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Cenovus Energy (CVE)

Market Price (3/30/2026): $26.89 | Market Cap: $48.9 Bil
Sector: Energy | Industry: Integrated Oil & Gas

Cenovus Energy (CVE)

Market Price (3/30/2026): $26.89
Market Cap: $48.9 Bil
Sector: Energy
Industry: Integrated Oil & Gas

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 6.8%		 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%		 Stock price has recently run up significantly
12M Rtn12 month market price return is 102%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 8.2 Bil, FCF LTM is 3.3 Bil		  Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.3%, Rev Chg QQuarterly Revenue Change % is -14%
2 Low stock price volatility
Vol 12M is 40%		  Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 67%
3 Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, and Sustainable Resource Management. Themes include Carbon Capture & Storage, Water Treatment Solutions, Show more.		  Key risks
CVE key risks include [1] potential cost overruns and delays in executing its complex, Show more.
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.9%, FCF Yield is 6.8%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 15%, CFO LTM is 8.2 Bil, FCF LTM is 3.3 Bil
2 Low stock price volatility
Vol 12M is 40%
3 Megatrend and thematic drivers
Megatrends include Energy Transition & Decarbonization, and Sustainable Resource Management. Themes include Carbon Capture & Storage, Water Treatment Solutions, Show more.
4 Trading close to highs
Dist 52W High is 0.0%, Dist 3Y High is 0.0%
5 Stock price has recently run up significantly
12M Rtn12 month market price return is 102%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -8.5%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.3%, Rev Chg QQuarterly Revenue Change % is -14%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 67%
8 Key risks
CVE key risks include [1] potential cost overruns and delays in executing its complex, Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Cenovus Energy (CVE) stock has gained about 55% since 11/30/2025 because of the following key factors:

1. Cenovus Energy reported a strong beat on its Q4 2025 earnings and achieved record production. The company announced actual earnings per share (EPS) of $0.36 for Q4 2025, surpassing analysts' expectations of $0.28 by 28.57%. Furthermore, Cenovus achieved record Upstream production of 917,900 barrels of oil equivalent per day (BOE/d) in the fourth quarter, with monthly record rates exceeding 970,000 BOE/d in December.

2. The company provided positive 2026 guidance, projecting significant upstream growth and executing key growth projects. Cenovus Energy forecast its 2026 upstream production to be between 945,000 BOE/d and 985,000 BOE/d, representing approximately 4% year-over-year growth. This outlook was bolstered by the completion of the Foster Creek optimization project, which delivered an incremental 30,000 bbls/d of production ahead of schedule, and the anticipated first oil from the West White Rose field in Q2 2026.

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Stock Movement Drivers

Fundamental Drivers

The 52.7% change in CVE stock from 11/30/2025 to 3/29/2026 was primarily driven by a 30.4% change in the company's Net Income Margin (%).
(LTM values as of)113020253292026Change
Stock Price ($)17.5726.8252.7%
Change Contribution By: 
Total Revenues ($ Mil)56,60254,278-4.1%
Net Income Margin (%)5.6%7.2%30.4%
P/E Multiple10.012.424.1%
Shares Outstanding (Mil)1,7891,819-1.7%
Cumulative Contribution52.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/29/2026
ReturnCorrelation
CVE52.7% 
Market (SPY)-5.3%12.5%
Sector (XLE)39.5%66.0%

Fundamental Drivers

The 65.6% change in CVE stock from 8/31/2025 to 3/29/2026 was primarily driven by a 54.8% change in the company's Net Income Margin (%).
(LTM values as of)83120253292026Change
Stock Price ($)16.2026.8265.6%
Change Contribution By: 
Total Revenues ($ Mil)57,22654,278-5.2%
Net Income Margin (%)4.7%7.2%54.8%
P/E Multiple11.012.413.3%
Shares Outstanding (Mil)1,8111,819-0.5%
Cumulative Contribution65.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/29/2026
ReturnCorrelation
CVE65.6% 
Market (SPY)0.6%16.2%
Sector (XLE)40.8%69.5%

