5 Best Canadian Stocks to Buy

In this article, we will take a look at the 5 Best Canadian Stocks to Buy. To read our analysis of the iShares MSCI Canada ETF, as well as the risk/reward and methodology of this list, you can go to the 10 Best Canadian Stocks to Buy.

5. Cenovus Energy Inc. (NYSE:CVE)

Percentage of iShares MSCI Canada ETF: 1.47%

Number of Hedge Fund Holders: 42

Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company based in Calgary, Alberta. Operations of Cenovus Energy Inc. (NYSE:CVE) include oil sands projects in Alberta, crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia, and downstream operations including upgrading, refining, and marketing operations in Canada and the United States.

Cenovus Energy Inc. (NYSE:CVE) announced in August that it had agreed to acquire the remaining 50% stake in Toledo Refinery from bp for a total consideration of $300 million. Earlier in June, the energy company had announced an agreement to acquire remaining 50% stake in Sunrise oil sands project in northern Alberta from bp.

As of Q2 2022, 42 of the 895 hedge funds tracked by Insider Monkey owned shares of Cenovus Energy Inc. (NYSE:CVE), valued at $2.9 billion. Soroban Capital Partners is its largest shareholder with ownership of 50.3 million shares valued at $957 million.