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Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.

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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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As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

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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 #1 (Strong Buy) 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 B, and shares are up 2.3% over the past four weeks.

Three analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.70 to $4.12 per share. CVE also 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.

Key Takeaways Equinor emerges as the better investment, trading at 2.38X EV/EBITDA versus Cenovus' 6X.EQNR benefits from European gas demand, low production costs and rising Norwegian offshore output.Cenovus targets oil sands growth through acquisitions and expansion projects, with 40,000 bpd added by 2028. Equinor ASA (EQNR - Free Report) and Cenovus Energy Inc. (CVE - Free Report) are two well-known names in the energy sector. Both companies have integrated business models but differ in the geographies in which they operate. The company's upstream operations are primarily focused on the Norwegian Continental Shelf (“NCS”), and it is one of the leading suppliers of natural gas to Europe. EQNR is also involved in refining and marketing refined products, as well as in the renewable energy segment.  

On the other hand, Cenovus Energy is a Canadian energy firm with exposure to both the upstream and downstream segments of the industry. The company’s upstream production is primarily focused on its Canadian oil sands assets in northern Alberta, alongside conventional and offshore production. Its downstream footprint includes refining operations in Canada and the United States.

Over the past year, CVE shares have rallied 102.5% compared to EQNR’s 100.2% gain. Price performance alone does not fully indicate a stock’s attractiveness or strength, as it merely reflects investor sentiment across market cycles. Hence, it is necessary to assess the fundamentals and broader operating environment of both stocks before arriving at an investment decision.

Image Source: Zacks Investment Research

EQNR’s European Gas Leadership and Integrated Business Model AidsEquinor is a leading natural gas supplier to Europe,  giving the company a unique competitive advantage in the current energy market scenario. Several energy companies operating in the Middle East suffered significant infrastructure damage due to the war, causing them to reduce output. These disruptions have tightened global liquefied natural gas (LNG) supplies, raising gas prices in Europe. With the autumn and winter season approaching, LNG demand is expected to remain robust. In its latest earnings call, the company highlighted that it benefits from low gas costs of approximately $2 per MMBtu, which can help generate attractive margins during periods of elevated gas prices.

Equinor’s integrated business model provides yet another advantage by helping the company hedge against volatility in energy markets. The company is increasing upstream production on the NCS through the ramp-up of the Johan Castberg, Halten East and Verdande fields, alongside the start-up of new fields such as Eirin and Symra.

This production growth is expected to support its performance amid a favorable oil-price environment, with Brent crude prices forecasted to average around $96 per barrel in 2026, according to data from the U.S. Energy Information Administration. Additionally, tight refined-product markets and constrained refining capacity in Europe are expected to support refining margins. In fact, Equinor expects third-quarter profits for its downstream segment to exceed its previously provided guidance, partially driven by strong European refining margins.

Production Growth & Favorable Energy Markets Aid CenovusThe majority of Cenovus’ upstream production comes from its oil sands assets in Canada. The company’s strategic acquisitions have played a key role in expanding its oil sands asset base. Its acquisition of MEG Energy in November 2025 emerged as a significant growth driver, particularly due to the Christina Lake North asset. In its latest earnings call, CVE mentioned that it is investing approximately $400 million of growth capital to expand Christina Lake North, which is expected to add approximately 40,000 barrels per day of production by 2028. In addition, the company recently announced the acquisition of Athabasca Oil Corporation, which is expected to expand its oil sands position. CVE also has a long runway of growth projects, which include the Sunrise and Foster Creek optimization projects, which are expected to further increase its total upstream production by 2028.

The current business environment also looks favorable for the company. The conflict in the Middle East and shipping disruptions through the Strait of Hormuz are keeping oil prices relatively high. CVE’s production mainly consists of heavy crude, usually benchmarked against the West Canadian Select, currently trading above $80 per barrel, according to oilprice.com. Further, refined product inventories and constrained global refining capacity are expected to support strong refining margins, benefiting CVE’s downstream operations.

Image Source: Cenovus Energy Inc.

Valuation SnapshotConsidering the valuation snapshot, it has become evident that Equinor is currently trading at a discount compared with Cenovus Energy. This is reflected in the fact that EQNR trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 2.38X, below CVE’s 6X.

Image Source: Zacks Investment Research

EQNR vs CVE: Final VerdictEquinor and Cenovus both stand to gain from the current business environment. The conflict in the Middle East and shipping disruptions through the Strait of Hormuz have resulted in elevated oil prices and tightened refined product markets. These developments should benefit the companies’ upstream and downstream operations. However, EQNR’s upstream operations are primarily concentrated in the NCS, while the majority of CVE’s oil and gas production comes from its oil sands assets in Northern Alberta. This may result in different cost structures for their operations.

Overall, Equinor currently emerges as the more compelling investment between the two stocks due to a relatively cheaper valuation. Both EQNR and CVE currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Louisbourg Investments Inc. trimmed its stake in shares of Cenovus Energy Inc (NYSE:CVE – Free Report) (TSE:CVE) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 476,223 shares of the oil and gas company’s stock after selling 15,125 shares during the quarter. Cenovus Energy comprises 2.6% of Louisbourg Investments Inc.’s portfolio, making the stock its 6th largest position. Louisbourg Investments Inc.’s holdings in Cenovus Energy were worth $14,849,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Frank Rimerman Advisors LLC lifted its holdings in shares of Cenovus Energy by 2.4% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 24,601 shares of the oil and gas company’s stock worth $765,000 after purchasing an additional 584 shares during the last quarter. Penbrook Management LLC grew its stake in Cenovus Energy by 42.9% during the 3rd quarter. Penbrook Management LLC now owns 42,700 shares of the oil and gas company’s stock worth $1,327,000 after buying an additional 12,820 shares during the last quarter. Vontobel Holding Ltd. grew its stake in Cenovus Energy by 0.6% during the 3rd quarter. Vontobel Holding Ltd. now owns 145,901 shares of the oil and gas company’s stock worth $4,536,000 after buying an additional 801 shares during the last quarter. TD Waterhouse Canada Inc. grew its stake in Cenovus Energy by 0.3% during the 3rd quarter. TD Waterhouse Canada Inc. now owns 9,696,020 shares of the oil and gas company’s stock worth $305,599,000 after buying an additional 32,151 shares during the last quarter. Finally, Annex Advisory Services LLC grew its stake in Cenovus Energy by 11.8% during the 3rd quarter. Annex Advisory Services LLC now owns 177,907 shares of the oil and gas company’s stock worth $5,529,000 after buying an additional 18,823 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Stock Down 0.2% Shares of CVE stock opened at $33.16 on Wednesday. Cenovus Energy Inc has a 1 year low of $15.63 and a 1 year high of $34.16. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The business’s fifty day moving average is $32.10 and its 200-day moving average is $29.19. The stock has a market cap of $60.23 billion, a PE ratio of 12.75 and a beta of 0.46.

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 earnings per share for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s revenue was up 47.9% on a year-over-year basis. Equities analysts expect that Cenovus Energy Inc will post 4.12 earnings per share for the current fiscal year. Cenovus Energy Announces Dividend The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were given a C$0.22 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.7%. Cenovus Energy’s payout ratio is 24.62%.

Analyst Ratings Changes Several equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research report on Sunday. Desjardins raised shares of Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Wednesday, September 2nd. Finally, Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $39.00.

Check Out Our Latest Stock Analysis on CVE

Cenovus Energy Company Profile (Free Report)

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.

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While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company value investors might notice is Cenovus Energy (CVE - Free Report) . CVE is currently holding a Zacks Rank #1 (Strong Buy) and a Value grade of A.

We should also highlight that CVE has a P/B ratio of 1.44. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.70. Over the past 12 months, CVE's P/B has been as high as 1.57 and as low as 0.93, with a median of 1.27.

Value investors also use the P/S ratio. The P/S ratio is calculated as price divided by sales. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CVE has a P/S ratio of 1.52. This compares to its industry's average P/S of 1.58.

