CIBC Capital Markets maintained its outperformer rating on the shares of Cenovus Energy (CVE.TO, CVE) with a C$46.00 price target ahead of the oil producer and refiner's first-quarter results on May 6.

"We estimate Q1/26 production of 962 MBoe/d and CFPS of $1.63 vs. consensus of 963 MBoe/d and $1.54, respectively. During Q1/26, we are expecting minimal production impact from the TC outage at Sunrise and note that this will be the first full quarter with production incorporated from the MEG acquisition since the November 13, 2025 closing. At Foster Creek we will be watching for strong production volumes as the optimization project was completed ahead of schedule. At Christina Lake, focus will remain on the final leg of Narrows Lake ramping up into 2026 and updates on the four initially planned redevelopment wells associated with $30 million in synergies at Christina Lake North. At Christina Lake North, we anticipate receiving an update on operations and the work on facility expansion. At West White Rose, given the company's statement of weather issues interfering with commissioning, we will be watching for any updates on modest delays into Q3/26 for first oil. In the downstream segment, we are expecting some reduction in market capture due to the Keystone outage and a significant cash flow increase as a result of FIFO-LIFO changes in inventory," the investment bank wrote.

(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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