Overview

• National Bank on Sept. 10 raised its Cenovus target to C$29 from C$28 and kept an Outperform rating.
• Cenovus reported Q2 2025 upstream production of 765,900 BOE/d, down from 818,900 BOE/d year over year due to maintenance and wildfire impacts.
• Quarterly results included about $2.4 billion in operating cash flow, $1.5 billion in adjusted funds flow, $355 million in free funds flow, and $851 million in net earnings.
• Investor commentary highlights a planned acquisition of MEG Energy as a potential boost to oil sands volumes, reserves, and synergies.
• Analysts note the recent WRB refining JV stake sale and the operational Trans Mountain pipeline as improving asset control, deleveraging, and market access, while flagging commodity and regulatory risks.