5 Best Commodity Stocks to Buy for the Supercycle

2. Cenovus Energy Inc. (NYSE:CVE)

Number of Hedge Fund Holders: 46

Cenovus Energy Inc. (NYSE:CVE) is one of the best commodity stocks to buy for the supercycle. RBC Capital lifted the price target on Cenovus Energy Inc. (NYSE:CVE) to C$47 from C$45 on May 19 and maintained an Outperform rating on the shares. The rating update came after the company announced its fiscal Q1 2026 financial and operating results, stating that the company generated around $3.4 billion of adjusted funds flow and $2.2 billion of free funds flow.

Management further said that the quarter’s operating results included Upstream production of 972,100 barrels of oil equivalent per day and Downstream crude throughput of 458,500 barrels per day, which represents an overall crude unit utilization rate of 97%. The company accelerated the redevelopment well program at Christina Lake North as well. Cenovus Energy Inc. (NYSE:CVE) also reported that the Board of Directors approved a 10% increase in the quarterly base dividend to $0.22 per share, starting in fiscal Q2 2026.

Based in Canada, Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company that provides gas and oil. Its operations are divided into the Upstream, Downstream, and Corporate and Eliminations segments.