It's good to see that Cenovus Energy has rewarded shareholders with a total shareholder return of 40% in the last twelve months. Of course, that includes the dividend. That gain is better than the annual TSR over five years, which is 22%. Therefore it seems like sentiment around the company has been positive lately. In the best case scenario, this may hint at some real business momentum, implying that now could be a great time to delve deeper. It's always interesting to track share price performance over the longer term. But to understand Cenovus Energy better, we need to consider many other factors. Case in point: We've spotted 1 warning sign for Cenovus Energy you should be aware of.