Canadian oil and gas company Cenovus Energy Inc. (CVE) topped first-quarter profit estimates driven by higher production and increased refinery throughput. Let’s look at its fundamentals to determine if this stock is the key to powering up your investment portfolio in June.
In the first quarter that ended March 31, 2024, CVE’s total upstream production rose 2.8% year-over-year to 800,900 barrels of oil equivalent per day (boepd), reflecting scheduled maintenance in the Atlantic region. The company's quarterly refining throughput reached a record 655,200 barrels per day (bpd), with significant improvements in U.S. refining operations.
