Cenovus Energy Inc. (CVE:CA)
The National Bank of Canada increased its 12 month target price on Cenovus Energy Inc. to $29.00 from $28.00, while reiterating an “Outperform” rating, The valuation increase reflects improved confidence in the company’s cash flow outlook and balance sheet resilience. The valuation increase is underpinned by stable heavy oil pricing, disciplined capital allocation, and Cenovus’s continued focus on shareholder returns through dividends and share buybacks. National Bank maintained the “Outperform” rating and views Cenovus as well positioned to benefit from a supportive energy price environment while managing cost pressures and operational execution effectively.
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