11 Most Undervalued Canadian Stocks to Buy Now

6. Cenovus Energy Inc. (NYSE:CVE)

Forward P/E Ratio as of August 6: 16.03

Number of Hedge Fund Holders: 39

Cenovus Energy Inc. (NYSE:CVE) is one of the most undervalued Canadian stocks to buy now.  On August 1, Raymond James raised the firm’s price target on Cenovus Energy to C$30 from C$29, while keeping an Outperform rating on the shares. This sentiment followed the company’s Q2 2025 earnings announcement, where the company reported a total of ~$2.4 billion in cash from operating activities, $1.5 billion in adjusted funds flow, and $355 million in free funds flow.

Total revenues for the quarter were $12.3 billion, which was a sequential decrease from $13.3 billion. Upstream production was 765,900 barrels of oil equivalent per day (BOE/d), which showed planned maintenance at the Foster Creek and Sunrise oil sands assets, as well as impacts from a wildfire at Christina Lake. Downstream crude throughput was 665,800 barrels per day (bbls/d), with a utilization rate of 92%, including the early completion of a turnaround at the Toledo Refinery.

First oil was achieved at Narrows Lake in mid-July in this quarter as well, with production expected to ramp up to a peak of 20,000-30,000 bbls/d by the end of the year. The West White Rose project made progress, with the concrete gravity structure installed on the seabed in June and the topsides placed in mid-July. Drilling is expected to begin by the end of the year, with first oil projected for Q2 2026. At the Foster Creek optimization project, 4 new boilers were brought online in July, adding ~80,000 bbls/d of steam capacity.

Cenovus Energy Inc. (NYSE:CVE) develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the US, and China. It operates through Oil Sands, Conventional, Offshore, Canadian Refining, and US Refining segments.