Fundamental Drivers

The 102.7% change in CVE stock from 2/28/2025 to 3/29/2026 was primarily driven by a 61.5% change in the company's P/E Multiple.
(LTM values as of)22820253292026Change
Stock Price ($)13.2326.82102.7%
Change Contribution By: 
Total Revenues ($ Mil)59,33254,278-8.5%
Net Income Margin (%)5.3%7.2%36.7%
P/E Multiple7.712.461.5%
Shares Outstanding (Mil)1,8261,8190.4%
Cumulative Contribution102.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/29/2026
ReturnCorrelation
CVE102.7% 
Market (SPY)9.8%50.4%
Sector (XLE)42.1%80.1%

Fundamental Drivers

The 61.0% change in CVE stock from 2/28/2023 to 3/29/2026 was primarily driven by a 150.8% change in the company's P/E Multiple.
(LTM values as of)22820233292026Change
Stock Price ($)16.6626.8261.0%
Change Contribution By: 
Total Revenues ($ Mil)71,76554,278-24.4%
Net Income Margin (%)9.0%7.2%-19.4%
P/E Multiple5.012.4150.8%
Shares Outstanding (Mil)1,9171,8195.4%
Cumulative Contribution61.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/29/2026
ReturnCorrelation
CVE61.0% 
Market (SPY)69.4%40.2%
Sector (XLE)65.5%78.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CVE Return105%61%-12%-6%16%55%388%
Peers Return68%51%6%8%23%44%411%
S&P 500 Return27%-19%24%23%16%-5%72%

Monthly Win Rates [3]
CVE Win Rate67%58%42%42%58%100% 
Peers Win Rate67%62%55%58%73%100% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
CVE Max Drawdown-5%0%-22%-11%-29%-6% 
Peers Max Drawdown-1%0%-11%-5%-9%-2% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-5% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SU, CNQ, IMO, XOM, CVX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)

How Low Can It Go

Unique KeyEventCVES&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-40.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven69.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1,270 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-84.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven554.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven566 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-57.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven137.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven1,137 days120 days

Compare to SU, CNQ, IMO, XOM, CVX

In The Past

Cenovus Energy's stock fell -40.9% during the 2022 Inflation Shock from a high on 6/7/2022. A -40.9% loss requires a 69.2% gain to breakeven.

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About Cenovus Energy (CVE)

Cenovus Energy Inc., together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific region. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan. This segments Foster Creek, Christina Lake, Sunrise, and Tucker oil sands projects, as well as Lloydminster thermal and conventional heavy oil assets The Conventional segment holds assets primarily located in Elmworth-Wapiti, Kaybob-Edson, Clearwater, and Rainbow Lake operating in Alberta and British Columbia, as well as interests in various natural gas processing facilities. The offshore segment engages in the exploration and development activities. The Canadian Manufacturing segment includes the owned and operated Lloydminster upgrading and asphalt refining complex, which upgrades heavy oil and bitumen into synthetic crude oil, diesel fuel, asphalt, and other ancillary products, as well as owns and operates the Bruderheim crude-by-rail terminal and two ethanol plants. The U.S. Manufacturing segment comprises the refining of crude oil to produce diesel, gasoline, jet fuel, asphalt, and other products. The Retail segment consists of marketing of its own and third-party refined petroleum products through retail, commercial, and bulk petroleum outlets, as well as wholesale channels. Cenovus Energy Inc. was founded in 2009 and is headquartered in Calgary, Canada.

AI Analysis | Feedback

Think of Cenovus as a Canadian integrated oil major, similar to a smaller ExxonMobil or Chevron.

AI Analysis | Feedback

  • Crude Oil and Bitumen: Develops and produces various grades of crude oil, including heavy oil and bitumen, from its oil sands, conventional, and offshore operations.
  • Natural Gas and Natural Gas Liquids: Extracts natural gas and associated natural gas liquids from its conventional assets.
  • Refined Petroleum Products: Refines crude oil into a wide range of products such as synthetic crude oil, diesel, gasoline, jet fuel, and asphalt.
  • Ethanol: Manufactures ethanol through its two ethanol plants in Canada.
  • Petroleum Product Marketing and Sales: Markets and sells its own and third-party refined petroleum products through retail, commercial, bulk, and wholesale channels.

