11 Cheap Canadian Stocks to Buy Now

3. Cenovus Energy Inc. (NYSE:CVE)

Forward P/E Ratio as of July 22: 19.46

Number of Hedge Fund Holders: 39

Average Upside Potential as of July 22: 32.44%

Cenovus Energy Inc. (NYSE:CVE) is one of the cheap Canadian stocks to buy now. On July 18, CIBC analyst Dennis Fong raised the price target for Cenovus Energy to C$30 from C$28, while maintaining an Outperform rating on the shares.

In Q1 2025, the company reported strong upstream production of 819,000 barrels of oil equivalent per day (BOE/d), with Christina Lake producing 238,000 barrels per day, Foster Creek 203,000 barrels per day, and Sunrise 52,000 barrels per day. The company reported an operating margin of $2.8 billion and adjusted funds flow of ~$2.2 billion.

Cenovus also achieved a record quarterly throughput and utilization rate of 104% in Canadian refining. The company’s record Canadian refining utilization rate reflects the benefits of improvements made during the previous year’s upgrader turnaround. Additionally, Cenovus is undergoing a period of heavy turnarounds in both upstream and downstream operations, which could impact short-term production and financial results.

Cenovus Energy Inc. (NYSE:CVE) is an energy company that develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the US, and China.