Finally, our model also underscores that CVE has a P/CF ratio of 5.63. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. CVE's current P/CF looks attractive when compared to its industry's average P/CF of 8.01. Within the past 12 months, CVE's P/CF has been as high as 5.82 and as low as 3.46, with a median of 4.49.

These figures are just a handful of the metrics value investors tend to look at, but they help show that Cenovus Energy is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, CVE feels like a great value stock at the moment.

Key Takeaways Oil industry M&A gains momentum as companies pursue acquisitions to expand production and boost profits.CRGY's $3.85B Devon Energy deal and ET's $2.63B Vaquero buyout strengthen key operations.Cenovus Energy's C$5.7B Athabasca deal and DTI's Saltire and Foxley buyout expand their asset portfolios.
Mergers and acquisitions (M&A) are gaining momentum in the oil and energy industry as companies seek to strengthen operations, reduce costs and improve profitability. With West Texas Intermediate crude trading around $90 per barrel, energy producers are expected to benefit from elevated production due to these mergers. Meanwhile, the U.S. Energy Information Administration expects domestic crude production to average 13.9 million barrels per day in 2026, highlighting continued industry expansion.

Why M&A Activity Presents Growth OpportunitiesAgainst this backdrop, acquisitions offer companies opportunities to expand production, gain access to established reserves and improve operational efficiency. Combining neighboring assets can lower drilling expenses, eliminate overlapping costs and strengthen free cash flow. Midstream companies are also pursuing acquisitions to expand pipeline networks and natural gas processing capacity amid growing LNG exports and electricity demand.

The current market environment presents significant opportunities for financially strong energy companies to pursue strategic acquisitions. Elevated crude prices can support cash flow generation, providing companies with greater financial flexibility to expand their operations. Acquisitions involving complementary assets could further strengthen production capabilities, improve profit margins and support higher shareholder returns. With growing energy demand and continued investments in infrastructure, M&A activity is well-positioned to drive long-term earnings growth and create substantial value for investors.

Recent transactions highlight this trend. In October, Crescent Energy Company (CRGY - Free Report) agreed to acquire Devon Energy Corporation’s (DVN - Free Report) Eagle Ford assets for $3.85 billion, while Energy Transfer LP (ET - Free Report) announced a $2.63-billion acquisition of Vaquero Midstream to strengthen its Delaware Basin operations. Similarly, Cenovus Energy Inc. (CVE - Free Report) announced an agreement to acquire Athabasca Oil Corporation for an implied enterprise value of C$5.7 billion, and Drilling Tools International Corporation (DTI - Free Report) announced an agreement to acquire Saltire Energy Limited & Foxley Energy Limited.

Crescent Energy’s Devon EnergyDeal Strengthens Eagle Ford PositionCrescent Energy is set to expand its Eagle Ford operations through a $3.85 billion acquisition of Devon Energy’s assets. The Devon Energy deal will add approximately 68,000 barrels of oil equivalent per day of production, 90,000 net acres and more than 600 premium drilling locations, positioning CRGY as the basin’s second-largest operator. Management expects $140 million in annual synergies by 2027, primarily through improved drilling efficiency and longer laterals. The acquisition should also enhance capital efficiency, strengthen free cash flow and expand Crescent Energy's royalty business, adding approximately $50 million in EBITDA. While the transaction will increase debt, management aims to reduce leverage to 1.5x by year-end 2027. Overall, the acquisition offers significant long-term growth potential, although successful integration and disciplined debt management will remain crucial to delivering the anticipated benefits. CRGY currently sports a Zacks Rank #1 (Strong Buy).

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

Energy Transfer to Acquire Vaquero for $2.63BEnergy Transfer announced an agreement to acquire Vaquero for approximately $2.63 billion, strengthening its natural gas gathering and processing operations in the Delaware Basin. The transaction includes $1.95 billion in cash and approximately 33.3 million newly issued common units. Vaquero's assets comprise a 300-mile pipeline network and three processing trains with a combined capacity of 675 million cubic feet per day, with potential expansion to 1.2 billion cubic feet per day. The acquisition will enhance Energy Transfer's access to growing natural gas and natural gas liquids volumes while creating additional transportation, processing and export opportunities. Supported by long-term, fee-based contracts averaging 10 years, the assets are expected to immediately increase distributable cash flow per common unit. ET currently carries a Zacks Rank #3 (Hold).

Cenovus Energy to Acquire Athabasca Oil for C$5.7BCenovus Energy announced an agreement to acquire Athabasca Oil in a cash-and-stock transaction valued at approximately C$5.7 billion, strengthening its Canadian oil sands portfolio. The acquisition will add approximately 45,000 barrels of oil equivalent per day of production and substantial long-life reserves, supporting Cenovus Energy's growth strategy. Management aims to increase thermal oil production from the acquired assets to 115,000 barrels per day by 2032. The transaction is also expected to generate approximately C$85 million in annual corporate and commercial synergies, with most savings realized during the first full year following completion. Additionally, the deal will consolidate Cenovus Energy's ownership of Duvernay Energy Corporation, creating further development opportunities. Although the acquisition will increase debt, Cenovus Energy intends to maintain its existing financial targets. CVE flaunts a Zacks Rank #1 at present.

Drilling Tools International to Acquire Saltire and FoxleyDrilling Tools International announced an agreement to acquire Saltire and Foxley for approximately $80 million in cash and 17.4 million common shares, respectively. The acquisition will significantly expand DTI's international presence, increasing the Eastern Hemisphere's contribution to approximately 40% of combined revenues from 18%. Saltire operates across the North Sea, Middle East and Asia-Pacific markets, providing specialized drilling tools and rental equipment. Based on management's estimates, Saltire is expected to generate approximately $50.4 million in annualized revenues and $22.5 million in adjusted EBITDA for 2026. The transaction should improve DTI's adjusted EBITDA margins and adjusted free cash flow per share while creating cross-selling opportunities. Saltire's existing customer relationships and established distribution network will further strengthen DTI's global competitive position. DTI carries a Zacks Rank #3 at present.

What These Transactions Mean for Energy InvestorsRecent M&A activity highlights the energy companies’ growing focus on improving operational efficiency, strengthening asset portfolios and generating sustainable cash flows. For upstream producers, acquiring complementary shale assets can lower drilling costs, expand reserves and improve capital efficiency. Meanwhile, midstream operators can benefit from expanding pipeline networks and processing facilities to capture growing natural gas demand and generate stable revenues.

Looking ahead, consolidation is likely to remain an important growth strategy as energy companies seek to replace declining reserves, optimize operations and strengthen their competitive positions. Companies with healthy balance sheets can capitalize on acquisition opportunities to expand production, improve profit margins and enhance shareholder returns. Moreover, divesting non-core assets can free up capital for higher-return projects, debt reduction and shareholder distributions. Overall, strategically executed acquisitions should strengthen long-term earnings potential, boost free cash flow and create attractive opportunities for energy investors.

Key Takeaways Cenovus will add about 45 MBoe/d through its $5.7B acquisition of Athabasca Oil.Cenovus expects $85M in annual synergies, driven by operating expertise and portfolio alignment.The deal targets 115 MBPD of thermal production by 2032, while expanding its long-term resource runway. Cenovus Energy Inc.’s (CVE - Free Report) planned acquisition of Athabasca Oil Corporation strengthens its position in Canada’s oil sands by adding roughly 45 thousand barrels of oil equivalent per day of production. The $5.7-billion cash-and-stock transaction brings Athabasca’s thermal assets near Cenovus’ Christina Lake, May River and Thornbury properties, improving portfolio alignment across a core resource area. The deal adds long-life assets, including Leismer and Corner, with Cenovus targeting a path toward 115 thousand barrels per day (MBPD) of thermal production by 2032.

A key advantage lies in applying Cenovus’ Steam-Assisted Gravity Drainage (“SAGD”) operating expertise to Athabasca’s assets, with management targeting better reservoir performance, lower steam-to-oil ratios and faster resource recovery. Cenovus expects about $85 million in annual corporate and commercial synergies, with most of the benefits expected in the first full year after closing. The development plan includes expanding Leismer to 60 MBPD by 2032, adding production through asset optimization and accelerating Corner’s expansion by three years.

