Top 15 Energy Companies With the Highest Upside Potential

2. Cenovus Energy Inc. (NYSE:CVE)

Upside Potential as of April 28: 58.28%

Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company, based in Calgary, Alberta, with operations that span Canada, the United States, and the Asia Pacific region.

Cenovus Energy Inc. (NYSE:CVE) narrowly missed forecasts for its Q4 2024 profit, as its EPS of $0.19 was slightly below expectations of $0.2, despite achieving a quarterly record for oilsands production at 628,500 boe/d. The higher production was offset by lower commodity prices and weak refining margins. The company’s revenue of $9 billion during the quarter was also down 7.29% YoY and fell below estimates by $1.11 billion. This was primarily due to a lower refining revenue, impacted by required turnaround work at the firm’s Lima, Ohio refinery, as well as narrower heavy crude oil differentials.

Despite the lower-than-expected results, Cenovus Energy Inc. (NYSE:CVE) generated about $5.6 billion of adjusted funds flow in FY 2024 and returned around $2.24 billion to shareholders through dividends, share repurchases, and the redemption of preferred shares. The company also achieved its net debt target of approximately $2.9 billion during the year and, as a result, is now paying out 100% of its excess free funds flow.