The share price of Cenovus Energy Inc. (NYSE:CVE) increased by 7.47% between January 22 and January 29, 2026, placing it among the The energy stocks that gained the most this week.

Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States.

A Reuters report on January 21 revealed that Cenovus Energy Inc. (NYSE:CVE) is considering divesting its conventional oil and gas assets in Alberta’s Deep Basin as the company looks to reduce debt following its C$8.5 billion acquisition of MEG Energy in November 2025. billion ($2.17 billion). However, the plans are still not final and the company may ultimately decide to retain the said assets.

The strategic move comes as Cenovus Energy Inc. (NYSE:CVE) is concentrating its focus on its core oil sands business, especially after its takeover of MEG, which added the much-coveted Christina Lake project to its portfolio. Last month, the company also revealed plans to invest C$3.6 billion in its oil sands business this year, up from the C$2.8 billion allocated in the 2025 budget. The divestment will also allow Cenovus to strengthen its balance sheet after its net debt skyrocketed to C$10.7 billion following the MEG acquisition. The company aims to reduce its net debt to $4 billion over time.

Cenovus Energy Inc. (NYSE:CVE) was recently included in our list of 10 Best Natural Gas Stocks to Buy Right Now.

While we recognize the potential of CVE as an investment, we believe some AI stocks offer greater upside potential and less downside risk. If you’re looking for an extremely undervalued AI stock that will also benefit significantly from Trump-era tariffs and the onshoring trend, check out our free report on the best short term AI stock.

READ THE FOLLOWING: 10 High-Yield Utility Stocks to Buy in 2026 i The 10 Best US Oil and Gas Stocks to Buy

Disclosure: no.