing capabilities help reduce the impact of Western Canadian Select (WCS) price differentials.

The combination of low-cost upstream operations and a sizable downstream refining network enables Cenovus to generate relatively stable free cash flow across commodity cycles, supporting continued shareholder returns, disciplined capital allocation and long-term production growth.

Estimates Reflect Continued Earnings GrowthAnalyst sentiment has become increasingly constructive toward Cenovus in recent months. The Zacks Consensus Estimate for 2026 revenues stands at $37.6 billion, implying 5.8% year-over-year growth, while earnings are projected to reach $3.02 per share, representing an impressive 96% increase from the prior year.

For 2027, consensus estimates call for an additional 1.5% increase in revenues, although earnings are expected to decline 8.2%.

Reflecting improved confidence in the company's outlook, earnings estimates have also moved higher. Over the past 60 days, the consensus EPS estimate has increased 2.03% for 2026 and 6.13% for 2027.

Image Source: Zacks Investment Research

Attractive Valuation Compared With PeersDespite its strong share price appreciation, Cenovus continues to trade at a reasonable valuation. The stock currently carries a trailing 12-month EV/EBITDA multiple of 6.6X, slightly below the industry average of 6.65X.

The valuation also remains well below Canadian Natural Resources, which trades at 9.08X EV/EBITDA. Although Suncor Energy commands a similar multiple, Cenovus offers a more compelling long-term growth profile, supported by acquisition synergies, low-cost operations and multiple development opportunities that should drive production growth.

Image Source: Zacks Investment Research

Should You Buy CVE Stock?Cenovus has built a compelling long-term investment case by combining disciplined execution with growth initiatives. The successful integration of the MEG Energy acquisition, one of the industry's lowest operating cost structures and a highly integrated upstream-downstream business model, positions the company to generate resilient earnings across varying commodity price environments.

At the same time, improving earnings estimates indicate growing confidence in management's ability to translate these operational strengths into higher profitability. Despite its strong rally over the past year, the stock continues to trade at an attractive valuation relative to the broader industry and several key competitors.

Backed by a Zacks Rank #1 (Strong Buy), Cenovus appears well-positioned to deliver sustainable shareholder value over the long term, making the stock an attractive consideration for investors seeking exposure to a financially disciplined and operationally efficient Canadian energy producer.

You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways Cenovus' upstream production is pressured as crude prices settle well below prior war-premium highs.CVE's integrated refining infrastructure and pipeline assets help limit exposure to oil price volatility.Cenovus adjusts transport and refining operations to reach better markets and boost margins. Cenovus Energy Inc. (CVE - Free Report) is a Canada-based integrated energy company with exposure to both the upstream and downstream segments of the energy industry. The company’s upstream production is primarily focused on its Canadian oil sands assets, alongside conventional and offshore production, while its downstream infrastructure comprises refining assets in Canada and the United States.

The majority of CVE’s production comes from its Canadian oil sands assets, which consist of heavy and bitumen-blend crude typically priced against the Western Canadian Select (“WCS”). The WCS benchmark usually trades at a discount to the West Texas Intermediate (“WTI”). Crude oil prices have also softened considerably in recent weeks, closing at $68.69 per barrel on July 2. This demonstrates that crude prices have settled well below the war-premium highs seen previously, when WTI surpassed the $100 per barrel mark.

The company’s upstream segment remains sensitive to changes in crude prices. In a lower oil price environment, Cenovus' integrated structure plays a crucial role in protecting its profitability. The company’s access to downstream infrastructure and pipeline capacity provides a cushion that can partially offset the risk of heavy oil price dislocations.

Management has highlighted that it actively looks for opportunities across its pipeline and transportation network to move crude into premium markets and realize better pricing. Similarly, on the refining side, the company continues to adjust refining operations based on market conditions to maximize the production of higher-value refined products, enabling it to capture higher margins. This allows Cenovus to capture greater value across the integrated value chain and partially offset the impact of lower crude prices on its upstream operations. The company's integrated business model and its focus on maximizing value across the supply chain should enable it to navigate a softer crude price environment with ease.

Other Canadian Integrated Energy CompaniesCanadian Natural Resources (CNQ - Free Report)  is one of the largest independent energy companies in Canada, engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. Canadian Natural has set an ambitious production target for 2026, aiming for a total annual production range of 1,615 thousand barrels of oil equivalent per day (MBOE/d) to 1,665 MBOE/d. This target represents an approximately 4% increase in production compared with 2025.

