5 Cheap Global Stocks to Buy

In this article, we will look at 5 cheap global stocks to buy now. If you want to explore similar stocks, you can go to 12 Cheap Global Stocks to Buy.

5. Cenovus Energy Inc. (NYSE:CVE)

PE Ratio (TTM) as of March 30: 7.35

Number of Hedge Fund Holders: 46

Cenovus Energy Inc. (NYSE:CVE) is placed fifth among the best cheap global stocks to buy now. As of March 30, the stock has returned 5.42% to investors over the past 6 months and is trading at a PE multiple of 7x.

On March 27, Morgan Stanley updated its price target on Cenovus Energy Inc. (NYSE:CVE) to C$32 from C$33 and maintained an Overweight rating on the shares.

At the close of the fourth quarter of 2022, 46 hedge funds were long Cenovus Energy Inc. (NYSE:CVE) and disclosed stakes worth $2.31 billion in the company. Of those, Soroban Capital Partners was the top shareholder in TransDigm Group Incorporated (NYSE:TDG) and held a position worth $1 billion.

Here is what L1 Capital had to say about Cenovus Energy Inc. (NYSE:CVE) in its Q3 2022 investor letter:

“Cenovus Energy (Long -13%) shares declined over the quarter due to an ~18% decline in oil prices on increasing fears of a U.S recession and a slowdown in global growth. Given the long-life nature of its oil sand assets and its low cost of production, we estimate Cenovus is free cash flow break-even at an oil price of ~US$40/bbl. Despite the recent fall, oil prices remain more than double this break-even point, implying considerable free cash flow generation potential for the company at current levels, with Cenovus currently trading on a consensus FY22 free cash flow yield of around 20%. There are also additional value realisation catalysts with the company continuing to progress the de-gearing of its balance sheet via organic cash generation and asset sales.”