AI Analysis | Feedback

Cenovus Energy Inc. (CVE) primarily sells its crude oil, natural gas, natural gas liquids, and refined petroleum products to other companies. Due to the commodity nature of its products and the wide range of buyers in the energy markets, specific major customer names are typically not disclosed and its customer base is highly diversified. However, based on the company's operational segments, its major customers fall into the following categories of businesses:

  • Other Energy Companies, Refiners, and Energy Trading Companies: These customers purchase Cenovus's crude oil (including bitumen and heavy oil), natural gas, and natural gas liquids produced from its Oil Sands, Conventional, and Offshore segments. They also acquire synthetic crude oil from Cenovus's Canadian Manufacturing segment for further processing or trading.

  • Commercial, Industrial, and Transportation Businesses: Cenovus's Canadian and U.S. Manufacturing segments produce refined products such as diesel, gasoline (wholesale), jet fuel, and asphalt. These are sold in bulk to commercial enterprises, industrial users, and transportation companies, including airlines, trucking firms, and construction companies, as well as through its own commercial and bulk petroleum outlets.

  • Petroleum Product Distributors and Wholesalers: These companies purchase refined petroleum products through wholesale channels from Cenovus's U.S. Manufacturing and Retail segments for further distribution and resale to smaller businesses or end-users.

In addition to these business-to-business (B2B) customers, Cenovus Energy also directly serves individual consumers by marketing its own and third-party refined petroleum products through its retail outlets (gas stations).

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Jon McKenzie. President & Chief Executive Officer

Jon McKenzie became President & Chief Executive Officer in April 2023 and is also a Director of Cenovus Energy. He has over 30 years of finance and operations experience in the Canadian oil and gas industry. Prior to his current role, he served as Executive Vice-President & Chief Operating Officer and Executive Vice-President & Chief Financial Officer at Cenovus. He was an integral part of the 2021 strategic combination with Husky Energy, having served as Chief Financial Officer at both Cenovus and Husky. McKenzie also held positions as Chief Financial Officer and Chief Commercial Officer at Irving Oil, where he was responsible for various commercial aspects including business development projects related to pipelines, rail, and terminal operations. Before that, he spent 10 years at Suncor Energy, holding increasingly senior roles in finance and operations, including operating responsibility for the company's upgrader in Fort McMurray. He currently serves on the Board of Irving Oil and Chairs the Board at the Canadian Association of Petroleum Producers (CAPP).

Kam Sandhar. Executive Vice-President & Chief Financial Officer

Kam Sandhar oversees Cenovus Energy's financial, risk, and investor relations activities. With nearly 20 years of experience in the oil and gas industry, he possesses extensive expertise in strategy, business development, finance, and investor relations, having led over $20 billion in asset transactions. Sandhar joined Cenovus in 2013, progressing through senior leadership roles in investor relations and acquisitions and divestitures. His previous roles at Cenovus include Executive Vice-President, Strategy & Corporate Development, and Senior Vice-President, Conventional. Before joining Cenovus, he spent nine years as a Principal and oil and gas analyst at Peters & Co. Limited. He began his career at Deloitte, focusing on oil and gas audit and taxation. Sandhar also serves on the Board of Headwater Exploration.

Drew Zieglgansberger. Chief Commercial Officer & Executive Vice-President

Drew Zieglgansberger has been the Chief Commercial Officer & Executive Vice-President at Cenovus Energy since 2023. He has a history of holding various executive positions within Cenovus, including Executive Vice-President, Upstream, and Senior Vice-President, Christina Lake. Zieglgansberger began his career in the oil and gas industry at a young age, starting as a roughneck at 18, becoming a driller by 19, managing a rig by 20, and starting consulting at 21.

John Soini. Executive Vice-President, Upstream – Thermal & Atlantic Offshore

John Soini is responsible for leading the development and safe operations of Cenovus Energy's oil sands, conventional heavy oil assets, and the company's assets offshore Atlantic Canada.

Jeff Lawson. Executive Vice-President, Corporate Development & Chief Sustainability Officer

Jeff Lawson is tasked with contributing to Cenovus Energy's long-term strategy through acquisitions and divestitures, while also ensuring that environmental, social, and governance considerations are integrated into the company's business plans.