The acquisition expands Cenovus’ longer-term development runway through Athabasca’s undeveloped resources and future tieback opportunities at May River and Thornbury. Cenovus expects the transaction to be accretive to adjusted funds flow per share in 2027, while year-end 2026 pro forma net debt is projected at $5-$5.5 billion at strip pricing. The company’s $4-billion net debt target and existing returns-focused financial framework remain unchanged despite the transaction. The Athabasca acquisition reinforces Cenovus’ oil sands growth strategy by combining additional production, a deeper resource base, operating synergies and a broader pipeline of thermal development opportunities.

Acquisitions Add Scale to Energy Production GrowthAcquisitions are helping other large energy producers like Chevron Corporation (CVX - Free Report) and Diamondback Energy, Inc. (FANG - Free Report) expand production and strengthen core operating positions.

Chevron completed its Hess acquisition in July 2025, adding high-quality assets in Guyana and the Bakken to its upstream portfolio. In the second quarter of 2026, the energy giant reported record U.S. upstream production of nearly 2.1 million barrels of oil equivalent per day (MMBoe/d), while worldwide production increased 20% year over year. CVX achieved $1.5 billion of annual run-rate Hess-related synergies ahead of schedule, highlighting the contribution from the enlarged portfolio.

Diamondback Energy has expanded its Permian scale through acquisitions, including the Endeavor merger and Double Eagle transaction. The upstream company stated in its second-quarter 2026 update that production surpassed 1 MMBoe/d for the first time, while oil production reached 525 MBPD. FANG noted that compared with the second quarter of 2024, oil production per share had risen 21% since the Endeavor merger, underscoring the production benefits from its expanded asset base.

CVE’s Price Performance, Valuation & EstimatesCenovus shares have risen 80.2% over the past year compared with the industry’s 72.3% growth.

Image Source: Zacks Investment Research

From a valuation standpoint, CVE trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 5.88X. This is below the broader industry average of 6.21X.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for CVE's 2026 earnings has remained constant over the past seven days.

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.

$12.00 per share Purchase Price, represents a 14% premium to Athabasca’s 20-day volume-weighted average trading price 
Transaction consideration mix of 35% Cenovus shares and 65% cash; Athabasca shareholders may elect to receive all cash, all Cenovus shares or any combination of the two, allowing them to tailor elections to their individual investment preferences, subject to pro-ration under the Arrangement
$5.7 billion enterprise value with compelling metrics1 of $127,000 per boe/d and 10.2x Debt Adjusted Funds Flow, recognizing the industry-leading value creation by Athabasca
25% premium to Athabasca’s Proved plus Probable After-Tax Net Asset Value2, accelerating value capture from future growth plans
Participation in upside to an increased and accelerated development plan of Athabasca’s McMurray thermal and Duvernay assets with exposure to Cenovus’s diverse top-tier energy portfolio
Substantial synergies from close asset proximity and Cenovus’s leading in-situ expertise and scale in the McMurray fairway. Cenovus’s broader integrated platform and scale are better positioned to manage ongoing fiscal, regulatory and market-access risks CALGARY, Alberta, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to announce that it has entered into a definitive arrangement agreement (the “Agreement”) with Cenovus Energy Inc. (“Cenovus”), pursuant to which Cenovus will acquire all of the issued and outstanding common shares of Athabasca (the “Athabasca Shares”) for $12.00 per Athabasca Share (the “Purchase Price”) in a cash-and-share transaction (the “Transaction”). The Transaction implies an equity value for Athabasca of approximately $5.8 billion and is expected to close in December 2026.

“We are immensely proud of what the Athabasca team has built. Through disciplined operational execution, prudent capital allocation and an unwavering focus on per-share value creation, we have transformed Athabasca over the past decade into a financially strong company with a deep portfolio of high-quality assets and delivered exceptional returns for our shareholders,” said Rob Broen, President and Chief Executive Officer of Athabasca.

“This Transaction recognizes the value our team has created and allows Athabasca shareholders to realize substantial value today, with the opportunity to participate in future upside through Cenovus shares. Cenovus is the right long-term operator for these assets, with the scale, financial capacity, technical expertise and proven execution record to accelerate their development and realize their long-term potential. This outcome reflects the commitment and execution of our employees, and I want to thank every member of the Athabasca team for their contribution to our success.”

Strategic Rationale

Compelling Value and Transaction Metrics: The $12.00 per share consideration, represents a 14% premium to Athabasca’s 20-day volume-weighted average price using the 0.264 share exchange ratio (see Transaction Details). The Transaction implies compelling metrics1 of $127,000 per boe/d and 10.2x Debt Adjusted Funds Flow based on Athabasca management’s forecasts. These metrics compare well with historical corporate energy transactions.Recognition of Exceptional Shareholder Value Creation: The Transaction recognizes the substantial value created by Athabasca, as demonstrated by total shareholder return exceeding 1,000% over the past five years.Flexible Consideration with Value Certainty and Continued Upside: The aggregate consideration mix of 65% cash and 35% equity provides Athabasca shareholders with near-term liquidity and value certainty, together with continued upside exposure to Cenovus’s broader portfolio of leading in-situ assets including Christina Lake, Foster Creek and Sunrise in the McMurray fairway. Athabasca shareholders have additional election flexibility to prioritize near-term value crystallization, continued participation in future value creation across Cenovus’s in-situ and integrated portfolio or a combination of both.Meaningful Premium to Athabasca’s After-Tax Net Asset Value: The Purchase Price represents a premium of 25% to Athabasca’s Proved plus Probable After-Tax Net Asset Value2. Athabasca shareholders will receive significant and immediate recognition of the value embedded in Athabasca’s standalone growth plans, including the Leismer expansion, Corner development and Duvernay Energy.Accelerated Development of Athabasca’s Deep Thermal Resource Portfolio: Athabasca’s extensive, long-life Thermal resource portfolio (1.2 billion barrels Proved plus Probable reserves and 1 billion barrels Best Estimate Contingent Resource) will benefit from increased and accelerated development under Cenovus’s ownership. Cenovus brings an investment-grade balance sheet, leading in-situ operating and development expertise, diversified market access and a proven track record of successfully executing and operating large-scale thermal oil projects. Specifically, Corner Phases 2 and 3 and further Leismer expansions are expected to be accelerated relative to the timelines contemplated in Athabasca’s standalone plan.Synergies: Consolidating Cenovus and Athabasca assets in the McMurray fairway is expected to generate significant operational and development synergies to enhance asset value. Cenovus’s leading in-situ expertise and scale position it to execute a broader growth strategy in which Athabasca shareholders can participate through their Cenovus shares. Its integrated platform and scale are better positioned to manage ongoing fiscal, regulatory and market-access risks.Duvernay Consolidation: Cenovus and Athabasca are currently equity partners in Duvernay Energy Corporation. The Transaction consolidates ownership of Duvernay Energy Corporation under Cenovus, simplifies development planning and complements Cenovus’s conventional business. Cenovus will be able to accelerate development, utilizing its strong balance sheet to drive growth and capture value in these top-tier assets. Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures.
Notes: 1. Metrics based on enterprise value to Athabasca management’s 2026 exit production and Debt Adjusted Funds Flow forecast. 2026 strip commodity prices (Sept. 28): US$85 WTI, US$15.50 Western Canadian Select heavy differential, C$1.80 AECO, 0.72 C$/US$ FX. 2. Net Asset Value per Share calculated as McDaniel’s Proved plus Probable after-tax NPV10, as at December 31, 2025, adjusted for Net Cash as at June 30, 2026, and the Duvernay Energy minority interest divided by common shares.

Transaction Details 

The Transaction will be completed by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Alberta) (the “ABCA”).

