On January 10, National Bank reaffirmed a Buy rating for Cenovus Energy Inc. (NYSE:CVE) and set a price target of C$29.00. Goldman Sachs reinstated coverage of the stock with a Buy rating and a $20 price target. The firm stated it expects the company to post strong free cash flow growth over the long term. Goldman Sachs also noted that the sale of the company's 50% interest in the Wood River and Borger refineries, along with the acquisition of MEG Energy, contributed to an improvement in its fundamentals.
In December, RBC Capital reiterated a Buy rating on Cenovus Energy with a price target of C$32.00. Jefferies maintained a Buy rating on December 12, setting a C$30.00 price target. TD Cowen also maintained a Buy rating on December 11, with a C$29.00 price target.
These rating updates followed the company's announcement of its 2026 capital budget and corporate guidance on December 11. Cenovus Energy reported a capital investment range of $5.0 billion to $5.3 billion in its 2026 guidance highlights. This investment includes approximately $350 million in capitalized turnaround costs. Excluding these costs, the expected capital investment is between $4.7 billion and $5.0 billion.
Cenovus Energy Inc. is an integrated energy company based in Canada. It provides gas and oil. The company's operations are divided into Upstream, Downstream, and Corporate and Eliminations segments.