National Bank Raises Cenovus Energy (CVE) PT to C$29 Despite Q2 Production Dip from Maintenance, Wildfires

Cenovus Energy Inc. (NYSE:CVE) is one of the best Canadian stocks to buy now. On September 10, National Bank raised the firm’s price target on Cenovus Energy to C$29 from C$28, while keeping an Outperform rating on the shares. Prior to this sentiment, the company had already reported that its upstream production totaled 765,900 barrels of oil equivalent per day (BOE/d) in Q2 2025.

This was a year-over-year decrease from 818,900 BOE/d due to planned maintenance turnarounds at the Foster Creek and Sunrise oil sands assets, maintenance at offshore facilities, and the temporary production impact from wildfire activity at Christina Lake.

National Bank Raises Cenovus Energy (CVE) PT to C$29 Despite Q2 Production Dip from Maintenance, Wildfires

The company made ~$2.4 billion in cash from operating activities in Q2, $1.5 billion of adjusted funds flow, and $355 million of free funds flow. Net earnings for the quarter were $851 million, which was a decline from $859 million in Q1 2025. The total operating margin was $2.1 billion, compared with $2.8 billion in the prior quarter.

Cenovus Energy Inc. (NYSE:CVE) develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the US, and China.

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Disclosure: None. This article is originally published at Insider Monkey.