Under the terms of the Arrangement, Cenovus will acquire all of the issued and outstanding Athabasca Shares for cash and share consideration currently valued at $12.00 per Athabasca Share (the “Purchase Price”). Athabasca shareholders will have the option to elect to receive (i) $12.00 in cash for each Athabasca Share held; (ii) 0.264 of a Cenovus share for each Athabasca Share held; or (iii) such other proportion of cash and Cenovus shares as specified by the Athabasca shareholder. Shareholders who do not make a valid election will be deemed to have elected to receive default consideration of 100% cash for their Athabasca Shares.

All elections (including deemed elections) will be subject to pro-ration and cash and Cenovus share maximums. The aggregate cash consideration will not exceed 75% of the total consideration payable under the Arrangement, and the aggregate share consideration will not exceed 35% of the total consideration payable under the Arrangement. Accordingly, the aggregate total consideration will comprise between 65% and 75% cash and between 25% and 35% Cenovus shares, based on elections made and deemed to be made. Depending on a particular shareholder’s election or deemed election and pro-rationing, an Athabasca shareholder may ultimately receive entirely cash, entirely Cenovus shares or a combination of both.

The Transaction requires approval by Athabasca’s shareholders at a special meeting of Athabasca shareholders to be called to consider and vote on the Transaction (the “Athabasca Meeting”). The Athabasca Meeting is expected to be held in late November 2026, with the Transaction expected to close in December 2026. Details of the Transaction and the required shareholder vote will be included in a management information circular (“Circular”) that Athabasca expects to mail to Athabasca shareholders and file on SEDAR+ (http://www.sedarplus.com) in early November 2026. All Athabasca shareholders are urged to read the Circular once available as it will contain additional important information concerning the Transaction, including the deadline for making elections to receive cash and/or Cenovus shares.

Completion of the Transaction is subject to certain conditions set forth in the Agreement, including, without limitation, receipt of Athabasca shareholder approval, approval of the Court of King’s Bench of Alberta, applicable regulatory and stock exchange approvals, including under the Competition Act (Canada), and other customary closing conditions.

All of the directors and executive officers of Athabasca have entered into voting support agreements with Cenovus pursuant to which they have agreed, subject to the terms thereof, to vote their Athabasca Shares in favour of the resolutions approving the Transaction.

Recommendation of the Athabasca Board of Directors

The board of directors of Athabasca (the “Athabasca Board”), based in part upon the unanimous recommendation of the Special Committee of the Athabasca Board formed to consider the Transaction (the “Special Committee”) and after seeking and carefully considering advice from its financial and legal advisors, has unanimously determined that the Transaction is in the best interests of Athabasca and is fair to Athabasca shareholders. The Athabasca Board has determined to unanimously recommend that Athabasca shareholders vote in favour of the resolutions approving the Transaction and related matters at the Athabasca Meeting.

Advisors and Fairness Opinions

Peters & Co. Limited (“Peters & Co.”) is acting as exclusive financial advisor to the Company and the Athabasca Board. Peters & Co. has provided a verbal opinion to the effect that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Athabasca shareholders pursuant to the Transaction is fair, from a financial point of view, to Athabasca shareholders.

National Bank of Canada Capital Markets is acting as financial advisor to the Special Committee and has provided a verbal opinion to the Special Committee that, as of the date of such opinion and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Athabasca shareholders pursuant to the Transaction is fair, from a financial point of view, to Athabasca shareholders.

Norton Rose Fulbright Canada LLP is acting as legal counsel to the Company. Bennett Jones LLP is acting as independent legal counsel to the Special Committee.

About Athabasca Oil Corporation

Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high-quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.

For more information, please contact:
Matthew Taylor Robert BroenChief Financial OfficerPresident and [email protected]@atha.com   Reader Advisory:

This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: the Purchase Price per Athabasca share to be received pursuant to the Transaction; the anticipated benefits of the Transaction to Athabasca shareholders, including but not limited to near-term liquidity and value certainty and participation in future upside of Cenovus; the anticipated timing for closing of the Transaction; the expectation that the Transaction reduces Athabasca shareholders’ exposure to future volatility associated with commodity prices, regulatory and fiscal policy, and the execution of Athabasca’s standalone growth plans; the expectations that the Transaction will bring forward substantial value from Athabasca’s standalone growth plans including the Leismer expansion, Corner development and Duvernay Energy; the anticipated accelerated development of Athabasca’s assets under Cenovus’s ownership, including the advancement of Corner Phases 2 and 3 and further Leismer expansions beyond the timelines contemplated in Athabasca’s standalone plans; the expectations that consolidating Cenovus and Athabasca assets in the McMurray fairway will generate significant operational and development synergies to enhance asset value; the expectations that the consolidated ownership of Duvernay Energy under Cenovus as a result of the Transaction will simplify development planning, accelerate development, drive growth, capture value and complement Cenovus’s conventional business; the anticipated timing for holding of the Athabasca Meeting; the expected timing of the mailing and contents of the Circular; and other similar statements.

In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: the timely completion of the Transaction and the satisfaction of the conditions to which the Transaction is subject to; the approval of the Transaction at the Athabasca Meeting; Athabasca’s standalone plan; regulatory and government approvals for the Transaction, including approval of the Court of King’s Bench of Alberta and receipt of applicable regulatory and stock exchange approvals, in each case on the anticipated timelines; the realization of anticipated benefits of the Transaction including significant operational and development synergies; commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca's cash flow break-even commodity prices; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms as permitted under the Agreement; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2025 (which is referred to herein as the “McDaniel Report”).

Actual results could differ materially from those anticipated in this forward-looking information as a result of significant known and unknown risks and uncertainties. Factors that could cause actual results to vary from forward-looking information or may affect the operations, performance, development and results of Athabasca’s businesses include: the risk that the Transaction may be varied, accelerated or terminated in certain circumstances; risks relating to the outcome of the Transaction, including the risks associated with approval at the Athabasca Meeting; the risk that the conditions to the Transaction may not be satisfied, or to the extent permitted, waived, including the risk that required regulatory approvals may not be received in a timely manner or at all; fluctuations in the market price of Cenovus shares and the resulting value of the share consideration; the risk that the anticipated benefits of the Transaction may not be realized in the manner or on the timelines anticipated or at all; weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; trade relations and tariffs; climate change and carbon pricing risk; statutes and regulations regarding the environment; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; Indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; evolving corporate governance, sustainability and reporting framework; limitations of insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to Athabasca’s debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Further information regarding the assumptions and risks inherent in the making of forward-looking statements and in respect of the Transaction will be found in the Circular, along with Athabasca’s other public disclosure documents, including the Company’s Annual Information Form dated March 4, 2026, which are available on SEDAR+ at www.sedarplus.ca.

Also included in this News Release are estimates of Athabasca’s 2026 production and Debt Adjusted Funds Flow, which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this News Release were made as of the date of this News Release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.

Oil and Gas Information

“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Reserves Information

The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2025. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.

Reserves Values (i.e., Net Asset Value) is calculated using the estimated net present value of all future net revenue from Athabasca’s reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2025 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2026, and adjusted for Net Cash as at June 30, 2026 and the Duvernay Energy minority interest.

Non-GAAP and Other Financial Measures

“Debt Adjusted Funds Flow” is a financial measure contained in this News Release that does not have a standardized meaning prescribed by IFRS and is considered to be a non-GAAP financial measure. It is not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Debt Adjusted Funds Flow measure allows management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities excluding interest costs related to debt instruments. This non-GAAP financial measure may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Net Cash is a supplementary financial measure.

What happened Cenovus Energy Inc. (NYSE: CVE) said it agreed to buy Athabasca Oil Corporation in a cash-and-stock deal. Athabasca shareholders can choose $12.00 in cash, 0.264 of a Cenovus common share, or a mix of both. Shareholders who make no election will be treated as if they chose cash.

If too many shareholders choose cash or shares, the election will be scaled back to stay within a maximum of $4.3 billion in cash and 44.4 million Cenovus common shares. Cenovus valued the deal at an implied enterprise value of $5.7 billion. The companies said the cash will come from cash on hand and some short-term borrowings. Each board approved the deal, and no financing contingency applies.