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AI Analysis | Feedback

Here are the key risks to Cenovus Energy (CVE):

  1. Commodity Price Volatility: Cenovus Energy's profitability is highly dependent on the fluctuating market prices of crude oil and natural gas. Despite its integrated business model, which includes both upstream production and downstream refining, providing a partial hedge, a sustained period of low oil prices would significantly erode its margins.
  2. Regulatory and Environmental Risks: The company faces ongoing exposure to Canadian regulatory uncertainty, evolving climate regulations, and carbon taxes. Cenovus has expressed concerns regarding the impact of proposed Clean Electricity Regulations and its CEO has publicly opposed federal oil and gas emissions caps. Furthermore, Cenovus has been subject to "greenwashing complaints" regarding its environmental disclosures, which could impact its reputation and regulatory standing.
  3. Operational and Execution Risks: Cenovus is exposed to the inherent risks associated with executing complex, large-scale energy projects, including potential cost overruns and delays in its substantial capital investment plans. The company has also faced operational challenges, such as unexpected production declines in certain fields and increased operating costs, as well as disruptions from natural events like wildfires causing temporary production curtailments.

AI Analysis | Feedback

The accelerating global energy transition, driven by the widespread adoption of electric vehicles and renewable energy sources for power generation, poses a clear emerging threat to Cenovus Energy. This shift directly impacts the demand for crude oil, natural gas, gasoline, diesel, and jet fuel, which constitute the company's primary products across its exploration, production, refining, and retail segments.

AI Analysis | Feedback

Cenovus Energy Inc. operates in various segments of the oil and gas industry, encompassing the development and production of crude oil, natural gas liquids, and natural gas, along with the manufacturing and marketing of refined petroleum products such as diesel, gasoline, and asphalt. Below are the addressable market sizes for their main products and services:

Crude Oil

  • The global crude oil market was valued at approximately USD 2.6 trillion in 2024, with projections to reach USD 2.7 trillion by 2030. Another source states the global crude oil market was worth around USD 755.3 billion in 2024 and is expected to reach approximately USD 929.8 billion by 2034.
  • The U.S. crude oil market was valued at USD 697.6 billion in 2024.
  • The Asia Pacific crude oil market reached approximately 35.3 million tonnes in 2022 and is expected to expand to 50 million tonnes by 2032. In terms of value, Asia-Pacific's crude oil demand reached USD 330.8 billion in 2024, holding a 43.8% share of the global market.

Natural Gas

  • The North America natural gas market was valued at USD 435.26 billion in 2024 and is expected to reach USD 622.63 billion by 2030. Another estimate projects the North America natural gas market to reach a projected revenue of USD 710.3 million by 2033, from USD 505.7 million in 2025.
  • The U.S. natural gas market size is expected to value USD 473.4 billion in 2025 and is projected to reach USD 601.8 billion by 2032.
  • The Asia Pacific natural gas market generated a revenue of USD 421.3 million in 2025 and is expected to reach USD 551.4 million by 2033.

Natural Gas Liquids (NGL)

  • The North America Natural Gas Liquids (NGL) market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033.

Diesel Fuel

  • The global diesel fuel market size was estimated at USD 1,106.15 billion in 2025 and is projected to reach around USD 1,381.63 billion by 2033.
  • The Canada diesel fuel market size was estimated at approximately USD 28.10 billion in 2024 and is projected to reach USD 32.62 billion by 2033.
  • The U.S. diesel fuel market size is estimated to reach USD 60 billion by 2031. In 2023, U.S. diesel consumption averaged approximately 3.8 million barrels per day.
  • Asia Pacific dominated the global diesel fuel market with the largest revenue share of 45.4% in 2025.

Gasoline

  • The global gasoline market size reached USD 129.5 billion in 2024 and is projected to reach USD 145.7 billion by 2033. Another source states the global gasoline market size was valued at USD 132.67 billion in 2024 and is poised to grow to USD 151.69 billion by 2033.
  • The Canada gasoline fuel market size was estimated at USD 47.42 billion in 2024 and is projected to reach USD 47.12 billion by 2033.
  • In 2022, Americans used about 135.73 billion gallons of gasoline. The U.S. gasoline market size is forecast to decrease by -258 million liters between 2022 and 2027.

