Cenovus Energy Inc. (NYSE:CVE) is one of the On May 7, 2026, RBC Capital raised the firm’s price target on Cenovus Energy Inc. (NYSE:CVE) to C$45 from C$42 while maintaining an Outperform rating.
Scotiabank analyst Kevin Fisk also raised the firm’s price target on Cenovus Energy Inc. (NYSE:CVE) to C$44 from C$38 and kept an Outperform rating on the shares
Meanwhile, Raymond James downgraded Cenovus Energy Inc. (NYSE:CVE) to Outperform from Strong Buy while raising its price target to C$42 from C$41. The firm described the company’s Q1 results as solid and noted that the stock has generated a total return of 60% since Raymond James upgraded the shares to Strong Buy last October. The firm cited valuation as the reason for the downgrade, but added that it still views Cenovus as offering some of the best risk-adjusted returns among large-cap senior oil and gas companies under its coverage.
Photo by Zbynek Burival on Unsplash On May 6, 2026, Cenovus Energy Inc. (NYSE:CVE) reported Q1 EPS of 83c, versus the consensus estimate of 55c. Revenue totaled 12.4B, compared to $10.9B in the previous quarter. The company also reported Q1 upstream production of 972,100 barrels of oil equivalent per day, up 6% from Q4 2025 and 19% from Q1 2025, while downstream crude throughput reached 458,500 barrels per day with an overall crude unit utilization rate of 97%.