03:00 PM EDT, 08/05/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

Our 12-month target price remains USD17, reflecting a 4.8x multiple of EV to projected 2026 EBITDA, in line with CVE's historical forward average. We cut our 2025 EPS estimate by CAD0.40 to CAD1.68, and 2026's by CAD0.35 to CAD1.85. CVE took on a heavy turnaround schedule in Q2 (both upstream and downstream), which came in ahead of schedule and under budget. Q2 production was hampered to a degree by wildfires that forced an orderly shutdown of Christina Lake, followed by a subsequent restart. Christina Lake production averaged 218,000 bpd in Q2, but averaged more than 250,000 bpd in July. On the downstream front, we think CVE has the wind at its back following six quarters' worth of turnaround activity, and thus, should see strong utilization through late 2026. We note that refining opex per barrel continues to drop. We also expect upstream capex to drop in 2026. Barring a major relapse in benchmark prices, we think will free cash flow improve in 2026.