Cenovus Energy (CVE) Soars 2.84% on Production Resumption

Cenovus Energy (CVE) shares surged 2.84% today, marking the seventh consecutive day of gains, with a 14.25% increase over the past week. The stock price reached its highest level since February 2025, with an intraday gain of 4.51%.

The strategy of buying CVE shares after they reached a recent high and holding for 1 week showed poor performance over the past 5 years. The annualized return was -3.78%, significantly underperforming the market. This indicates that relying on recent highs as a buying trigger and holding for a short duration is not a profitable strategy for CVE.

Cenovus Energy's recent stock price movements can be largely attributed to the successful restoration of full production at its Christina Lake oil sands facility. The facility had been temporarily shut down due to wildfire threats, but as of June 12, 2025, normal production levels have been resumed. This development is seen as a positive signal for investors and markets, particularly in light of the increasing focus on operational resilience in the face of climate-related disruptions. The restoration of operations indicates stability and recovery, which has likely influenced investor sentiment positively.