-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。今回の格下げは、CVEの同業他社で見られる価格差の拡大、すなわちウエスト・テキサス・インターミディエイト（WTI）価格がウェスタン・カナディアン・セレクト（WCS）価格よりも速いペースで上昇していること、そして今後、世界経済の需要悪化の可能性が高まっていることを理由としています。CVEはこれまでその恩恵を受けてきましたが、価格の下落リスクは依然として存在します。12ヶ月目標株価を25米ドルに引き下げます。これは、2027年度EBITDA予想の5.5倍に相当します。CVEの長期平均EBITDA倍率は5.7倍です。2026年度EPS予想を3.89カナダドル（+0.42）、2027年度EPS予想を2.80カナダドル（+0.05）に引き上げます。CVEは、この原油価格の急騰を利用して、積極的に負債削減を進めるでしょう。しかし、同業他社はより効率的に運営されており（SU）、希望すれば余剰フリーキャッシュフローのすべてを株主に還元できる（SU、IMO）のに対し、CVEは現在、余剰フリーキャッシュフローの50%しか還元できていない。
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