Key numbers Metric Latest Change Source Implied enterprise value $5.7 billion Cenovus news release Maximum cash consideration $4.3 billion Cenovus news release Maximum Cenovus common shares 44.4 million Cenovus common shares Cenovus news release Annual corporate and commercial synergies $85 million per year Cenovus news release Net debt at end of third quarter approximately $3.0 billion Cenovus news release Year-end 2026 pro forma net debt between $5.0 billion and $5.5 billion Cenovus news release Read more: Cenovus Energy (CVE) stock analysis and investment case Why it matters The deal adds about 45 thousand barrels of oil equivalent per day, including thermal production near Cenovus's Christina Lake, May River and Thornbury assets. Cenovus also expects about $85 million a year of corporate and commercial synergies. The release says the deal brings Duvernay Energy Corporation under one roof and gives Cenovus an option to grow that platform to a sustainable 20 MBOE/d.

The release says Athabasca's assets have more than 75 years of proved plus probable reserves life and a path to lift thermal production to 115 thousand barrels per day by 2032.

OptimistFi's calculation puts year-end 2026 pro forma net debt at $5.0 billion to $5.5 billion, about $2.0 billion to $2.5 billion above the approximately $3.0 billion reported at the end of the third quarter. Cenovus says its $4 billion net debt target remains unchanged, but the estimate assumes the maximum 75% cash election and includes estimated transaction costs. That higher debt level is the main tradeoff for the added barrels and synergies.

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What's next Cenovus expects the deal to close in December 2026, subject to regulatory approvals and Athabasca shareholder approval. Athabasca's directors and executive officers have already agreed to vote about 2.2% of Athabasca's issued and outstanding common shares for the transaction.

A timely closing would deliver the scale and synergies Cenovus described. A failed vote or a delay would leave the deal unfinished. The pro forma debt outlook would still depend on shareholder elections and pro-ration.

More from OptimistFi CVE stock: the Cenovus Energy thesis, its status and the next test to watch United States Brent Oil Fund, LP (NYSE Arca: BNO) Tracks a Supply Gap Alpha Teknova, Inc. (NASDAQ: TKNO) Adds Regulatory Support for PluriFreeze Meta Platforms, Inc. (NASDAQ: META) Has a Conditional $18 Billion Bill Stock research on every company OptimistFi covers Latest stock research and investment-case updates OptimistFi: evidence-first equity research Sources Cenovus news release dated October 5, 2026 — Exhibit 99.1 news release announcing the Athabasca Oil Corporation acquisition. Form 6-K — Foreign private issuer report filed October 5, 2026. Read the full OptimistFi thesis on Cenovus Energy Inc.: https://optimistfi.com/stocks/CVE

See what would break the Cenovus Energy Inc. thesis and track it live on the OptimistFi Thesis-Break Engine.

Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.

The full Cenovus Energy Inc. investment case, its status and the next test to watch live on the Cenovus Energy Inc. thesis page.

Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.

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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 #1 (Strong Buy) 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 B, and shares are up 0.1% over the past four weeks.

For fiscal 2026, two analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.37 to $3.57 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.

Don't Miss These 3 Companies Delivering Strong Guidance UpdatesCenovus Energy NYSE: CVE said it has entered into a definitive agreement to acquire Athabasca Oil Corp. in a cash-and-stock transaction valued at approximately C$5.7 billion, or about C$12 per Athabasca share.

Chief Executive Officer Jon McKenzie said the proposed acquisition would add a large-scale oil sands resource base and expand Cenovus’s long-term thermal production opportunities. Athabasca’s thermal assets currently produce about 40,000 barrels per day, and Cenovus sees potential to increase that production to about 115,000 barrels per day by 2032 through asset optimization, expansion at Leismer and development of the Corner project.

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Long-life oil sands resources Top 5 Highest-Rated Dividend Stocks, According to MarketBeatMcKenzie said Athabasca brings approximately 1.3 billion barrels of proved-plus-probable reserves and about 2.3 billion barrels of 2P reserves plus contingent resources. The assets have an estimated reserve life index of roughly 75 years and a resource life of approximately 140 years, according to the company.

“Athabasca brings a high-quality oil sands resource base with decades of development potential ahead of it,” McKenzie said, describing the assets as one of the remaining opportunities to add significant thermal reserves and future development inventory in the core oil sands region.

2 Energy Stocks to Play Both Sides of Tariff UncertaintyCenovus expects to apply its SAGD operating model to the acquired assets. McKenzie said the company has completed more than 30 phased expansions across its portfolio and has experience improving operating performance, capital efficiency and production at assets including Foster Creek, Christina Lake, Sunrise, Lloydminster and Christina Lake North.

Near-term initiatives would include an expanded redevelopment well program and optimization work at the Leismer and Hangingstone assets. Cenovus said a largely completed debottlenecking effort at Leismer is expected to lift production to 40,000 barrels per day in early to mid-2027. The company then sees an opportunity to raise Leismer production above 60,000 barrels per day through further brownfield debottlenecking and accelerated well-pad development.

McKenzie said Cenovus estimates the steam-to-oil ratio at future Leismer well pads could be around 2.5, which he characterized as best in class. The company expects the broader development plan to reduce the steam-to-oil ratio by about 20% and deliver brownfield growth at capital efficiency of approximately C$35,000 per flowing barrel.

Corner development accelerated Beyond Leismer, Cenovus intends to advance Athabasca’s Corner project to approximately 40,000 barrels per day by 2032. McKenzie said the company’s plan would bring the project forward by three years compared with Athabasca’s existing development plan.

The fully accelerated thermal development plan would require roughly C$700 million to C$800 million of annual capital investment through 2030, including about C$200 million per year of sustaining capital, Cenovus said.

The transaction could also eventually create opportunities to access Cenovus’s nearby Thornbury and May River resources, which together hold an estimated 550 million barrels of recoverable resource. McKenzie said Cenovus’s prior experience moving steam over long distances at Narrows Lake could allow it to develop nearby resources without constructing a new greenfield processing facility.

In addition to the thermal assets, the transaction would consolidate Cenovus’s ownership of Duvernay Energy Corp. The oil-weighted Kaybob-area asset is producing about 5,000 barrels per day and has potential to grow and sustain 20,000 barrels of oil equivalent per day with further investment, according to Cenovus.

Funding and shareholder returns Chief Financial Officer Kam Sandhar said the purchase consideration will consist of up to 75% cash or a maximum of 35% Cenovus shares, with the final mix determined through shareholder elections. Assuming the maximum cash election, Cenovus would pay approximately C$4.3 billion in cash and issue 32 million shares.

The cash portion will be funded through cash on hand and existing credit facilities. Sandhar said Cenovus had approximately C$3 billion of net debt at the end of September, after returning C$1.9 billion to shareholders through dividends and share repurchases through the third quarter.

Cenovus expects net debt of C$5 billion to C$5.5 billion by the end of 2026 at current strip pricing. The company said that level would be below 0.5 times net debt to adjusted funds flow. Management said third-quarter share repurchases totaling 34 million shares have already offset the 32 million shares expected to be issued in the transaction. The acquisition is expected to be accretive to adjusted funds flow per share in 2027, including anticipated synergies. Cenovus identified about C$85 million in annual corporate and commercial synergies, expected to be captured promptly after closing. Those savings are expected to come from lower general and administrative and financing costs, as well as optimization of transportation and marketing arrangements.

Sandhar said the acquisition would not alter Cenovus’s capital-allocation approach, including its focus on maintaining an investment-grade balance sheet, investing in higher-return opportunities and returning excess cash to shareholders. He described the company’s shareholder-return framework as principle-based rather than formulaic and said Cenovus would continue to evaluate share repurchases and other uses of capital based on value.

About Cenovus Energy (NYSE:CVE)Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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CALGARY, Alberta, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced that it has entered into a definitive arrangement agreement to acquire Athabasca Oil Corporation (TSX: ATH) (“Athabasca”) in a cash and stock transaction with an implied enterprise value of $5.7 billion.