Asphalt

  • The global asphalt market size was USD 66.19 billion in 2024 and is estimated to surpass around USD 99.02 billion by 2034. Another source indicates the global asphalt market size reached USD 271.8 million in 2025 and is expected to reach USD 409.3 million by 2034.
  • The market size of Asphalt Manufacturing in Canada was USD 5.8 billion in 2024. Canada's market size of Asphalt and Bitumen Articles reached USD 272.35 million in 2024.
  • The U.S. asphalt market size was USD 32.6 million in 2024, expected to reach USD 52.9 million by 2032. Another projection for the U.S. market is USD 70.72 million by 2027.
  • Asia Pacific dominated the asphalt market with a market share of 31.99% in 2019 and an estimated size of USD 26.09 billion in 2024, expected to grow at a CAGR of 4.12% from 2025 to 2034.

AI Analysis | Feedback

Cenovus Energy (CVE) anticipates several key drivers to fuel its revenue growth over the next 2-3 years, primarily stemming from increased production volumes, strategic acquisitions, and optimized operations across its diverse portfolio.

  1. Increased Upstream Production Volumes: Cenovus expects significant growth in its upstream production, particularly from its oil sands and offshore assets. The company achieved record upstream production in 2025 and projects approximately 4% year-over-year growth in 2026, adjusted for the MEG acquisition. Key projects contributing to this growth include the Christina Lake North expansion, Sunrise optimization, and the West White Rose project, which collectively aim to increase production to nearly 1.1 million barrels of oil equivalent per day (BOE/d) by the end of 2028. Specifically, first oil from the Narrows Lake tie-back was anticipated in mid-2025, ramping up production. The West White Rose project is also expected to begin producing oil in the second quarter of 2026, with production ramping up as additional wells come online.

  2. Synergy Capture from MEG Energy Acquisition: The acquisition of MEG Energy, completed in the fourth quarter of 2025, is a significant strategic move expected to enhance Cenovus's heavy oil portfolio by adding approximately 110,000 barrels per day (bbl/d) of low-cost oil sands output. While primarily a cost-efficiency initiative, Cenovus anticipates realizing $150 million in annual synergies in 2026 and 2027, growing to over $400 million annually by 2028 and beyond. These synergies, by improving overall profitability and efficiency, can indirectly support and enable further investment in growth projects, thereby driving future revenue expansion.

  3. Enhanced Downstream Performance and Utilization: Cenovus's downstream refining operations are expected to contribute to revenue growth through sustained high utilization rates and strong market capture. In the fourth quarter of 2025, the company reported an impressive 98% overall crude unit utilization, with U.S. refining achieving 97% and Canadian refining reaching a record 105% utilization. The 2026 guidance projects downstream crude throughput between 430,000 and 450,000 bbls/d, with a utilization rate of 91% to 95%. This focus on operational reliability and efficiency in its refining segments ensures consistent product output and optimized margins.

  4. Optimization and Redevelopment of Existing Assets: Ongoing optimization projects and redevelopment programs across Cenovus's existing assets are expected to bolster revenue. The Lloydminster thermal assets, for example, saw exceptional performance in the fourth quarter of 2025 due to a successful redevelopment well program, with an even larger program planned for 2026. Furthermore, the Foster Creek optimization project delivered incremental production ahead of schedule. Continued development drilling at Sunrise, including bringing on new well pads in 2026 and at least one more in 2027, is targeted to increase production to over 70,000 bbl/d by 2028.

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Share Repurchases

  • Cenovus Energy renewed its Normal Course Issuer Bid (NCIB) to purchase up to 120,250,990 common shares between November 11, 2025, and November 10, 2026, representing approximately 10% of its public float.
  • Under the previous NCIB, which expired on November 10, 2025, Cenovus repurchased 82,563,942 common shares at a weighted-average price of $21.58 per share.
  • From 2021 to the second quarter of 2025, the company reduced its common shares by 9.52% through its repurchase program.

Share Issuance

  • In November 2025, Cenovus completed the acquisition of MEG Energy Corp. for approximately $5 billion, including assumed debt, which involved cash payments and the issuance of Cenovus common shares.

Outbound Investments

  • Cenovus completed the acquisition of MEG Energy Corp. in November 2025 for approximately $5 billion, including assumed debt.
  • The company's value chain was significantly expanded through its merger with Husky Energy in 2021, which enhanced its downstream capabilities with various refining and upgrading facilities.