Imperial Oil Limited (IMO - Free Report) is another leading integrated energy company headquartered in Canada. IMO’s operations span across exploration and production, refining and a petrochemicals business. The company is a major Canadian oil sands producer and the largest jet fuel supplier in the country. Notably, the U.S. oil giant Exxon Mobil Corporation holds an approximately 71% stake in the Canadian operator.

CVE’s Price Performance, Valuation & EstimatesShares of CVE have jumped 75.5% over the past year compared with the 54.2% improvement of the composite stocks belonging to the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, CVE trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 6.16X. This is below the broader industry average of 6.49X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CVE’s 2026 earnings hasn’t seen any revisions over the past seven days.

Image Source: Zacks Investment Research

CVE and IMO currently sport a Zacks Rank #1 (Strong Buy) each, while CNQ carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

Key Takeaways EV-to-EBITDA offers a fuller view of valuation by accounting for debt, unlike traditional P/E ratios.CVE, FIVN, PAGS, ERO and PARR are screened as bargain stocks with low EV-to-EBITDA ratios.Each stock meets strict criteria, including valuation, trading volume, price, growth, and Value Score. Investors generally tend to cling to the price-to-earnings (P/E) metric while looking for bargain stocks. In addition to being a widely used tool for screening stocks, P/E is also a popular metric to work out the fair market value of a company. But even this ubiquitously used valuation multiple has a few downsides.

Although P/E is the most popular valuation metric, a more complicated multiple called EV-to-EBITDA works even better. Often considered a better alternative to P/E, it gives the true picture of a company’s valuation and earnings potential and has a more complete approach to valuation. While P/E considers a firm’s equity portion, EV-to-EBITDA determines its total value.

Cenovus Energy Inc. (CVE - Free Report) , Five9, Inc. (FIVN - Free Report) , PagSeguro Digital Ltd. (PAGS - Free Report) , Ero Copper Corp. (ERO - Free Report) and Par Pacific Holdings, Inc. (PARR - Free Report) are some stocks with attractive EV-to-EBITDA ratios.

Why EV-to-EBITDA Is a Better Alternative?Also dubbed as the enterprise multiple, EV-to-EBITDA is the enterprise value (EV) of a stock divided by its earnings before interest, taxes, depreciation and amortization (EBITDA). EV is the sum of a company’s market capitalization, its debt and preferred stock minus cash and cash equivalents. In essence, it is the entire value of a company. EBITDA, the other element, gives a clearer picture of a company’s profitability by removing the impact of non-cash expenses such as depreciation and amortization that dampen net earnings. It is also often used as a proxy for cash flows.

Typically, the lower the EV-to-EBITDA ratio, the more enticing it is. A low EV-to-EBITDA ratio could indicate that a stock is undervalued. Unlike the P/E ratio, EV-to-EBITDA takes debt on a company’s balance sheet into account. For this reason, it is typically used to value acquisition targets. The ratio shows the amount of debt that the acquirer has to bear. Stocks flaunting a low EV-to-EBITDA multiple could be seen as attractive takeover candidates.

Another shortcoming of P/E is that it can’t be used to value a loss-making firm. A company’s earnings are also subject to accounting estimates and management manipulation. On the other hand, EV-to-EBITDA is difficult to manipulate and can also be used to value loss-making but EBITDA-positive companies. EV-to-EBITDA is also a useful tool in measuring the value of firms that are highly leveraged and have a high degree of depreciation. Moreover, it can be used to compare companies with different levels of debt.

EV-to-EBITDA is not devoid of limitations and alone cannot conclusively determine a stock’s inherent potential and future performance. The multiple varies across industries and is usually not appropriate when comparing stocks in different industries, given their diverse capital expenditure requirements.

Thus, instead of just relying on EV-to-EBITDA, you can club it with the other major ratios, such as price-to-book (P/B), P/E and price-to-sales (P/S) to achieve the desired results.

Screening CriteriaHere are the parameters to screen for bargain stocks:

EV-to-EBITDA 12 Months-Most Recent less than X-Industry Median: A lower EV-to-EBITDA ratio represents a cheaper valuation.

P/E using (F1) less than X-Industry Median: This metric screens stocks that are trading at a discount to their peers.

P/B less than X-Industry Median: A lower P/B compared with the industry average implies that the stock is undervalued.

P/S less than X-Industry Median: The lower the P/S ratio, the more attractive the stock is, as investors will have to pay a smaller price for the same amount of sales generated by the company.

