What Does Wall Street Think About Cenovus Energy Inc. (CVE)?

Cenovus Energy Inc. (NYSE:CVE) is one of the top cheap stocks under $20 to buy now. RBC Capital analyst Gregory Pardy reiterated a Buy rating on Cenovus Energy Inc. (NYSE:CVE) on December 15 and set a price target of C$32.00. Cenovus Energy Inc. (NYSE:CVE) also received a rating update from Jefferies analyst Lloyd Byrne on December 12, who reiterated a Buy rating with a C$30.00 price target. Similarly, TD Cowen also maintained a Buy rating on the stock on December 11 and set a C$29.00 price target.

Cenovus Energy Inc. (CVE): Among Billionaire Israel Englander’s Stock Picks with Huge Upside Potential

The rating updates came after Cenovus Energy Inc. (NYSE:CVE) announced its 2026 capital budget and corporate guidance on December 11, reporting a capital investment of between $5.0 billion and $5.3 billion in its 2026 guidance highlights. The capital investment includes around $350 million of capitalized turnaround costs, and is expected to be between $4.7 billion and $5.0 billion, excluding turnaround costs. The company further reported an upstream production of between 945,000 barrels of oil equivalent per day (BOE/d) and 985,000 BOE/d, reflecting a year-over-year growth rate of approximately 4%, which is adjusted for the acquisition of MEG Energy Corp.

Cenovus Energy Inc. (NYSE:CVE) anticipates general and administrative (G&A) costs, excluding stock-based compensation, to remain flat compared to 2025 in the range of $625 million to $675 million. Cost reductions and synergies are expected to offset the effect of the MEG acquisition.

Based in Canada, Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company that provides gas and oil. Its operations are divided into the Upstream, Downstream, and Corporate and Eliminations segments.

While we acknowledge the potential of CVE to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVE and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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