Overview Dividends

(CVE) Cenovus Energy - Ratings and Ratios

Exchange: NYSE • Country: Canada • Currency: USD • Type: Common Stock • ISIN: CA15135U1093

Crude Oil, Bitumen, Natural Gas, Diesel, Gasoline

Integrated Oil & Gas
Market Cap in USD: 33,484m

IPO / Inception: 2009-11-17
Return 12m vs S&P 500: 0.82%

EPS (Earnings per Share)

EPS CAGR: 120.28%
EPS Trend: -16.7%

Last SUE: 3.77
Qual. Beats: 2

Revenue

Rev. CAGR: 4.93%
Rev. Trend: 40.7%

Last SUE: -0.05
Qual. Beats: 0

Dividends

Dividend Yield	3.39%
Yield on Cost 5y	10.95%
Yield CAGR 5y	90.53%
Payout Consistency	80.2%
Payout Ratio	46.9%

Risk via 5d forecast
Volatility	33.9%
Value at Risk 5%th	56.2%
Relative Tail Risk	0.67%

Reward TTM
Sharpe Ratio	0.46
Alpha	0.88
CAGR/Max DD	-0.02

Character TTM
Hurst Exponent	0.479
Beta	1.118
Beta Downside	1.547

Drawdowns 3y
Max DD	49.57%
Mean DD	18.11%
Median DD	17.20%

Description: CVE Cenovus Energy December 17, 2025

Cenovus Energy Inc. (NYSE:CVE) is an integrated upstream-downstream oil and gas company operating in Canada, the United States, and China. Its business is split into Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments, with core bitumen and heavy-oil production coming from the Foster Creek, Christina Lake, Sunrise, and Lloydminster projects.

Key operational metrics (as of Q3 2024) show 2024-adjusted net production of ~620 kb/d of oil-equivalent, of which roughly 55 % is bitumen from the oil-sands portfolio. The Lloydminster upgrading complex now runs at ~70 % capacity, delivering ~260,000 bbl/d of synthetic crude and diesel, while the company’s U.S. refining margin averaged $12.5 per barrel in the same quarter.

Financially, Cenovus generated $2.1 billion of free cash flow in 2023, supporting a net debt-to-EBITDA ratio of 2.3×, well below the industry median of ~3.0×. The firm’s dividend payout is 60 % of earnings, yielding ~3.8 % at current share price, and it has a $1.5 billion share-repurchase authorization active through 2025.

Sector-wide drivers that will materially affect Cenovus include sustained high WTI crude prices (above $80 / bbl), tightening refinery crack spreads, and the ongoing regulatory push for lower carbon intensity in oil-sands production, which could raise operating costs but also create eligibility for carbon-credit incentives.

For a deeper quantitative view, you may want to explore the CVE dashboard on ValueRay.

Piotroski VR‑10 (Strict, 0-10) 5.0

Net Income (3.14b TTM) > 0 and > 6% of Revenue (6% = 3.33b TTM)

FCFTA 0.05 (>2.0%) and ΔFCFTA -4.69pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue 7.42% (prev 6.59%; Δ 0.82pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.15 (>3.0%) and CFO 7.85b > Net Income 3.14b (YES >=105%, WARN >=100%)

Net Debt (8.13b) to EBITDA (9.28b) ratio: 0.88 <= 3.0 (WARN <= 3.5)

Current Ratio 1.73 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (1.79b) change vs 12m ago -3.79% (target <= -2.0% for YES)

Gross Margin 20.70% (prev 22.03%; Δ -1.33pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 102.6% (prev 105.2%; Δ -2.62pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 7.64 (EBITDA TTM 9.28b / Interest Expense TTM 546.0m) >= 6 (WARN >= 3)

Altman Z'' 2.93

(A) 0.08 = (Total Current Assets 9.77b - Total Current Liabilities 5.65b) / Total Assets 53.57b

(B) 0.23 = Retained Earnings (Balance) 12.23b / Total Assets 53.57b

(D) 1.11 = Book Value of Equity 28.02b / Total Liabilities 25.18b

Total Rating: 2.93 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 64.88

1. Piotroski 5.0pt

2. FCF Yield 5.21%

3. FCF Margin 5.09%

4. Debt/Equity 0.35

5. Debt/Ebitda 0.88

6. ROIC - WACC (= 2.82)%

7. RoE 10.69%

8. Rev. Trend 40.68%

9. EPS Trend -16.66%

What is the price of CVE shares?

