Letters by company
Cenovus Energy INC.
9 letters discussing CVE. Everything written about it on this site is on its ticker page.
- Smead Capital Management 3Q26 International Value Strategy Newsletter: Being Greedy When Mr. Market Doesn’t Understand Cenovus is held as oil-sands consolidation, high returns on capital and buybacks support a premium valuation despite lower oil-price scenarios. UniCredit is positioned to consolidate Commerzbank and potentially Alpha Bank, while the strategy waits for market recognition of Autotrader, Burberry and West Fraser Timber. 3Q26 CVE $51BUCG $32B
- Bristol Gate Capital Partners Canadian Equity Strategy Report to Investors Canadian Equity Strategy replaced Pet Valu and TerraVest with OR Royalties and Great-West Lifeco, seeking dividend growth, stronger credit quality and capital-light earnings. The portfolio lagged as index leadership concentrated in technology and gold-related shares, while the strategy’s holdings generally delivered earnings ahead of expectations. 3rd Quarter 2026 CVE $51BELFTY $7.6BGWO $60B
- Barometer Capital Management 3report Barometer's Pools cut AI-infrastructure exposure, exiting Caterpillar, GE Vernova, Howmet and Lam Research as momentum reversed, while adding Canadian integrated oil producers and rotating toward enterprise software and drug developers benefiting from AI adoption. The Global Macro Pool paired commodity exposure with shorts in long-duration bonds and moved net short North American equities as yields rose. third quarter 2026 AAPL $5.2TCAT $275BCNQ $99B
- Bristol Gate Capital Partners Canadian Equity Strategy Report to Investors Bristol Gate attributed the strategy’s relative shortfall to stock selection in TMX Group and Pet Valu, while underweights in Materials and Energy helped as commodity leadership reversed. The firm added Cenovus Energy and Cameco for their cash-flow, balance-sheet and dividend-growth prospects, and sold Thomson Reuters and Canadian National Railway to redeploy capital. 2nd Quarter 2026 CCO $32BCVE $51BJWEL $1.3B
- Smead Capital Management 2Q26 International Value Strategy Newsletter: Stampeding Towards the Next Problem Smead Capital Management argues that strong refining margins and falling global inventories contradict claims of oil-demand destruction. It favors Canadian heavy-oil producers with long-life assets, disciplined capital allocation and buyback preferences, expecting constrained North American and OPEC+ supply to require higher oil prices over time. 2Q26 CVE $51BIMO $60BIPCO $21B
- Vltava Fund When Artificial Intelligence Becomes Abundant in Investing, What Will Become Rare? Vltava Fund argues that artificial intelligence will commoditize basic analysis while increasing the value of independent judgment, patience, skepticism and long time horizons. It exited Lam Research, Applied Materials, KLA and Cenovus on valuation concerns, then added Visa and Kaspi.kz for their durable payment-network and ecosystem advantages. second quarter of 2026 AMAT $314BCVE $51BKLAC $210B
- Aegis Value Fund Portfolio Manager’s Letter Aegis Value Fund kept a large energy allocation, arguing depleted inventories, constrained supply and underinvestment support oil producers, while retaining precious-metals miners despite a correction. It held Cenovus, reduced Equinox, sold Amerigo on valuation and feedstock risk, and bought Radian, hotel REITs, Jet2 and Harley-Davidson at discounted valuations. 1st Half Ended June 30, 2026 ARG $948MATHOF $3.9BCLDT $803M
- Smead Capital Management 1Q26 International Value Strategy Newsletter: Succeeding Unconventionally Smead International Value Strategy concentrates in oil equities after the prior energy capital-spending boom left supply constrained and producers reluctant to expand. It argues that European banks’ cost discipline, buybacks and potential consolidation can sustain returns on capital, while reviewing recoveries in Burberry, Glencore, Frontline and Next. 1Q26 BAWAY $15BBBRYF $5.1BBCS $77B
- Smead Capital Management 3Q25 International Value Strategy Newsletter: Scaling Old Industries Smead Capital Management argues that scale is creating value in mature European banking and Canadian oil. It backs Unicredit's technology-led consolidation strategy and favors an all-stock resolution to the MEG Energy bidding contest, where Strathcona Resources and Cenovus see large merger synergies. 3Q25 CVE $51BSTHRF $5.6BUNCFF $140B
