Cenovus Energy Included in Top Dividend Picks by Billionaire Steven Cohen
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 28 2026
0mins
Source: Yahoo Finance
- Rating Upgrade: On June 26, Scotiabank initiated coverage of Cenovus Energy (CVE) with an Outperform rating and a C$47 price target, indicating that despite strong gains in Canadian oil and gas stocks, there remains further upside potential.
- Production Forecast Increase: Goldman Sachs raised its price target for CVE from $32 to $36 on May 13, reiterating a Buy rating, as it expects an inflection point in production volumes and free cash flow with the West White Rose project coming online.
- Optimistic Market Outlook: Analysts highlighted additional upside from Cenovus's Christina Lake North and robust commodity prices, which will enhance the company's competitiveness in the energy market and drive stock performance.
- Integrated Energy Company: Cenovus Energy operates as an integrated energy company with oil and natural gas production in Canada and the Asia Pacific, alongside upgrading, refining, and marketing operations in Canada and the U.S., showcasing its diversified business model and market adaptability.
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Analyst Views on BNS
Wall Street analysts forecast BNS stock price to fall
10 Analyst Rating
4 Buy
6 Hold
0 Sell
Moderate Buy
Current: 87.350
Low
68.69
Averages
75.58
High
79.76
Current: 87.350
Low
68.69
Averages
75.58
High
79.76
About BNS
The Bank of Nova Scotia (the Bank) is a chartered Schedule I bank. The Bank is a global financial services provider offering a range of products and services, including personal, commercial, corporate and investment banking. Its segments include Canadian Banking, International Banking, Global Wealth Management, Global Banking and Markets, and Other. Canadian Banking segment provides a full suite of financial advice and banking solutions. Canadian Banking segment comprises retail banking and business banking. International Banking segment is a diverse franchise that provides financial advice and solutions to retail, corporate, and commercial clients. Its geographic presence spans over 15 countries including Mexico, Chile, and Peru. Global Wealth Management segment is comprised of wealth management and asset management businesses. Global Banking and Markets segment provides corporate clients with lending and transaction services, investment banking advice and access to capital markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Lessons from the Great Recession: Iconic U.S. banks like Bank of America and Citigroup suffered during the Great Recession due to risky mortgage practices, leading to dividend cuts, highlighting the importance of financial stability.
- Canadian Banks' Advantages: Toronto-Dominion Bank and Bank of Nova Scotia did not cut dividends during the Great Recession, currently offering yields of 2.6% and 3.7%, respectively, indicating their attractiveness and stability in the market.
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- Market Positioning and Growth Potential: Toronto-Dominion Bank has significant expansion potential in the U.S. market, particularly in investment banking, while Bank of Nova Scotia is refocusing on the Mexico-to-Canada trade corridor, showcasing strong growth opportunities.
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- Production Forecast Increase: Goldman Sachs raised its price target for CVE from $32 to $36 on May 13, reiterating a Buy rating, as it expects an inflection point in production volumes and free cash flow with the West White Rose project coming online.
- Optimistic Market Outlook: Analysts highlighted additional upside from Cenovus's Christina Lake North and robust commodity prices, which will enhance the company's competitiveness in the energy market and drive stock performance.
- Integrated Energy Company: Cenovus Energy operates as an integrated energy company with oil and natural gas production in Canada and the Asia Pacific, alongside upgrading, refining, and marketing operations in Canada and the U.S., showcasing its diversified business model and market adaptability.
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See More
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- Importance of Banking Relationships: A portion of society lacking banking relationships poses challenges for economic operations, as nearly everyone has at least one bank account, underscoring the essential role banks play in the economy.
- Lessons from the Great Recession: Iconic U.S. banks like Bank of America and Citigroup suffered during the Great Recession due to risky mortgage practices, leading to dividend cuts, highlighting the importance of financial stability.
- Canadian Banks' Advantages: Toronto-Dominion Bank and Bank of Nova Scotia did not cut dividends during the Great Recession, currently offering yields of 2.6% and 3.7%, respectively, indicating their attractiveness and stability in the market.
- Market Growth Potential: Toronto-Dominion Bank shows significant growth potential in the U.S. market, while Bank of Nova Scotia is refocusing on the U.S. market, suggesting strong opportunities for future expansion.
