Strathcona's Opposition: Strathcona Resources plans to vote against Cenovus Energy's C$7.9 billion acquisition of MEG Energy, claiming that MEG's board accepted a lesser offer to avoid Strathcona's bid.
Shareholder Engagement: Strathcona, which holds a 9.2% stake in MEG, will actively engage with shareholders before the September 15 deadline for its hostile takeover offer.
Offer Comparison: Cenovus's acquisition values MEG at C$27.25 per share, while Strathcona's unsolicited offer stands at approximately C$28.25 per share, reflecting a significant increase since their initial proposal.
Potential Bid Adjustment: Analysts suggest that Cenovus may need to enhance its offer before the upcoming shareholder vote in October to secure approval for the acquisition.
Wall Street analysts forecast CVE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVE is 22.66 USD with a low forecast of 20.00 USD and a high forecast of 32.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Analyst Rating
Wall Street analysts forecast CVE stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CVE is 22.66 USD with a low forecast of 20.00 USD and a high forecast of 32.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Buy
0 Hold
0 Sell
Strong Buy
Current: 18.430
Low
20.00
Averages
22.66
High
32.00
Current: 18.430
Low
20.00
Averages
22.66
High
32.00
JPMorgan
Arun Jayaram
Overweight -> Neutral
downgrade
$29 -> $25
2026-01-20
New
Reason
JPMorgan
Arun Jayaram
Price Target
$29 -> $25
AI Analysis
2026-01-20
New
downgrade
Overweight -> Neutral
Reason
JPMorgan analyst Arun Jayaram downgraded Cenovus Energy to Neutral from Overweight with a price target of C$25, down from C$29. The firm adjusted ratings in the integrated oils sector as part of its 2026 outlook. The outlook for the group continues to shaped by supply side risks for oil, but a more constructive outlook downstream, the analyst tells investors in a research note. Amid the rise in geopolitical risks, JPMorgan says the U.S. majors screen more attractive than the Canadian integrateds. It cites relative valuations for the rating changes.
Goldman Sachs
Neil Mehta
initiated
$20
2026-01-02
Reason
Goldman Sachs
Neil Mehta
Price Target
$20
2026-01-02
initiated
Reason
Goldman Sachs analyst Neil Mehta reinstated coverage of Cenovus Energy with a Buy rating and $20 price target, which offers 21% total return from current levels. The firm sees Cenovus posting "strong" free cash flow growth over the long-term. The sale of the company's 50% interest in the Wood River and Borger refineries along with the acquisition of MEG Energy improved its fundamentals, the analyst tells investors in a research note.
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TD Securities
Menno Hulshof
Buy
maintain
$28 -> $29
2025-12-03
Reason
TD Securities
Menno Hulshof
Price Target
$28 -> $29
2025-12-03
maintain
Buy
Reason
TD Securities analyst Menno Hulshof raised the firm's price target on Cenovus Energy to C$29 from C$28 and keeps a Buy rating on the shares.
RBC Capital
Outperform
maintain
$30 -> $32
2025-11-17
Reason
RBC Capital
Price Target
$30 -> $32
2025-11-17
maintain
Outperform
Reason
RBC Capital raised the firm's price target on Cenovus Energy to $32 from $30 and keeps an Outperform rating on the shares. A visit to Cenovus's 151,000 bbl/d Toledo refinery reinforced confidence in the company's push to revamp its U.S. refining operations, which have historically weighed on valuation, the analyst tells investors in a research note. Achieving consistently stronger downstream performance could meaningfully support further share price outperformance, RBC says.
About CVE
Cenovus Energy Inc. is a Canada-based integrated energy company. The Company has oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The Company's segments include Upstream and Downstream. Its Upstream segment includes Oil Sands, Conventional, and Offshore. Its Downstream segment consists of Canadian Manufacturing and the United States Manufacturing. The Company's Upstream operations include oil sands projects in northern Alberta, in-situ thermal oil production at Christina Lake in northeast Alberta, thermal and conventional crude oil, natural gas and natural gas liquids (NGLs) projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and NGLs production offshore China and Indonesia. Its Downstream operations include upgrading and refining operations in Canada and the United States, and commercial fuel operations across Canada.
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.