Estimated One-Year EPS Growth F(1)/F(0) greater than or equal to X-Industry Median: This parameter will help in screening stocks that have growth rates higher than the industry median.

Average 20-day Volume greater than or equal to 100,000: The addition of this metric ensures that shares can be traded easily.

Current Price greater than or equal to $5: This parameter will help in screening stocks that are trading at a minimum price of $5 or higher.

Zacks Rank less than or equal to 2: It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) or 2 (Buy) have always managed to beat adversities and outperform the market.

Value Score of less than or equal to B: Our research shows that stocks with a Value Score of A or B, when combined with a Zacks Rank #1 or 2, offer the best upside potential.

Here are our five picks out of the 19 stocks that passed the screen:

Cenovus Energy is a leading integrated energy firm with operations comprising marketing the produced oil, natural gas and natural gas liquids. This Zacks Rank #1 stock has a Value Score of A.

Cenovus Energy has an expected year-over-year earnings growth rate of 104.6% for 2026. The Zacks Consensus Estimate for CVE’s 2026 earnings has been revised 83.1% upward over the past 60 days.

Five9 provides cloud software for contact centers across the globe for enterprises, including leading health systems and financial institutions. This Zacks Rank #1 stock has a Value Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.

Five9 has an expected earnings growth rate of 10.1% for 2026. FIVN’s earnings beat the Zacks Consensus Estimate in each of the last four quarters, with the average surprise being 8.8%.

PagSeguro Digital is one of the largest digital banks in Brazil, promoting innovative solutions in financial services and payment methods. This Zacks Rank #2 company has a Value Score of A.

 PagSeguro Digital has an expected year-over-year earnings growth rate of 19.7% for 2026. The Zacks Consensus Estimate for PAGS’ 2026 earnings has moved up 2.4% over the past 60 days.

Ero Copper is a Brazil-focused mining company with a diversified portfolio of copper and gold assets. This Zacks Rank #2 company has a Value Score of A.

Ero Copper has an expected year-over-year earnings growth rate of 93.9% for 2026. The consensus estimate for ERO's 2026 earnings has been revised 7.3% upward over the past 60 days.

Par Pacific Holdings is a growth-oriented energy company supplying conventional and renewable fuels across the western United States. This Zacks Rank #2 company has a Value Score of A.

Par Pacific Holdings has an expected year-over-year earnings growth rate of 106.4% for 2026. The Zacks Consensus Estimate for PARR’s 2026 earnings has moved up 9.9% over the past 60 days.

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:

Powell Industries, Inc. (POWL - Free Report) : This semiconductor company has seen the Zacks Consensus Estimate for its current year earnings increasing 39.1% over the last 60 days.

Delek US Holdings, Inc. (DK - Free Report) : This integrated downstream energy company has seen the Zacks Consensus Estimate for its current year earnings increasing 44% over the last 60 days.

Alliance Laundry Holdings Inc. (ALH - Free Report) : This commercial laundry systems company has seen the Zacks Consensus Estimate for its current year earnings increasing 10.3% over the last 60 days.

Cenovus Energy Inc. (CVE - Free Report) : This integrated energy company has seen the Zacks Consensus Estimate for its current year earnings increasing 38.2% over the last 60 days.

Legacy Housing Corporation (LEGH - Free Report) : This manufactured housing company has seen the Zacks Consensus Estimate for its current year earnings increasing 11.5% over the last 60 days.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. 

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Each stock is given an alphabetic rating of A, B, C, D or F based on their value, growth, and momentum qualities. With this system, an A is better than a B, a B is better than a C, and so on, meaning the better the score, the better chance the stock will outperform.

The Style Scores are broken down into four categories:

Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.

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Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.

VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.

It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.

That's where the Style Scores come in.

To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.

The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.

Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Cenovus Energy (CVE - Free Report) Cenovus Energy Inc. is a Calgary, Canada-based integrated energy company. The company produces crude oil, natural gas and natural gas liquids, and markets its production across North America and international markets. Its upstream operations are mainly in Canada and the Asia Pacific region. Its downstream operations include upgrading and refining assets in Canada and the United States.

CVE is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.

Additionally, the company could be a top pick for growth investors. CVE has a Growth Style Score of A, forecasting year-over-year earnings growth of 104.6% for the current fiscal year.

Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.87 to $3.15 per share. CVE also boasts an average earnings surprise of +50.8%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, CVE should be on investors' short list.