Transaction Highlights

Clear strategic fit with Cenovus’s core oil sands business – Adds approximately 45 thousand barrels of oil equivalent per day (MBOE/d)1, including thermal production proximal to Cenovus’s Christina Lake, May River and Thornbury assets, expanding the company’s position in a core resource fairway.High-quality, long-life resource – Over 75 years of proved plus probable reserves life1, including high-quality oil sands assets at Leismer and Corner, providing significant growth potential and a pathway to accelerate thermal production to 115 thousand barrels per day (Mbbls/d) by 2032.Leverages Cenovus’s SAGD operating expertise – Application of Cenovus's proven SAGD operating model to Athabasca’s assets is expected to enhance reservoir performance, reduce steam-to-oil ratios, and accelerate resource recovery. Together with a differentiated project execution track record, including the profitable completion of over 30 successful oil sands phase expansions to date, Cenovus is uniquely positioned to optimize the value of the acquired SAGD assets.$85 million of annual corporate and commercial synergies – Cenovus expects to realize approximately $85 million per year of corporate and commercial synergies, with the majority captured in the first full year following closing of the transaction.Consolidates scalable Duvernay platform – Consolidates ownership of Duvernay Energy Corporation, a high-quality, oil-weighted position in the Kaybob Duvernay, with the option to accelerate development and grow production to a sustainable 20 MBOE/d. “This transaction strengthens our position in one of the world’s premier oil-producing regions and is a natural extension of our oil sands strategy,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Athabasca’s high-quality, long-life assets fit well with our portfolio and provide a clear opportunity to apply our scale and operating expertise to improve performance, grow production and create long-term shareholder value.”

1 Production and reserves life based on estimated 2026 production exit rate. See Advisory.

Transaction details

Under the terms of the arrangement agreement, Cenovus will acquire all of the issued and outstanding common shares of Athabasca at a price of $12.00 per share, payable in cash and Cenovus common shares. Each Athabasca shareholder (other than dissenting Athabasca shareholders) will have the option to elect to receive, for each Athabasca common share held: (i) $12.00 in cash; (ii) 0.264 of a Cenovus common share; or (iii) such other proportion of cash and Cenovus shares as specified by the Athabasca shareholder. Shareholders who do not make a valid election will be deemed to have elected to receive cash for each of their Athabasca common shares.

All elections will be subject to pro-ration based on a maximum of $4.3 billion in cash, equivalent to 75% of the total consideration, and a maximum of 44.4 million Cenovus common shares, equivalent to 35% of the total consideration. As a result, the aggregate consideration will comprise between 65% and 75% cash and between 25% and 35% Cenovus shares, based on elections made and deemed to be made by Athabasca shareholders. Depending on a particular shareholder’s election and pro-rationing, an Athabasca shareholder may ultimately receive entirely cash, entirely Cenovus shares or a combination of both.

Transaction funding

The cash portion of the consideration will be funded with cash on hand and certain short-term borrowings. Cenovus’s financial framework and net debt target of $4 billion are to remain unchanged.

Cenovus’s net debt at the end of the third quarter was approximately $3.0 billion. Including the cash component of this transaction, year-end 2026 pro forma net debt is expected to be between $5.0 billion to $5.5 billion2 at strip pricing representing less than 0.5 times adjusted funds flow3.

2 Assumes the maximum aggregate cash consideration of 75% or $4.3 billion and includes estimated transaction costs incurred upon closing. Forecasted at forward strip pricing as of September 30, 2026. Pro forma net debt may differ based on Athabasca shareholder elections and pro-ration.
3 Non-GAAP financial measure. See Advisory.

Timing and approvals

The transaction has been unanimously approved by the Board of Directors of both companies. Athabasca’s directors and executive officers have entered into voting and support agreements with Cenovus, pursuant to which they have agreed, subject to their terms, to vote all Athabasca common shares beneficially owned or controlled by them, representing approximately 2.2% of Athabasca’s issued and outstanding common shares, in favour of the transaction.

Cenovus expects the acquisition to close in December 2026, subject to the satisfaction of customary closing conditions, including regulatory approvals and approval of the transaction by Athabasca shareholders. The transaction is not subject to any financing contingency.

Advisors

CIBC Capital Markets is acting as the exclusive financial advisor to Cenovus. McCarthy Tétrault LLP is acting as legal advisor to Cenovus.

Conference call today

Cenovus will host a conference call today, October 5, 2026, starting at 7 a.m. MT (9 a.m. ET).

For analysts wanting to join the call, please register in advance.

To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the "Call Me" option to receive an automated call directly.

An audio webcast will also be available and archived for approximately 30 days.

A slide presentation with further details on the transaction can also be accessed in the investor section of our website at cenovus.com.

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 (IFRS) Accounting Standards.

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 Cenovus, including following the acquisition of Athabasca, based on certain assumptions made in light of Cenovus’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 news release is identified by words such as “accelerate”, “acquire”, “anticipate”, “consolidate”, “create”, “depend”, “enhance”, “expect”, “leverage”, “maintain”, “may”, “opportunity”, “optimize”, “option”, “position”, “potential”, “realize”, “reduce”, “remain”, “synergy”, “target” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: acquiring all of the issued and outstanding common shares of Athabasca pursuant to a plan of arrangement (the “Acquisition”); elections of Athabasca shareholders and the associated pro-rations of cash and share consideration; integrating Cenovus’s and Athabasca’s businesses and operations and realizing the anticipated strategic, operational, commercial, corporate and financial benefits and synergies of the Acquisition and value and timing thereof; anticipated operation and development plans, including but not limited to, integrated development, expansion, existing asset optimization and potential asset integrations; the ownership consolidation of Duvernay Energy Corporation and the benefits therefrom; Cenovus's ability to provide a scalable platform and the associated optionality to accelerate development; the benefits of the Acquisition and the timing for realizing such benefits, including with respect to SAGD operation scaling, asset fit, thermal production growth, development, steam-to-oil ratio reduction, accelerated resource recovery, reserve and resource life, value optimization of Athabasca’s and Duvernay Energy Corporation's assets, integration of assets, synergies and the sources of such synergies, accretion to adjusted funds flow per share, long-term shareholder value, accretion to asset quality and financial impact; the funding of consideration; Cenovus's financial framework and net debt target of $4 billion remaining unchanged following the closing of the Acquisition; net debt and pro forma net debt following the closing of the Acquisition; anticipated pro forma net debt relative to adjusted funds flow at strip pricing; and timing of closing of the Acquisition.

