5 Best Canadian Stocks To Buy and Hold In 2024

4. Cenovus Energy Inc. (NYSE:CVE)

Number of Hedge Fund Holders: 50

Cenovus Energy Inc. (NYSE:CVE) is involved in the development, production, refining, transportation, and marketing of crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments. Cenovus Energy Inc. (NYSE:CVE) ranks 4th on our list of the best Canadian stocks. On February 15, the company declared a C$0.14 per share quarterly dividend, in line with previous. The dividend is payable on March 28, to shareholders on record as of March 15. 

According to Insider Monkey’s fourth quarter database, 50 hedge funds were long Cenovus Energy Inc. (NYSE:CVE), compared to 41 funds in the last quarter. Israel Englander’s Millennium Management is the largest stakeholder of the company, with 16.5 million shares worth over $275 million. 

L1 Long Short Fund made the following comment about Cenovus Energy Inc. (NYSE:CVE) in its Q3 2023 investor letter:

“Cenovus Energy Inc. (NYSE:CVE) (Long +23%) shares rallied as WTI oil prices rose to ~US$91/bbl over the month, the highest level since November 2022. The company also had tailwinds from higher refinery margins, particularly in North America which remains their key exposure. Cenovus continues to generate strong free cash flow at current oil price levels, with the long-life nature of its oil sands assets and its low cost of production providing a break-even oil price at around ~US$40/bbl. We estimate the company can reach its net debt target in early CY24, enabling a step-up in shareholder returns through on-market share buybacks.”