5 Stocks That Have Grabbed Stanley Druckenmiller’s Attention in 2022

Below we present the list of 5 Stocks That Have Grabbed Stanley Druckenmiller’s Attention in 2022. For our methodology and a more comprehensive list, please see 10 Stocks That Have Grabbed Stanley Druckenmiller’s Attention in 2022.

5. Cenovus Energy Inc (NYSE:CVE)

Value of Duquesne Capital’s 13F Position: $24 million

Number of Hedge Fund Shareholders (as of March 31): 47

Cenovus Energy Inc (NYSE:CVE) is the first of three energy stocks to appear on the second half of this list, as Stanley Druckenmiller built a new position of 1.44 million shares in the Canadian oil company. Hedge funds have been paying serious attention to Cenovus is recent quarters, as it hit record levels of ownership among hedge funds for the second straight quarter during Q1.

Cenovus Energy Inc (NYSE:CVE) just wrapped up a deal with BP p.l.c. (NYSE:BP) that will see the two companies swap their stakes in two different Canadian-based energy projects. Cenovus takes over BP’s 50% stake in the Sunrise oilsands project, while BP gets $600 million in cash, a future variable payment worth up to $600 million, and takes on Cenovus’ 35% stake in the undeveloped Bay du Nord offshore drilling project. The deal better leverages both sides’ expertise and gives Cenovus full ownership of the Sunrise project, which it’s been operating since early 2021. The firm plans to increase capacity at the site by 20% to 60,000 barrels per day.

Cenovus Energy Inc (NYSE:CVE) was a key contributor to the L1 Capital Long Short Fund Limited’s prospects in 2021. Here is what the fund had to say about its position in Cenovus Energy Inc. in its Q4 2021 investor letter:

“Detailed, bottom-up stock research remains the investment team’s primary focus and the core driver of portfolio performance. 2021 once again demonstrated the team’s ability to identify ‘winners’ through extensive company and industry research across a diverse range of sectors. Key contributors included Cenovus Energy, (due to) recovering oil price leading to improved investor sentiment, consensus earnings upgrades and strong free cashflow generation.”