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 Athabasca and others that apply to the industry generally. The factors or assumptions on which the forward-looking information in this news release is based include, but are not limited to: information currently available to Cenovus about itself and Athabasca and the businesses in which they operate; the completion of the Acquisition on anticipated terms and timing; the satisfaction of customary closing conditions and obtaining regulatory and Athabasca shareholder approvals; general economic, market and business conditions; anticipated tax treatment; that actions by third parties do not delay or otherwise adversely affect completion of the Acquisition; that any litigation relating to the Acquisition does not prevent, materially delay or otherwise adversely affect its completion; integrating Cenovus’s and Athabasca’s businesses and operations and realizing the anticipated strategic, operational, commercial, corporate and financial benefits and synergies of the Acquisition and value and timing thereof; anticipated operation and development plans, including but not limited to, integrated development, expansion, existing asset optimization and potential asset integrations; the ownership consolidation of Duvernay Energy Corporation and the benefits therefrom; Cenovus's ability to provide a scalable platform and the associated optionality to accelerate development; the benefits of the Acquisition and the timing for realizing such benefits, including with respect to SAGD operation scaling, asset fit, thermal production growth, development, steam-to-oil ratio reduction, accelerated resource recovery, reserve and resource life, value optimization of Athabasca’s and Duvernay Energy Corporation's assets, integration of assets, synergies and the sources of such synergies, accretion to adjusted funds flow per share, long-term shareholder value, accretion to asset quality and financial impact; the accuracy of the reserve and resource estimates and the operating and development assumptions underlying the anticipated outcomes; that adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, arising from the announcement or completion of the Acquisition, do not materially impair completion, integration or realization of the anticipated benefits; combined company production estimates; the quality of the integrated resource/assets meeting expectations; that there will be no material change to Athabasca’s operations prior to completion of the Acquisition; assumptions regarding Athabasca shareholder elections and the associated rounding and pro-ration of cash and share consideration, including the applicable aggregate limits; the availability of cash on hand and short-term borrowings to fund the cash consideration and Cenovus’s ability to issue the shares required to satisfy the share consideration; Cenovus’s financial framework and net debt target remaining unchanged; the assumptions regarding shareholder elections, commodity prices, operating results, capital spending and funding underlying anticipated net debt, pro forma net debt and pro forma net debt relative to adjusted funds flow at strip pricing; no material changes to laws and regulations adversely affecting Cenovus’s or Athabasca’s operations or the Acquisition; commodity prices; and 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; not completing the Acquisition on anticipated terms and timing, or at all, including failure to satisfy customary closing conditions or obtain required regulatory and Athabasca shareholder approvals; failing to complete the Acquisition on the terms contemplated by the arrangement agreement between Cenovus and Athabasca; differences in Athabasca shareholder elections and the resulting cash and share consideration from those assumed; the combined company’s inability to issue securities; potential litigation relating to the Acquisition that could be instituted against Cenovus or Athabasca; the delay or inability to integrate Cenovus’s and Athabasca’s businesses and operations and realizing the anticipated strategic, operational, commercial, corporate and financial benefits and synergies of the Acquisition and value and timing thereof; potential adverse reactions or changes to business relationships, including with employees, suppliers, customers, competitors or credit rating agencies, resulting from the announcement or completion of the Acquisition; the inability or failure to achieve the anticipated operation and development plans, including but not limited to, integrated development, expansion, existing asset optimization and potential asset integrations; delay or inability to achieve the anticipated benefits from the ownership consolidation of Duvernay Energy Corporation; Cenovus's ability to provide a scalable platform and the associated optionality to accelerate development; delay or inability to achieve the anticipated benefits of the Acquisition and the timing for realizing such benefits, including with respect to SAGD operation scaling, asset fit, thermal production growth, development, steam-to-oil ratio reduction, accelerated resource recovery, reserve and resource life, value optimization of Athabasca’s and Duvernay Energy Corporation's assets, integration of assets, synergies and the sources of such synergies, accretion to adjusted funds flow per share, long-term shareholder value, accretion to asset quality and financial impact; inaccuracies in reserve and resource estimates or in the underlying operating and development assumptions; the quality of the integrated resource/assets failing to meet expectations; changes to Cenovus’s financial framework or net debt target; differences in shareholder elections, commodity prices, operating results, capital spending or funding; net debt, pro forma net debt or pro forma net debt relative to adjusted funds flow differing from anticipated levels; material changes to laws and regulations adversely affecting Cenovus’s or Athabasca’s operations or the Acquisition; the consequences of not completing the Acquisition, including the volatility of the share prices of Cenovus and Athabasca, negative reactions from the investment community and the required payment of certain costs related to the Acquisition; potential undisclosed liabilities in respect of Athabasca unidentified during the due diligence process; inaccuracies in the pro forma financial information of the combined company after the Acquisition; the interpretation of the Acquisition by tax authorities; the focus of management’s time and attention on the Acquisition and other disruptions arising from the Acquisition; volatility of, and other assumptions regarding, commodity prices; product supply and demand; market competition, including from alternative energy sources; inability to maintain relationships with partners or successfully manage and operate integrated businesses; and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the periods ended December 31, 2025 and June 30, 2026 and 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).

The guidance in respect of Cenovus's expectations of future periods in this news release may be considered to be a financial outlook for the purposes of applicable Canadian securities laws. Such information is based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and which may become available in the future. These projections constitute forward-looking statements and are based on several material factors and assumptions set out above. Actual results may differ significantly from such projections. See above for a discussion of certain risks that could cause actual results to vary. The financial outlook contained in this news release has been approved by management as of the date of this news release. Readers are cautioned that any such financial outlook contained herein should not be used for purposes other than those for which it is disclosed herein. Cenovus and its management believe that the financial outlook contained in this news release has been prepared based on assumptions that are reasonable in the circumstances, reflecting management's best estimates and judgments, and represents, to the best of management's knowledge and opinion, expected and targeted financial results. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.

In respect of the net debt disclosure herein, readers are directed to 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 Cenovus’s website at cenovus.com), which includes a detailed composition of how Cenovus calculates the metric.

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

Certain financial measures in this news release do not have a standardized meaning as prescribed by IFRS Accounting Standards including Adjusted Funds Flow. These measures may not be comparable to similar measures presented by other issuers and are described and presented in order to provide shareholders and potential investors with additional measures for analyzing our ability to generate funds to finance our operations and information regarding our liquidity. This additional information should not be considered in isolation, or as a substitute for, measures prepared in accordance with IFRS Accounting Standards. Readers are directed to “Advisory – Specified Financial Measures” in Cenovus’s MD&A for the periods ended June 30, 2026 for further information.

Oil and Gas Advisory

Barrels of Oil Equivalent – natural gas volumes are converted to BOE on the basis of six Mcf to one 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.

This news release makes assumptions relating to future production volumes based on reserve evaluation calculations prepared by third-party independent evaluators. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. There are numerous uncertainties inherent in estimating quantities of proved and proved plus probable reserves and in projecting future rates of production. The total amount or timing of actual future production may vary significantly from reserves and production estimates.

This press release contains certain oil and gas metrics, such as “reserves life”, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional information regarding Cenovus’s acquisition of Athabasca; however, such measures are not reliable indicators of future performance and future performance may not compare to performance in previous periods and therefore such metrics should not be unduly relied upon.

Athabasca reserves life is calculated using total gross reserves on a 2P basis and dividing them by Athabasca management’s current anticipated 2026 exit production, in each case as included in Athabasca’s public disclosure. Although Cenovus has no knowledge that would indicate that any information contained in the documents filed by Athabasca are untrue or incomplete, Cenovus does not assume any responsibility for the accuracy or completeness of the information contained in such documents, or for any failure by Athabasca to disclose events that may have occurred or that may affect the significance or accuracy of any such information, which are unknown to Cenovus.

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

In the latest close session, Cenovus Energy (CVE - Free Report) was up +1.83% at $31.65. This move outpaced the S&P 500's daily gain of 0.2%. Meanwhile, the Dow gained 0.04%, and the Nasdaq, a tech-heavy index, added 0.04%.

Shares of the oil company witnessed a loss of 5.27% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 2.32%, and the S&P 500's loss of 0.35%.

Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.07, reflecting a 105.77% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $11.62 billion, showing a 21.25% escalation compared to the year-ago quarter.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.57 per share and a revenue of $42.35 billion, signifying shifts of +131.82% and +19.1%, respectively, from the last year.

Investors might also notice recent changes to analyst estimates for Cenovus Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been a 4.39% rise in the Zacks Consensus EPS estimate. Currently, Cenovus Energy is carrying a Zacks Rank of #1 (Strong Buy).

In the context of valuation, Cenovus Energy is at present trading with a Forward P/E ratio of 8.71. For comparison, its industry has an average Forward P/E of 10.1, which means Cenovus Energy is trading at a discount to the group.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 8, finds itself in the top 4% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.

Growth stocks are attractive to many investors, as above-average financial growth helps these stocks easily grab the market's attention and produce exceptional returns. But finding a great growth stock is not easy at all.

By their very nature, these stocks carry above-average risk and volatility. Moreover, if a company's growth story is over or nearing its end, betting on it could lead to significant loss.

However, it's pretty easy to find cutting-edge growth stocks with the help of 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.

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 returns are even better for stocks that possess the combination of a Growth Score of A or B and a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Here are three of the most important factors that make the stock of this oil company a great growth pick right now.

Earnings GrowthEarnings growth is arguably the most important factor, as stocks exhibiting exceptionally surging profit levels tend to attract the attention of most investors. And for growth investors, double-digit earnings growth is definitely preferable, and often an indication of strong prospects (and stock price gains) for the company under consideration.

