Cenovus Energy (CVE)
Produces Canadian heavy oil and connects it to North American upgrading and refining.
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Produces oil and natural gas across Canadian oil sands, conventional and offshore assets, then upgrades, refines and markets output in Canada and the United States. The integrated portfolio links long-life heavy-oil production with downstream infrastructure, while operations depend on export capacity, commodity prices, refinery reliability and wildfire response.
Produces oil and natural gas from Canadian oil sands and conventional fields, with offshore operations in Atlantic Canada, China and Indonesia. Oil Sands, Conventional and Offshore form the upstream portfolio, while Canadian Refining and U.S. Refining process and market the output.
Combines long-life oil-sands assets such as Foster Creek and Christina Lake with upgrading and refining infrastructure. Full ownership of core projects and reservoir-storage flexibility support operating control when transportation or pricing conditions disrupt normal flows.
Depends on Western Canadian pipeline and rail egress, global commodity prices, refinery safety and maintenance, and wildfire response. The integrated system links heavy-oil production to controlled downstream assets in Canada and the United States.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 2, 2026 | UBS | Downgrade | ||
| May 13, 2026 | Lake Street | Target | Target: — | Target: $36 |
| Feb 2, 2026 | Goldman Sachs | Target | Target: $20 | Target: $22 |
| Jan 20, 2026 | JP Morgan | Downgrade | ||
| Jan 2, 2026 | Goldman Sachs | Target | Target: — | Target: $20 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.26B · Total debt $8.28B · Total assets $46.34B · Shareholders' equity $24.34B
- Revenue
- $12.40B
- Operating income
- $3.00B
- Net income
- $2.04B
Reported in CAD, converted at the latest exchange rate
HistoryDividendAnnual yield
| Institutions | ≈ 48.62% | 915.79M ADS | |
|---|---|---|---|
| 533 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Other | ≈ 51.38% | 967.61M ADS | |
| remainder | |||
1.88B ADS as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Capital World InvestorsInstitution | 3.92% | 73.84M ADS | as of Jun 30, 2026 |
Capital Research Global InvestorsInstitution | 3.17% | 59.77M ADS | as of Jun 30, 2026 |
Capital International InvestorsInstitution | 2.49% | 46.87M ADS | as of Jun 30, 2026 |
Royal Bank of CanadaInstitution | 2.29% | 43.04M ADS | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 2.04% | 38.40M ADS | as of Jun 30, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
- Suncor Energy
Broad integrated rivalry across oil sands, offshore oil and refining
- Canadian Natural Resources
Large-scale rivalry in Canadian oil sands, heavy oil and conventional output
- Imperial Oil
Integrated Canadian rivalry in oil-sands production and refining
- ConocoPhillips
Direct overlap in Alberta thermal oil sands and Montney production
- Shell (ADR)
Global overlap in upgrading, refining and offshore production
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cenovus Energy | $31.50 | −0.24% | $58.22B | 12.4 | 11.7 | 1.5 | +61.4% |
| Suncor Energy | $67.27 | +0.04% | $79.39B | 12.6 | 12.2 | 1.9 | +31.9% |
| Canadian Natural Resources | $47.89 | −0.81% | $100.70B | 12.1 | 16.9 | 2.9 | +46.3% |
| Imperial Oil | $125.48 | −0.55% | $61.81B | 19.8 | 13.6 | 1.5 | +88.9% |
| ConocoPhillips | $125.80 | −1.36% | $155.37B | 16.9 | 12.7 | 2.5 | +39.7% |
| Shell (ADR) | $93.74 | +0.50% | $260.05B | 10.3 | 9.0 | 0.9 | +44.7% |
| Median | 12.6 | 12.7 | 1.9 | +44.7% |