The Globe and Mail reports in its Saturday edition that National Bank energy analysts are "constructive" on both medium- and long-term fundamentals in the sector, despite what they call "shorter-term, sentiment-based volatility in the commodity complex." The Globe's David Leeder writes in that the analysts say in a note: "Given the strength of underlying business fundamentals and current valuations, we view the recent pullback as an opportunity to purchase quality equities with an appreciation that volatility is likely to persist through this part of the cycle. With most energy companies positioned with solid balance sheets, return of capital strategies and trading at discounted valuations, investment differentiation becomes difficult. For this reason, we see operational execution and strict capital discipline as key investment drivers as we look out over the next 12 months." The analysts have reaffirmed their "outperform" recommendation for Cenovus Energy, while cutting their share target by $2 to $36. Analysts on average target the shares at $33.53. The Globe reported on Jan. 15, 2021, and June 13, 2022, that CIBC World Markets analyst Dennis Fong rated Cenovus "outperform." It was then worth $7.83 and $29.08.