While the World Fears Oil Shortages, Canada Seizes the Moment.

Written by Emily J. Thompson, Senior Investment Analyst

Source: Barron's

Updated: Mar 24 2026

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CVE+1.93%

CNQ+1.18%

XLE+1.47%

Should l Buy CVE?

Source: Barron's

Opportunity in Global Energy Markets: Canada is seizing an unexpected chance to increase its presence in global energy markets due to the ongoing war in Iran.
Impact of the War in Iran: The conflict has created a shift in energy dynamics, allowing Canada to potentially fill the gap left by Iranian energy exports.
Strategic Positioning: Canada aims to leverage this situation to enhance its energy exports and strengthen its economic position on the world stage.
Future Prospects: The developments in Iran may lead to long-term changes in energy supply chains, benefiting Canadian energy producers.

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Analyst Views on CVE

Wall Street analysts forecast CVE stock price to fall

10 Analyst Rating

10 Buy

0 Hold

0 Sell

Strong Buy

Current: 25.450

Low

20.00

Averages

22.66

High

32.00

Current: 25.450

Low

20.00

Averages

22.66

High

32.00

UBS

Buy

maintain

$36 -> $41

2026-04-09

Reason

UBS

Price Target

$36 -> $41

AI Analysis

2026-04-09

maintain

Buy

Reason

UBS raised the firm's price target on Cenovus Energy to C$41 from C$36 and keeps a Buy rating on the shares.

BMO Capital

Outperform

maintain

$35 -> $42

2026-04-07

Reason

BMO Capital

Price Target

$35 -> $42

2026-04-07

maintain

Outperform

Reason

BMO Capital raised the firm's price target on Cenovus Energy to $42 from $35 and keeps an Outperform rating on the shares as part of a broader research note adjusting the firm's models with updated Q1 mark-to-market assumptions to reflect the war in Iran as well as ongoing oversupply in the North American natural gas market. Oil and equity markets stand at the edge of the precipice, awaiting President Trump's next move, with an end to the conflict that would allow a resumption of flows through the Strait of Hormuz and see oil prices to settle into a $75-$85 per barrel trading range, while an escalation in hostilities and continued shutdown of the Strait could see oil prices soar to the $150-$200 range, the analyst tells investors in a research note. BMO maintains its view that the economic cost of an escalation and prolonged war are too steep, and the firm believes that the war will wind down by the end of April.

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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.

CENOVUS ENERGY: UBS Increases Target Price from C$36 to C$41

Apr 09 2026moomoo

Company Overview: Cenovus Energy has raised its target price for shares, indicating a positive outlook for the company's performance.
New Target Price: The new target price for Cenovus Energy shares is set at $41, an increase from the previous target of $36.

IRAN STICKS TO HARDLINE POSITION—WAR WILL PERSIST, DISMISSES U.S. TIMELINE, RESPONDS COLDLY TO PROPOSAL, AND ASSERTS SOVEREIGNTY OVER THE STRAIT OF HORMUZ.

Mar 25 2026moomoo

Iran's Stance on War: Iran maintains a hardline stance regarding ongoing conflicts, indicating that war will continue despite external pressures.
Rejection of U.S. Proposals: The Iranian government has rejected the U.S. timeline for negotiations and proposals related to regional security.
Response to U.S. Actions: Iran's leadership has issued a lukewarm response to U.S. proposals, signaling a lack of interest in compromise.
Demand for Sovereignty: Iran emphasizes its demand for sovereignty over the Strait of Hormuz, asserting its rights in the region amidst international tensions.