Cenovus Energy Inc

Cenovus Energy shares rose 2.9% to C$40.96 ahead of Q1 results, as CIBC reaffirmed an outperform rating and a C$46 target, highlighting the first full quarter with MEG Energy assets.

Cenovus Energy shares climbed 4.6% to C$32.18, hitting a 52-week high as crude prices neared $100 a barrel. The company projects 2026 upstream output could reach 985,000 barrels of oil equivalent per day.

Cenovus Energy shares surged to a 52-week high as Brent crude oil prices topped $100 per barrel, driven by renewed Middle East conflicts. The company's significant debt and planned operational turnarounds underscore its exposure to volatile energy markets.