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.

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.

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