Capital Expenditures

  • For 2026, Cenovus expects capital investment between $5.0 billion and $5.3 billion, including approximately $350 million in capitalized turnaround costs.
  • Approximately $3.5 billion to $3.6 billion of the 2026 capital budget is allocated to sustaining capital, while $1.2 billion to $1.4 billion is dedicated to growth and expansion projects, focusing on areas like the Christina Lake North expansion and West White Rose drilling activities.
  • In 2025, capital investment was guided between $4.6 billion and $5.0 billion, with about $3.2 billion for sustaining base production and $1.4 billion to $1.8 billion directed towards advancing upstream growth projects such as Narrows Lake, West White Rose, and Foster Creek optimization.

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Peer Comparisons

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Financials

CVESUCNQIMOXOMCVXMedian
NameCenovus .Suncor E.Canadian.Imperial.Exxon Mo.Chevron  
Mkt Price26.8266.6650.09130.76170.99211.1598.71
Mkt Cap48.880.1104.364.0724.3420.492.2
Rev LTM54,27852,37744,16745,203323,905184,43253,328
Op Inc LTM4,6277,9958,2264,11433,93816,6748,110
FCF LTM3,3216,9258,3794,70323,61216,5927,652
FCF 3Y Avg3,5447,6037,9763,58929,25917,1397,790
CFO LTM8,22812,78115,1066,70851,97033,93913,944
CFO 3Y Avg8,28413,69513,6155,47454,12033,68013,655

Growth & Margins

CVESUCNQIMOXOMCVXMedian
NameCenovus .Suncor E.Canadian.Imperial.Exxon Mo.Chevron  
Rev Chg LTM-8.5%-4.6%6.4%-7.4%-4.5%-4.6%-4.6%
Rev Chg 3Y Avg-8.3%-5.5%-3.2%-7.3%-6.4%-7.6%-6.9%
Rev Chg Q-14.3%-6.8%-3.2%-8.7%-1.3%-5.3%-6.0%
QoQ Delta Rev Chg LTM-4.1%-1.7%-0.8%-2.3%-0.3%-1.4%-1.5%
Op Mgn LTM8.5%15.3%18.6%9.1%10.5%9.0%9.8%
Op Mgn 3Y Avg9.0%16.3%22.6%11.5%11.8%10.7%11.6%
QoQ Delta Op Mgn LTM0.9%0.3%-1.6%-1.8%-0.5%1.0%-0.1%
CFO/Rev LTM15.2%24.4%34.2%14.8%16.0%18.4%17.2%
CFO/Rev 3Y Avg14.6%25.7%32.2%11.6%16.3%17.6%16.9%
FCF/Rev LTM6.1%13.2%19.0%10.4%7.3%9.0%9.7%
FCF/Rev 3Y Avg6.2%14.3%18.9%7.6%8.8%8.9%8.9%

Valuation

CVESUCNQIMOXOMCVXMedian
NameCenovus .Suncor E.Canadian.Imperial.Exxon Mo.Chevron  
Mkt Cap48.880.1104.364.0724.3420.492.2
P/S0.91.52.41.42.22.31.9
P/EBIT9.59.27.415.017.320.112.2
P/E12.413.59.619.625.134.216.6
P/CFO5.96.36.99.513.912.48.2
Total Yield8.7%10.9%15.0%7.3%6.4%6.0%8.0%
Dividend Yield0.7%3.5%4.7%2.2%2.4%3.0%2.7%
FCF Yield 3Y Avg12.0%16.5%11.6%10.1%6.5%6.2%10.9%
D/E0.30.20.20.10.10.10.1
Net D/E0.20.10.20.00.00.10.1

