Cenovus Energy
Produces Canadian heavy oil and connects it to North American upgrading and refining.
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Profile
Produces oil and natural gas across Canadian oil sands, conventional and offshore assets, then upgrades, refines and markets output in Canada and the United States. The integrated portfolio links long-life heavy-oil production with downstream infrastructure, while operations depend on export capacity, commodity prices, refinery reliability and wildfire response.
Produces oil and natural gas from Canadian oil sands and conventional fields, with offshore operations in Atlantic Canada, China and Indonesia. Oil Sands, Conventional and Offshore form the upstream portfolio, while Canadian Refining and U.S. Refining process and market the output.
Combines long-life oil-sands assets such as Foster Creek and Christina Lake with upgrading and refining infrastructure. Full ownership of core projects and reservoir-storage flexibility support operating control when transportation or pricing conditions disrupt normal flows.
Depends on Western Canadian pipeline and rail egress, global commodity prices, refinery safety and maintenance, and wildfire response. The integrated system links heavy-oil production to controlled downstream assets in Canada and the United States.
Company facts
Key statistics
Year to date +80.1% · Average volume (30d) 6.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 13, 2026 | Lake Street | Target | $36 | |||
| Feb 2, 2026 | Goldman Sachs | Target | $20 | $22 | ||
| Jan 20, 2026 | JP Morgan | Downgrade | Overweight | Neutral | ||
| Jan 2, 2026 | Goldman Sachs | Target | $20 | |||
| Nov 17, 2025 | BMO Capital | Target | $31 | $29 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 29, 2026Q2 FY26 | $1.11 | $1.11 | 0.0% | $11.87B | $14.59B | +22.9% | +4.30% |
| May 6, 2026Q1 FY26 | $0.56 | $0.61 | +8.9% | $9.47B | $8.47B | −10.6% | −1.86% |
| Feb 19, 2026Q4 FY25 | $0.28 | $0.36 | +28.6% | $8.64B | $9.42B | +9.0% | −2.42% |
| Oct 31, 2025Q3 FY25 | $0.40 | $0.52 | +30.0% | $11.04B | $9.46B | −14.3% | +0.71% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $10.22B | $9.31B | $9.49B | $7.82B | $8.91B | $12.54B | |
| Gross profit | $2.24B | $1.87B | $2.20B | $947.3M | $1.95B | $3.19B | |
| Operating income | $923.6M | $496.3M | $2.04B | $773.4M | $1.66B | $3.03B | |
| Net income | $617.9M | $612.2M | $925.1M | $671.3M | $1.13B | $2.07B | |
| Diluted EPS | $0.34 | $0.33 | $0.52 | $0.35 | $0.60 | $1.10 | |
| Gross margin | 21.9% | 20.0% | 23.2% | 12.1% | 21.9% | 25.4% | |
| Operating margin | 9.0% | 5.3% | 21.5% | 9.9% | 18.6% | 24.2% |
Fiscal years (4-quarter sums)FY21 $26.62B · FY22 $36.56B · FY23 $33.74B · FY24 $42.22B · FY25 $36.84B
Balance sheet, Jun 30, 2026Cash & short-term investments $2.28B · Total debt $8.37B · Total assets $46.86B · Shareholders' equity $24.61B
Dividends
Raised for 4 straight years — most recently to $0.1573 from $0.1456 in Jun 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.1573 | raised from $0.1456 |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.1456 | raised from $0.1453 |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.1453 | raised from $0.1449 |
| Sep 15, 2025 | Sep 15 | Sep 29 | $0.1449 | cut from $0.1473 |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.1473 | raised from $0.1252 |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.1252 | cut from $0.1264 |
| Dec 13, 2024 | Dec 13 | Dec 31 | $0.1264 | cut from $0.1325 |
| Sep 13, 2024 | Sep 13 | Sep 27 | $0.1325 | raised from $0.131 |
Ownership
Shares outstanding 1.84B · Float 1.31B · 70.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital World Investors | 73.84M | 4.00% | 13F | Aug 12, 2026 |
| Capital Research Global Investors | 59.77M | 3.24% | 13F | Aug 12, 2026 |
| Capital International Investors | 46.87M | 2.54% | 13F | Aug 12, 2026 |
| Royal Bank of Canada | 43.04M | 2.33% | 13F | Aug 14, 2026 |
| Vanguard Capital Management LLC | 38.40M | 2.08% | 13F | Aug 13, 2026 |
Insider tradesForm 4
Nothing filed in the last 12 months.
View detailsPeers
- Suncor Energy
Broad integrated rivalry across oil sands, offshore oil and refining
- Canadian Natural Resources
Large-scale rivalry in Canadian oil sands, heavy oil and conventional output
- Imperial Oil
Integrated Canadian rivalry in oil-sands production and refining
- ConocoPhillips
Direct overlap in Alberta thermal oil sands and Montney production
- Shell (ADR)
Global overlap in upgrading, refining and offshore production
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cenovus Energy | $31.66 | +0.25% | $58.24B | 12.3 | 11.8 | 1.5 | +61.4% |
| Suncor Energy | $65.72 | +0.44% | $77.26B | 12.1 | 11.5 | 1.8 | +31.9% |
| Canadian Natural Resources | $49.00 | −0.02% | $102.18B | 12.1 | 17.8 | 3.0 | +46.3% |
| Imperial Oil | $130.83 | +0.34% | $63.94B | 20.3 | 13.4 | 1.6 | +88.9% |
| ConocoPhillips | $129.95 | −0.32% | $158.80B | 17.3 | 13.4 | 2.5 | +39.7% |
| Shell (ADR) | $91.47 | +0.63% | $253.47B | 10.0 | 9.2 | 0.8 | +44.7% |
| Median | 12.1 | 13.4 | 1.8 | +44.7% |