See More
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- Investment Value of Bank Stocks: Long-term investors should focus on banks with strong dividend histories, as these institutions can provide stable returns during economic uncertainty, thereby boosting investor confidence.
- Dividend Performance Comparison: Several banks cut dividends during the financial crisis; however, Toronto-Dominion Bank and Bank of Nova Scotia maintained their dividends, demonstrating financial robustness and market appeal.
- Market Positioning and Growth Potential: Toronto-Dominion Bank has significant expansion potential in the U.S. market, particularly in investment banking, while Bank of Nova Scotia is refocusing on the Mexico-to-Canada trade corridor, showcasing strong growth opportunities.
- Risk and Return Balance: Although Goldman Sachs has a high price-to-earnings ratio and relatively low dividend yield, its performance during the financial crisis was superior to other banks, prompting investors to weigh risks and returns while considering more attractive alternatives.
See More
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- Rating Upgrade: On June 26, Scotiabank initiated coverage of Cenovus Energy (CVE) with an Outperform rating and a C$47 price target, indicating that despite strong gains in Canadian oil and gas stocks, there remains further upside potential.
- Production Forecast Increase: Goldman Sachs raised its price target for CVE from $32 to $36 on May 13, reiterating a Buy rating, as it expects an inflection point in production volumes and free cash flow with the West White Rose project coming online.
- Optimistic Market Outlook: Analysts highlighted additional upside from Cenovus's Christina Lake North and robust commodity prices, which will enhance the company's competitiveness in the energy market and drive stock performance.
- Integrated Energy Company: Cenovus Energy operates as an integrated energy company with oil and natural gas production in Canada and the Asia Pacific, alongside upgrading, refining, and marketing operations in Canada and the U.S., showcasing its diversified business model and market adaptability.
See More
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- Educational Investment: Scotiabank has announced a $2.5 million investment over five years in collaboration with Queen's University Smith School of Business, aimed at developing an AI-ready workforce through applied research and experiential learning to enhance student employability.
- Community Investment Initiative: This investment is part of Scotiabank's $500 million community investment initiative, ScotiaRISE, which spans ten years and aims to support community development and economic recovery, reflecting the bank's commitment to social responsibility.
- AI Center Support: The funding will support the Scotiabank Centre for Analytics & AI at Queen's University, which has been fostering collaboration among faculty, graduate students, and industry experts since its establishment in 2016, driving research and application in the AI field.
- Career Preparation: By collaborating with industry experts, the center will provide students with practical experience, preparing them for future careers in enterprise AI, thereby enhancing their competitiveness in the rapidly evolving technology market.
See More
Scotiabank Invests C$2.5M in AI Workforce Development
- Investment Scale: Scotiabank is investing C$2.5 million over five years in the Smith School of Business at Queen's University to develop Canada's AI-ready workforce through applied research and experiential learning, thereby enhancing economic resilience.
- Community Investment Program: This investment is part of ScotiaRISE, Scotiabank's 10-year, C$500 million community investment initiative focused on improving economic resilience and supporting education and skills training.
- Long-term Partnership: Scotiabank has maintained a partnership with Queen's University for over a decade, emphasizing practical learning in data and analytics research to prepare students for real-world opportunities and enhance their employability.
- Strategic Importance: This investment not only plays a vital role in promoting educational innovation but also lays the groundwork for future economic development, ensuring Scotiabank's competitiveness in a rapidly changing market.
See More
Canadian Vehicle Sales Decline for Fourth Consecutive Month
- Sales Trend Analysis: According to Desrosiers, Canadian vehicle sales experienced a fourth consecutive monthly decline in May, indicating signs of weak market demand that could impact automakers' production plans and inventory management.
- Market Impact Assessment: This trend may lead automakers to adjust their production strategies in the coming months to cope with ongoing sales weakness, thereby affecting overall industry profitability and competitive dynamics.
- Consumer Behavior Changes: The weakening demand for new vehicles may be linked to economic uncertainty and rising interest rates, prompting automakers to reassess their market positioning and marketing strategies to attract potential buyers.
- Industry Outlook: If this sales decline trend continues, it could exert pressure on the overall recovery of the automotive industry, forcing related companies to take more proactive measures to stimulate sales and restore market confidence.
See More
