This is What Analysts Are Saying About Cenovus Energy Inc. (CVE)

Cenovus Energy Inc. (NYSE:CVE) is one of the best affordable stocks under $30. On January 10, National Bank reaffirmed a Buy rating on Cenovus Energy Inc. (NYSE:CVE) and set a price target of C$29.00. In another development, Goldman Sachs reinstated coverage of the stock with a Buy rating and $20 price target, stating that it sees the company posting “strong” free cash flow growth over the long term. The firm also believes that factors such as the sale of the company’s 50% interest in the Wood River and Borger refineries, and the acquisition of MEG Energy, allowed an improvement in its fundamentals.

Cenovus Energy Inc. (NYSE:CVE) also received several rating updates in December, with RBC Capital reiterating a Buy rating on the stock with a price target of C$32.00. Jefferies and TD Cowen also maintained a Buy rating on Cenovus Energy Inc. (NYSE:CVE) on December 12 and December 11, respectively. Jefferies set a C$30.00 price target, and TD Cowen 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.

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.