TD Securities Raises Cenovus Energy (CVE) Price Target After Review

Cenovus Energy Inc. (NYSE:CVE) is included among the 15 Global Dividend Stocks to Diversify Your Portfolio.

On December 3, TD Securities analyst Menno Hulshof raised the firm’s price target on Cenovus Energy Inc. (NYSE:CVE) to C$29 from C$28 and kept a Buy rating on the shares.

On December 11, the company laid out its 2026 capital budget and updated corporate guidance. Cenovus Energy Inc. (NYSE:CVE) said it expects capital investment to land between $5.0 billion and $5.3 billion in 2026. That figure includes about $350 million tied to turnaround costs, which will be capitalized during the year. Excluding those turnaround items, capital spending is projected at $4.7 billion to $5.0 billion.

Roughly $850 million of that total relates to the recently acquired Christina Lake North asset, formerly MEG’s Christina Lake.

Most of the budget is geared toward maintaining the existing business. Sustaining capital, excluding turnarounds, is expected to range from $3.5 billion to $3.6 billion. Management said this level of spending is designed to support safe and reliable operations while holding base production steady. Beyond that, Cenovus Energy Inc. (NYSE:CVE) plans to direct $1.2 billion to $1.4 billion toward growth projects, including an expansion at Christina Lake North.

The company also outlined plans for its conventional portfolio, expecting to invest between $450 million and $500 million in those assets during 2026, with most of the spending aimed at sustaining production. Total conventional output is forecast at 120,000 to 125,000 BOE per day, with operating costs estimated between $11.00 per BOE and $12.00 per BOE.

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

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