12 Most Promising Energy Stocks According to Analysts

2) Cenovus Energy Inc. (NYSE:CVE)

Average Upside Potential: 37.8%

Number of Hedge Fund Holders: 48

Cenovus Energy Inc. (NYSE:CVE) is engaged in developing, producing, refining, transporting, and marketing crude oil, natural gas, and refined petroleum products in Canada and internationally.  Analyst Lloyd Byrne from Jefferies maintained a “Buy” rating on the company’s stock. The rating is backed by several strategic developments at Cenovus Energy Inc. (NYSE:CVE). Its production guidance for 2025 aligns with market anticipations, and even though the capex is marginally above predictions, it is anticipated to decline over time. The company released its 2025 corporate guidance, including capital investment of $4.6 billion – $5.0 billion, delivering upstream production of 805,000 barrels of oil equivalent per day (BOE/d) – 845,000 BOE/d and downstream crude unit utilization of 90% to 95%.

Cenovus Energy Inc. (NYSE:CVE) is entering the final year of a 3-year investment cycle, which is expected to fuel planned production growth of 150,000 BOE/d by 2028 end and allow significant expansion of free funds flow. The company plans to focus on controlling costs, improving the profitability of its strategic downstream business, and optimizing the advantaged portfolio to deliver value for shareholders. Cenovus Energy Inc. (NYSE:CVE)’s disciplined capital plan and healthy emphasis on cost control can support continued returns to shareholders of 100% of excess free funds flow over time while, at the same time, maintaining net debt near $4.0 billion.