While the historical EPS growth rate for Cenovus is 24%, investors should actually focus on the projected growth. The company's EPS is expected to grow 131.6% this year, crushing the industry average, which calls for EPS growth of 103.6%.

Cash Flow GrowthCash is the lifeblood of any business, but higher-than-average cash flow growth is more beneficial and important for growth-oriented companies than for mature companies. That's because, high cash accumulation enables these companies to undertake new projects without raising 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 RevisionsSuperiority of a stock in terms of the metrics outlined above can be further validated by looking at the trend in earnings estimate revisions. A positive trend is of course favorable 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 4.4% over the past month.

Bottom LineWhile the overall earnings estimate revisions have made Cenovus a Zacks Rank #1 stock, it has earned itself a Growth Score of A based on a number of factors, including the ones discussed above.

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.

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Cenovus Energy (CVE - Free Report) . CVE is currently sporting a Zacks Rank #1 (Strong Buy) and an A for Value.

We should also highlight that CVE has a P/B ratio of 1.44. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.51. CVE's P/B has been as high as 1.57 and as low as 0.93, with a median of 1.27, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue can't really be manipulated, so sales are often a truer performance indicator. CVE has a P/S ratio of 1.47. This compares to its industry's average P/S of 1.52.

Finally, our model also underscores that CVE has a P/CF ratio of 5.63. This data point considers a firm's operating cash flow and is frequently used to find companies that are undervalued when considering their solid cash outlook. CVE's P/CF compares to its industry's average P/CF of 7.36. Over the past 52 weeks, CVE's P/CF has been as high as 5.82 and as low as 3.46, with a median of 4.49.

These are just a handful of the figures considered in Cenovus Energy's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that CVE is an impressive value stock right now.

Cenovus Energy Inc. (TSE:CVE – Get Free Report) (NYSE:CVE)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$39.21 and traded as high as C$44.69. Cenovus Energy shares last traded at C$43.77, with a volume of 5,602,890 shares traded.

Analyst Upgrades and Downgrades CVE has been the topic of several recent research reports. Royal Bank Of Canada raised their target price on Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Scotiabank upped their price target on Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a research note on Thursday, July 30th. TD increased their price objective on Cenovus Energy from C$46.00 to C$49.00 and gave the company a “buy” rating in a report on Thursday, July 30th. Desjardins set a C$50.00 price objective on Cenovus Energy and gave the company a “buy” rating in a research note on Friday, July 17th. Finally, National Bank Financial set a C$60.00 target price on Cenovus Energy and gave the stock an “outperform” rating in a research report on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of C$45.19.

Get Our Latest Stock Report on Cenovus Energy

Cenovus Energy Stock Down 0.7% The stock has a market cap of C$80.72 billion, a P/E ratio of 12.16, a P/E/G ratio of 0.09 and a beta of 0.19. The company has a current ratio of 1.63, a quick ratio of 1.00 and a debt-to-equity ratio of 34.01. The firm’s fifty day moving average is C$43.18 and its 200 day moving average is C$39.21. Cenovus Energy (TSE:CVE – Get Free Report) (NYSE:CVE) last released its quarterly earnings results on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The company had revenue of C$17.43 billion during the quarter. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.02%. As a group, equities research analysts forecast that Cenovus Energy Inc. will post 2.2619279 EPS for the current year.

Cenovus Energy Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th will be paid a dividend of $0.22 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.88 annualized dividend and a yield of 2.0%. Cenovus Energy’s dividend payout ratio is presently 22.78%.

Insider Buying and Selling at Cenovus Energy In other news, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the completion of the transaction, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. The trade was a 11.06% decrease in their ownership of the stock. Also, Director Alex Pourbaix sold 30,186 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of C$42.17, for a total value of C$1,272,943.62. Following the completion of the sale, the director directly owned 1,455,996 shares of the company’s stock, valued at C$61,399,351.32. This represents a 2.03% decrease in their ownership of the stock. Insiders have sold 601,524 shares of company stock valued at $25,546,211 in the last 90 days. 32.03% of the stock is currently owned by insiders.

About Cenovus Energy (Get Free Report)

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.

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A Look at Cenovus Energy Inc (CVE) After 4.1% Decline -- GF Value $18.05 vs Price $32.52

On September 16, 2026, Cenovus Energy Inc CVE shares fell 4.1% to a current price of $32.52, remaining within a 52-week range of $15.63 to $34.16. This recent decline comes after a year of significant growth, with the stock appreciating by 89.7%. However, the current valuation raises critical questions about its sustainability.

GF Value™ verdict: CVE is currently priced at $32.52, compared to a GF Value™ of $18.05, indicating it is 80.2% overvalued.GF Score™ of 54/100 suggests an average company performance relative to its peers.No insider transactions in the past 12 months highlight a lack of insider confidence in the company's short-term prospects.Is CVE Overvalued or Undervalued?Cenovus Energy Inc's current market price significantly exceeds its GF Value™, which is an intrinsic value estimate based on historical trading multiples, business growth, and future performance expectations. With a GF Value™ of $18.05, shares are currently trading at a substantial premium of 80.2%. This discrepancy indicates that the stock may be overvalued, posing risks for investors who may be entering at these elevated price levels.

The GF Valuation label indicates that CVE is significantly overvalued. This situation could lead to a potential correction in the stock price as the market aligns with its intrinsic value. Investors should be cautious, as there is little margin of safety at the current price, which could expose them to downside risk if earnings or market sentiment shifts negatively.

How Does CVE's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)12.6x12.1xForward P/E11.2xN/AThe current P/E ratio of 12.6x is slightly above its 5-year median of 12.1x, suggesting that the stock is trading at a premium compared to its historical valuation metrics. This elevated P/E ratio aligns with the GF Value™ conclusion of overvaluation, reinforcing the notion that CVE's current stock price may not be justified by its earnings potential.

What Does CVE's GF Score™ Tell Us?The GF Score™ is a composite measure that evaluates a company's performance across various dimensions, including financial strength, profitability, growth, valuation, and momentum. Cenovus Energy has a GF Score™ of 54/100, indicating an average assessment compared to its sector peers. The strongest sub-rank is its financial strength, rated at 7/10, while its valuation rank is notably weak at 1/10.

MetricRatingGF Score™54Financial Strength7/10Profitability7/10Growth4/10Valuation1/10Momentum1/10CVE’s strong financial strength and profitability scores suggest that the company is stable and generating returns, but the low valuation and momentum ranks highlight concerns about its current pricing and market performance. This dichotomy points to a potential disconnect between its operational performance and market valuation.

What Are Gurus and Insiders Doing with CVE?Currently, six gurus hold shares of Cenovus Energy, with four adding to their positions and two trimming their stakes in recent quarters. This mixed activity reflects a cautious optimism among institutional investors, which may indicate ongoing confidence in the company's long-term prospects despite its current price volatility.

Notably, there have been no insider transactions in the past 12 months, suggesting a lack of confidence from management regarding the stock's near-term outlook. This absence of insider activity can be interpreted as a negative signal, as insiders typically have the best insights into their company's future performance.

What This Means for InvestorsConsidering the significant disparity between the current price and the GF Value™, Cenovus Energy Inc appears to be overvalued based on its intrinsic valuation metrics. Investors should be wary of entering positions at these levels, given the potential for a price correction. With average performance signals from the GF Score™, and insider inactivity suggesting uncertainty, caution is advised for those contemplating an investment in CVE. For further insights, please visit the Cenovus Energy Inc CVE stock page, as well as explore additional valuation metrics on the GF Value™ page.

Frequently Asked QuestionsWhat is CVE's GF Score™?

CVE has a GF Score™ of 54/100, indicating an average performance relative to its peers in the sector.

Is CVE overvalued or undervalued?

According to the GF Value™, CVE is significantly overvalued, with a current price of $32.52 compared to an intrinsic value of $18.05.

What is CVE's P/E ratio?

The current P/E ratio for CVE is 12.6x, which is slightly above its 5-year median of 12.1x, indicating a premium valuation compared to its historical performance.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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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 9% over the past four weeks.

Two analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.44 to $3.35 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.

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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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.

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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