In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $27.11, marking a -4.1% move from the previous day. The stock's change was less than the S&P 500's daily gain of 1.65%. At the same time, the Dow added 0.92%, and the tech-heavy Nasdaq gained 3.07%.

The stock of oil company has fallen by 8.27% in the past month, lagging the Oils-Energy sector's loss of 2.71% and the S&P 500's gain of 0.48%.

The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. On that day, Cenovus Energy is projected to report earnings of $0.94 per share, which would represent year-over-year growth of 184.85%. Our most recent consensus estimate is calling for quarterly revenue of $9.57 billion, up 7.53% from the year-ago period.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $3.15 per share and revenue of $38.19 billion, indicating changes of +104.55% and +7.42%, respectively, compared to the previous year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cenovus Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 4.65% higher. Currently, Cenovus Energy is carrying a Zacks Rank of #1 (Strong Buy).

Looking at its valuation, Cenovus Energy is holding a Forward P/E ratio of 8.97. This indicates a discount in contrast to its industry's Forward P/E of 10.31.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 20, placing it within the top 9% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Shares of Cenovus Energy (CVE - Free Report) have been strong performers lately, with the stock up 26.7% over the past month. The stock hit a new 52-week high of $31.68 in the previous session. Cenovus has gained 86.6% since the start of the year compared to the 32% gain for the Zacks Oils-Energy sector and the 68.1% return for the Zacks Oil and Gas - Integrated - Canadian industry.

What's Driving the Outperformance?The stock has a great record of positive earnings surprises, having beaten the Zacks Consensus Estimate in each of the last four quarters. In its last earnings report on May 6, 2026, Cenovus reported EPS of $0.61 versus consensus estimate of $0.56 while it missed the consensus revenue estimate by 2.75%.

For the current fiscal year, Cenovus is expected to post earnings of $3.01 per share on $37.4 in revenues. This represents a 95.45% change in EPS on a 5.19% change in revenues. For the next fiscal year, the company is expected to earn $2.76 per share on $38.04 in revenues. This represents a year-over-year change of -8.42% and 1.7%, respectively.

Valuation MetricsWhile Cenovus has moved to its 52-week high in the recent past, investors need to be asking, what is next for the company? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.

On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. Investors should consider the style scores a valuable tool that can help you to pick the most appropriate Zacks Rank stocks based on their individual investment style.

Cenovus has a Value Score of B. The stock's Growth and Momentum Scores are B and C, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 10.5X current fiscal year EPS estimates, which is not in-line with the peer industry average of 12.2X. On a trailing cash flow basis, the stock currently trades at 9.1X versus its peer group's average of 11.2X. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to consider the stock's Zacks Rank, as this is even more important than the company's VGM Score. Fortunately, Cenovus currently has a Zacks Rank of #1 (Strong Buy) thanks to favorable earnings estimate revisions from covering analysts.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Cenovus fits the bill. Thus, it seems as though Cenovus shares could have a bit more room to run in the near term.

Key Takeaways Cenovus expects upstream production to exceed 1.1 MMBoe/d by 2028.CVE plans to increase oil sands output from Christina Lake, Foster Creek and Sunrise projects.Cenovus expects West White Rose to reach peak production of 45 Mbbls/d by 2028. Cenovus Energy Inc. (CVE - Free Report) is a Canadian energy company that develops, produces, refines, and markets crude oil, natural gas and petroleum products across North America and the Asia-Pacific region. With a diversified upstream portfolio spanning oil sands, offshore, thermal heavy oil and conventional assets, CVE is positioned to meet rising global hydrocarbon demand. The company projects total upstream production to grow from approximately 965 thousand barrels of oil equivalent per day (MBoe/d) in 2026 to more than 1.1 million barrels of oil equivalent per day (MMBoe/d) by 2028.

By 2028, Cenovus aims to significantly boost its oil sands output through several high-impact projects. Christina Lake North is expected to add about 40 thousand barrels per day (Mbbls/d) of production by 2028 through redevelopment wells and new steam generators. Foster Creek is projected to contribute additional output, while Sunrise production is expected to rise by 15-20 Mbbls/d between 2024 and 2028. In the Lloydminster region, Cenovus expects thermal and conventional heavy oil projects to add around 30 Mbbls/d combined by 2028. 

The West White Rose offshore project is on track to achieve first production in 2026 and reach peak output of roughly 45 Mbbls/d by 2028. By merging offshore capabilities with its conventional and long-life oil sands assets, the company has built a balanced portfolio. This strategic mix positions the company well to support rising global hydrocarbon demand.