As of December 20, 2025, the stock is trading at USD 16.44 with a total of 11,084,761 shares traded.
Over the past week, the price has changed by -6.47%, over one month by -10.51%, over three months by -5.13% and over the past year by +17.75%.

Is CVE a buy, sell or hold?

Cenovus Energy has received a consensus analysts rating of 4.26. Therefore, it is recommended to buy CVE.

Strong Buy: 8
Buy: 9
Hold: 1
Sell: 1
Strong Sell: 0

What are the forecasts/targets for the CVE price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	17.2	4.4%
Analysts Target Price	17.2	4.4%
ValueRay Target Price	17.9	8.6%

CVE Fundamental Data Overview December 11, 2025

Market Cap CAD = 46.07b (33.48b USD * 1.376 USD.CAD)
P/E Trailing = 14.3145
P/E Forward = 15.6986
P/S = 0.6486
P/B = 1.641
P/EG = 0.45
Beta = 0.723
Revenue TTM = 55.53b CAD
EBIT TTM = 4.17b CAD
EBITDA TTM = 9.28b CAD
Long Term Debt = 7.16b CAD (from longTermDebt, last quarter)
Short Term Debt = 342.0m CAD (from shortTermDebt, last quarter)
Debt = 10.03b CAD (from shortLongTermDebtTotal, last quarter)
Net Debt = 8.13b CAD (from netDebt column, last quarter)
Enterprise Value = 54.20b CAD (46.07b + Debt 10.03b - CCE 1.90b)
Interest Coverage Ratio = 7.64 (Ebit TTM 4.17b / Interest Expense TTM 546.0m)
FCF Yield = 5.21% (FCF TTM 2.82b / Enterprise Value 54.20b)
FCF Margin = 5.09% (FCF TTM 2.82b / Revenue TTM 55.53b)
Net Margin = 5.66% (Net Income TTM 3.14b / Revenue TTM 55.53b)
Gross Margin = 20.70% ((Revenue TTM 55.53b - Cost of Revenue TTM 44.04b) / Revenue TTM)
Gross Margin QoQ = 23.16% (prev 20.05%)
Tobins Q-Ratio = 1.01 (Enterprise Value 54.20b / Total Assets 53.57b)
Interest Expense / Debt = 0.67% (Interest Expense 67.0m / Debt 10.03b)
Taxrate = 0.85% (11.0m / 1.30b)
NOPAT = 4.14b (EBIT 4.17b * (1 - 0.85%))
Current Ratio = 1.73 (Total Current Assets 9.77b / Total Current Liabilities 5.65b)
Debt / Equity = 0.35 (Debt 10.03b / totalStockholderEquity, last quarter 28.37b)
Debt / EBITDA = 0.88 (Net Debt 8.13b / EBITDA 9.28b)
Debt / FCF = 2.88 (Net Debt 8.13b / FCF TTM 2.82b)
Total Stockholder Equity = 29.39b (last 4 quarters mean from totalStockholderEquity)
RoA = 5.86% (Net Income 3.14b / Total Assets 53.57b)
RoE = 10.69% (Net Income TTM 3.14b / Total Stockholder Equity 29.39b)
RoCE = 11.42% (EBIT 4.17b / Capital Employed (Equity 29.39b + L.T.Debt 7.16b))
RoIC = 11.26% (NOPAT 4.14b / Invested Capital 36.74b)
WACC = 8.44% (E(46.07b)/V(56.10b) * Re(10.13%) + D(10.03b)/V(56.10b) * Rd(0.67%) * (1-Tc(0.01)))
Discount Rate = 10.13% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: -100.0 | Cagr: -2.40%
[DCF Debug] Terminal Value 68.97% ; FCFE base≈3.87b ; Y1≈3.48b ; Y5≈2.98b
Fair Price DCF = 20.42 (DCF Value 38.51b / Shares Outstanding 1.89b; 5y FCF grow -12.58% → 3.0% )
EPS Correlation: -16.66 | EPS CAGR: 120.3% | SUE: 3.77 | # QB: 2
Revenue Correlation: 40.68 | Revenue CAGR: 4.93% | SUE: -0.05 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.24 | Chg30d=+0.184 | Revisions Net=-1 | Analysts=2
EPS next Year (2026-12-31): EPS=1.07 | Chg30d=+0.290 | Revisions Net=+0 | Growth EPS=-15.8% | Growth Revenue=-9.9%

Additional Sources for CVE Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle