Cenovus Energy
About: Cenovus Energy Inc 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 786 thousand barrels of oil equivalent per day in 2022. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada.
Employees: 6,925
0
Funds holding %
of 6,809 funds
–
Analysts bullish %
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
7% more first-time investments, than exits
New positions opened: 63 | Existing positions closed: 59
4% more repeat investments, than reductions
Existing positions increased: 151 | Existing positions reduced: 145
1% more funds holding
Funds holding: 409 [Q2] → 413 (+4) [Q3]
3.1% less ownership
Funds ownership: 49.66% [Q2] → 46.56% (-3.1%) [Q3]
21% less capital invested
Capital invested by funds: $18.3B [Q2] → $14.5B (-$3.77B) [Q3]
29% less call options, than puts
Call options by funds: $148M | Put options by funds: $208M
30% less funds holding in top 10
Funds holding in top 10: 20 [Q2] → 14 (-6) [Q3]
Research analyst outlook
1 Wall Street Analyst provided 1 year price targets over the past 3 months
Low target
$28
91%
upside
Avg. target
$28
91%
upside
High target
$28
91%
upside
1 analyst rating
1 positive
100%
0 neutral
0%
0 negative
0%
BMO Capital Randy Ollenberger 0% 1-year accuracy 0 / 3 met price target | 91%upside $28 | Outperform Maintained | 1 Nov 2024 |
Financial journalist opinion
Based on 7 articles about CVE published over the past 30 days
Positive
Benzinga
3 days ago
Defensive Oil Stocks To Watch In 2025 Amid $70 Brent Forecast: JP Morgan
JP Morgan analyst John M Royall highlighted key trends for the North American Integrated Oils sector entering 2025, with updates on forecasts, price targets, and ratings on major companies.
Negative
Zacks Investment Research
4 days ago
New Strong Sell Stocks for November 19th
FRO, DHT and CVE have been added to the Zacks Rank #5 (Strong Sell) List on November 19, 2024.
Neutral
Zacks Investment Research
1 week ago
Cenovus Energy Outlines 2025 Growth Plan With $5 Billion Budget
CVE reveals its 2025 plan with up to $5 billion in investments, growth in upstream and downstream operations, key project advancements and enhanced shareholder returns.
Neutral
GlobeNewsWire
1 week ago
Cenovus announces 2025 capital budget and corporate guidance
CALGARY, Alberta, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its 2025 corporate guidance, which includes capital investment of $4.6 billion to $5.0 billion, delivering upstream production of 805,000 barrels of oil equivalent per day (BOE/d) to 845,000 BOE/d and downstream crude unit utilization of 90% to 95%. Capital investment in 2025 will include about $3.2 billion of sustaining capital to maintain base production and support continued safe and reliable operations, with an additional $1.4 billion to $1.8 billion directed towards advancing the company's upstream growth projects. Cenovus's disciplined capital plan and strong emphasis on cost control will support continued returns to shareholders of 100% of excess free funds flow (EFFF) over time while maintaining net debt near $4.0 billion.
Positive
Seeking Alpha
2 weeks ago
Cenovus Energy: Well-Positioned For Strong Capital Returns
Cenovus Energy offers a compelling value and income growth opportunity, trading near its 52-week low with a forward P/E of 10.5. CVE's integrated operations, disciplined capital allocation, and strong balance sheet underpin its appeal, with plans to return excess free cash flow to shareholders. Significant production ramp-ups from projects like Christina Lake and West White Rose position CVE for long-term growth despite near-term headwinds from lower commodity prices.
Positive
Seeking Alpha
2 weeks ago
Cenovus Energy: Even More Attractive
Cenovus Energy's shares have declined, but the company is ramping up cash returns to shareholders, leading to a fast-growing shareholder yield. A favorable US administration, undemanding valuation, and positive business growth outlook make Cenovus Energy an attractive investment. Cenovus generated strong cash flows despite low oil prices, with a 25% operating cash flow yield and an 8x free cash flow multiple.
Neutral
GlobeNewsWire
4 weeks ago
Cenovus Energy announces redemption of Series 3 Preferred Shares
CALGARY, Alberta, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (“Cenovus” or the “Company”) (TSX: CVE) (NYSE: CVE) announced today it will exercise its right to redeem the Company's 4.689% Series 3 Preferred Shares (the “Series 3 Preferred Shares”) on December 31, 2024 (the “Redemption”). All 10 million Series 3 Preferred Shares outstanding will be redeemed at the price of $25.00 per share, for an aggregate amount payable to holders of $250 million, less required withholdings, if any, funded primarily from cash on hand.
Positive
Seeking Alpha
1 month ago
Cenovus: Record Valuation Discount Could Set Up Strong Returns
Cenovus delivered a solid Q3 with upstream production above expectations as the turnaround at Christina Lake was finished ahead of time. Downstream remains a drag on group performance, yet management is actively adressing challenges, with key work at its Lima refinery done during the turnaround and feedstock cost effects likely easing. With relative valuation at its lowest in several years, we reiterate shares at Overweight and a ~84% upside to our US$30/sh price target.
Neutral
MarketBeat
1 month ago
3 Under-the-Radar Oil Stocks to Keep Your Eye On
A second Trump administration is likely to affect most, if not all, corners of the stock market, there are few areas expected to be impacted as significantly as the energy sector.
Neutral
GlobeNewsWire
1 month ago
Cenovus Energy announces renewal of share buyback program
CALGARY, Alberta, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced today that the Toronto Stock Exchange (“TSX”) has approved the renewal of the company's normal course issuer bid (“NCIB”) to purchase up to 127,489,549 common shares during the 12-month period commencing November 11, 2024 and ending November 10, 2025.
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