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Highlights

  • ATB Capital raises Cenovus Energy target price from CAD25 to CAD28 with “Outperform” rating.
  • Consensus analyst rating is “Moderate Buy” with a CAD27.70 average price target.
  • Multiple brokerages increase targets, while Veritas lowers rating from “Strong Buy” to “Hold.”

Cenovus Energy (TSE: CVE / NYSE: CVE), an integrated oil company focused on oil sands development, recently had its price target increased by ATB Capital from CAD25.00 to CAD28.00, signaling a potential upside of 21.9% from the previous close. The brokerage maintained its “Outperform” rating, reflecting expectations for the stock’s performance relative to the broader market.

Other analysts have also updated their outlooks on CVE. National Bankshares upgraded the stock from “Sector Perform” to “Outperform” and raised its target from CAD24.00 to CAD28.00. Desjardins lifted its price target to CAD27.50 with a “Buy” rating, while TD Securities increased its target to CAD26.00, also maintaining a “Buy.” Raymond James Financial raised its target from CAD29.00 to CAD30.00 with an “Outperform” rating. Conversely, Veritas downgraded Cenovus Energy from “Strong Buy” to “Hold.” Overall, one analyst rates the stock as Strong Buy, nine as Buy, and two as Hold, resulting in a consensus rating of “Moderate Buy” with an average target of CAD27.70 according to MarketBeat.

Cenovus Energy operates primarily in Alberta, Canada, producing conventional crude oil, natural gas liquids, and natural gas, along with refining operations in the U.S. The company reported net upstream production of 472,000 barrels of oil equivalent per day in 2020 and holds an estimated 6.7 billion barrels of oil equivalent in proven and probable reserves. Its integrated model combines upstream production with downstream refining, positioning the company to capture value across the energy supply chain.