CIBC Capital Markets on Tuesday maintained its outperformer rating on the shares of Cenovus Energy (CVE.TO, CVE) and its C$32.00 price target ahead of the oil producer and refiner's fourth-quarter results.

"Cenovus reports pre-market on February 19, 2026. We estimate F2025 production of 834 MBoe/d and CFPS of $4.56 vs. consensus of 833 MBoe/d and $4.61, respectively. Cenovus closed its acquisition of MEG Energy on November 13, 2025, and we expect a mixed quarter that includes some initial synergy realizations of costs associated with integration and transaction costs of the transaction. We expect updates on plans on the Facility Expansion Project at Christina Lake North (legacy-MEG's Christina Lake) and efforts to continue balancing FCF return to shareholders by lowering outstanding leverage. Additionally, we will be watching for updates on the timing of completion of major capital projects including achieving first oil on West White Rose and new well pads to be brought online at Foster Creek in early 2026," the investment bank noted.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

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