RBC Capital Raises its Price Target on Cenovus Energy (CVE)

On May 7, 2026, RBC Capital raised the firm’s terms people connected Cenovus Energy Inc. (NYSE:CVE) to C$45 from C$42 portion maintaining an Outperform rating. Scotiabank expert Kevin Fisk besides raised the firm’s terms people connected Cenovus Energy Inc. (NYSE:CVE) to C$44 from C$38 and kept an Outperform standing connected the shares.

Meanwhile, Raymond James downgraded Cenovus Energy Inc. (NYSE:CVE) to Outperform from Strong Buy portion raising its terms people to C$42 from C$41. The steadfast described the company’s Q1 results arsenic coagulated and noted that the banal has generated a full instrumentality of 60% since Raymond James upgraded the shares to Strong Buy past October. The steadfast cited valuation arsenic the crushed for the downgrade, but added that it inactive views Cenovus arsenic offering immoderate of the champion risk-adjusted returns among large-cap elder lipid and state companies nether its coverage.

Photo by Zbynek Burival connected Unsplash

On May 6, 2026, Cenovus Energy Inc. (NYSE:CVE) reported Q1 EPS of 83c, versus the statement estimation of 55c. Revenue totaled 12.4B, compared to $10.9B successful the erstwhile quarter. The institution besides reported Q1 upstream accumulation of 972,100 barrels of lipid equivalent per day, up 6% from Q4 2025 and 19% from Q1 2025, portion downstream crude throughput reached 458,500 barrels per time with an wide crude portion utilization complaint of 97%. CEO Jon McKenzie said the institution delivered exceptional operating and fiscal results during the quarter, supported by grounds upstream production, beardown downstream performance, and task execution crossed its integrated plus base. McKenzie added that Cenovus remains focused connected information and disciplined execution of its broader concern plan.

Cenovus Energy Inc. (NYSE:CVE) develops, produces, refines, transports, and markets crude oil, earthy gas, and refined petroleum products crossed Canada, the United States, and China.

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