Here is Why Cenovus Energy (CVE) Fell This Week

The share price of Cenovus Energy Inc. (NYSE:CVE) fell by 6.32% between December 31, 2025, and January 7, 2026, putting it among the Energy Stocks that Lost the Most This Week.

Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company with oil and natural gas production operations in Canada and the Asia-Pacific region, and upgrading, refining, and marketing operations in Canada and the United States.

Cenovus Energy Inc. (NYSE:CVE) was among the Canadian oil stocks that took a hit following the recent US action in Venezuela and the capture of Nicolas Maduro. The prospects of large amounts of Venezuelan crude making its way to America’s Gulf refineries spell bad news for Canadian oil providers, especially those linked to Canadian oil sands, as Venezuela’s oil is similar to that produced in Alberta.

Nearly 60% of American crude oil imports come from Canada, and even if a portion of this is replaced with Venezuelan crude, it could impact producers in the short term. Moreover, the cheaper oil coming from Venezuela would potentially drive down the price American buyers pay to Canadian producers, putting further pressure on margins and profits in an already low-priced environment.

However, the market’s reaction seems to be overdone, as getting Venezuela’s dilapidated oil infrastructure back to peak production would still require significant time and tens of billions of dollars in investment, in addition to political stability.

In other news, on January 2, Goldman Sachs analyst Neil Mehta reinstated coverage of Cenovus Energy Inc. (NYSE:CVE) with a ‘Buy’ rating and a price target of $20, representing an upside of over 26% from the current levels.

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Disclosure: None.