Returns

CVESUCNQIMOXOMCVXMedian
NameCenovus .Suncor E.Canadian.Imperial.Exxon Mo.Chevron  
1M Rtn21.2%17.9%15.5%11.5%12.1%13.1%14.3%
3M Rtn61.9%55.8%54.1%53.6%44.5%42.1%53.9%
6M Rtn53.5%59.2%56.6%41.7%48.1%34.6%50.8%
12M Rtn101.7%80.8%72.0%89.0%50.2%32.9%76.4%
3Y Rtn70.5%145.9%110.2%181.7%73.0%47.6%91.6%
1M Excs Rtn30.4%27.9%25.1%19.8%22.9%22.5%24.0%
3M Excs Rtn69.8%63.5%61.4%61.3%52.5%49.8%61.3%
6M Excs Rtn57.6%62.4%61.3%45.1%53.8%37.7%55.7%
12M Excs Rtn83.6%66.9%56.5%71.6%38.0%19.9%61.7%
3Y Excs Rtn16.7%92.4%60.8%137.6%19.3%-8.2%40.1%

Comparison Analyses

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Financials

Segment Financials

Assets by Segment
$ Mil20252024202320222021
Oil Sands31,66831,67332,24831,07024,641
United States (US) Refining9,5178,6608,3247,7774,363
Corporate and Eliminations5,7544,6826,3764,7501,210
Offshore4,0893,5113,3393,5970
Canadian Refining2,9012,9603,1722,918578
Conventional2,6102,4292,4103,0261,978
Retail   9660
Total56,53953,91555,86954,10432,770


Price Behavior

Price Behavior
Market Price$26.82 
Market Cap ($ Bil)48.8 
First Trading Date11/17/2009 
Distance from 52W High0.0% 
   50 Days200 Days
DMA Price$21.80$17.46
DMA Trendupup
Distance from DMA23.0%53.7%
 3M1YR
Volatility38.3%40.6%
Downside Capture-0.910.07
Upside Capture107.0082.42
Correlation (SPY)15.7%50.1%
CVE Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.830.670.460.511.120.95
Up Beta1.450.880.730.131.150.99
Down Beta3.582.701.551.531.751.41
Up Capture69%85%63%55%78%35%
Bmk +ve Days9203170142431
Stock +ve Days12243467138394
Down Capture-116%-188%-101%-36%49%88%
Bmk -ve Days12213054109320
Stock -ve Days9172756111352

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVE
CVE95.7%40.4%1.75-
Sector ETF (XLE)37.0%24.9%1.2281.1%
Equity (SPY)14.5%18.9%0.5950.0%
Gold (GLD)50.2%27.7%1.4617.6%
Commodities (DBC)17.8%17.6%0.8566.4%
Real Estate (VNQ)0.4%16.4%-0.1537.0%
Bitcoin (BTCUSD)-23.7%44.2%-0.4926.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVE
CVE31.2%40.6%0.79-
Sector ETF (XLE)25.3%26.1%0.8682.0%
Equity (SPY)11.8%17.0%0.5438.7%
Gold (GLD)20.7%17.7%0.9617.5%
Commodities (DBC)11.6%18.9%0.5064.4%
Real Estate (VNQ)3.0%18.8%0.0725.8%
Bitcoin (BTCUSD)4.0%56.6%0.2914.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with CVE
CVE9.2%50.6%0.39-
Sector ETF (XLE)11.4%29.4%0.4278.6%
Equity (SPY)14.0%17.9%0.6745.1%
Gold (GLD)13.3%15.8%0.707.4%
Commodities (DBC)8.2%17.6%0.3961.4%
Real Estate (VNQ)4.7%20.7%0.1933.2%
Bitcoin (BTCUSD)66.4%66.8%1.0611.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date3132026
Short Interest: Shares Quantity62.9 Mil
Short Interest: % Change Since 228202632.7%
Average Daily Volume21.4 Mil
Days-to-Cover Short Interest2.9 days
Basic Shares Quantity1,819.1 Mil
Short % of Basic Shares3.5%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
SUMMARY STATS   
# Positive000
# Negative000
Median Positive   
Median Negative   
Max Positive   
Max Negative   

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/19/202640-F
09/30/202510/31/20256-K
06/30/202507/31/20256-K
03/31/202505/08/20256-K
12/31/202402/20/202540-F
09/30/202410/31/20246-K
06/30/202408/01/20246-K
03/31/202405/01/20246-K
12/31/202302/15/202440-F
09/30/202311/02/20236-K
06/30/202307/27/20236-K
03/31/202304/26/20236-K
12/31/202202/16/202340-F
09/30/202211/02/20226-K
06/30/202207/28/20226-K
03/31/202204/27/20226-K

Industry Resources

External Quote Links


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