National Bank Raises Cenovus Energy (CVE) PT to C$29 Despite Q2 Production Dip from Maintenance, Wildfires

Group 1 - Cenovus Energy Inc. has been identified as one of the best Canadian stocks to buy, with National Bank raising its price target to C$29 from C$28 while maintaining an Outperform rating [1][3] - The company's upstream production in Q2 2025 was 765,900 barrels of oil equivalent per day (BOE/d), a decrease from 818,900 BOE/d year-over-year due to maintenance and wildfire impacts [2][3] - Cenovus generated approximately $2.4 billion in cash from operating activities in Q2, with adjusted funds flow of $1.5 billion and free funds flow of $355 million, while net earnings were $851 million, down from $859 million in Q1 2025 [3] Group 2 - Cenovus Energy is involved in the development, production, refining, transportation, and marketing of crude oil, natural gas, and refined petroleum products across Canada, the US, and China [4]