Can FANG & XOM Increase Output Through Diversified Portfolios?Diamondback Energy, Inc. (FANG - Free Report) is a leading Permian-focused independent oil and gas producer with 890,496 net acres across the Permian Basin, including 797,074 net acres in the Midland Basin and 93,422 net acres in the Delaware Basin. The company develops stacked resources in the Spraberry, Wolfcamp and Bone Spring formations using advanced horizontal drilling and high-intensity completion techniques. Supported by strong operational execution and efficiency gains, FANG raised its 2026 oil production outlook to more than 520 thousand barrels of oil per day (MBO/d) from the prior range of 500-510 MBO/d, while total production guidance has been raised to more than 972 MBoe/d from the prior range of 926-962 MBoe/d.

Exxon Mobil Corporation (XOM - Free Report) drives its growth through a geographically diversified portfolio anchored by the Permian Basin, offshore Guyana and its liquified natural gas (LNG) operations. In the first quarter of 2026, XOM achieved its first LNG production at Golden Pass Train 1, a milestone projected to boost U.S. LNG exports by 5% compared with 2025. ExxonMobil’s Permian production is on track to reach about 1.8 million barrels of oil equivalent (MMBoe/d) in 2026, paving the way for a 2.5 MMBoe/d long-term Permian production goal and 5.5 MMBoe/d total upstream output by 2030.

CVE’s Price Performance, Valuation & EstimatesCenovus shares have gained 120.4% over the past year compared with 97.3% growth of the industry.

Image Source: Zacks Investment Research

From a valuation standpoint, CVE trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 7.4X. This is below the broader industry average of 7.84X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CVE's first-quarter 2026 earnings has seen upward revisions over the past seven days. Meanwhile, estimates for second-quarter 2026 and full-year 2026 earnings have remained constant.

Image Source: Zacks Investment Research

CVE currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

CVE's integration and MEG's Christina Lake North face off against COP's unhedged upstream bet as oil prices rise.

Investors seek growth stocks to capitalize on above-average growth in financials that help these securities grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

In addition to volatility, these stocks carry above-average risk by their very nature. Also, one could end up losing from a stock whose growth story is actually over or nearing its end.

However, the Zacks Growth Style Score (part of the Zacks Style Scores system), which looks beyond the traditional growth attributes to analyze a company's real growth prospects, makes it pretty easy to find cutting-edge growth stocks.

Our proprietary system currently recommends Cenovus Energy (CVE - Free Report) as one such stock. This company not only has a favorable Growth Score, but also carries a top Zacks Rank.

Studies have shown that stocks with the best growth features consistently outperform the market. And for stocks that have a combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy), returns are even better.

While there are numerous reasons why the stock of this oil company is a great growth pick right now, we have highlighted three of the most important factors below:

Earnings GrowthArguably nothing is more important than earnings growth, as surging profit levels is what most investors are after. For growth investors, double-digit earnings growth is highly preferable, as it is often perceived as an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Cenovus is 22.5%, investors should actually focus on the projected growth. The company's EPS is expected to grow 104.8% this year, crushing the industry average, which calls for EPS growth of 87.7%.

Cash Flow GrowthWhile cash is the lifeblood of any business, higher-than-average cash flow growth is more important and beneficial for growth-oriented companies than for mature companies. That's because, growth in cash flow enables these companies to expand their businesses without depending on expensive outside funds.

Right now, year-over-year cash flow growth for Cenovus is 11.6%, which is higher than many of its peers. In fact, the rate compares to the industry average of 3.8%.

While investors should actually consider the current cash flow growth, it's worth taking a look at the historical rate too for putting the current reading into proper perspective. The company's annualized cash flow growth rate has been 59% over the past 3-5 years versus the industry average of 16%.

Promising Earnings Estimate RevisionsBeyond the metrics outlined above, investors should consider the trend in earnings estimate revisions. A positive trend is a plus here. Empirical research shows that there is a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

The current-year earnings estimates for Cenovus have been revising upward. The Zacks Consensus Estimate for the current year has surged 38.1% over the past month.

Bottom LineCenovus has not only earned a Growth Score of B based on a number of factors, including the ones discussed above, but it also carries a Zacks Rank #1 because of the positive earnings estimate revisions.

You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

This combination indicates that Cenovus is a potential outperformer and a solid choice for growth investors.