Top 5 Stock Picks of Zweig-DiMenna Associates

3. Cenovus Energy Inc. (NYSE:CVE)

Zweig-DiMenna Associates’ Stake Value: $17.116 million

Number of Hedge Fund Holders: 44

Another Canadian company that makes the list of top 10 stock picks of Zweig-DiMenna Associates in Cenovus Energy Inc. (NYSE:CVE). Cenovus Energy Inc. (NYSE:CVE) acquired Husky Energy in 2021 for C$3.9 billion.

Cenovus Energy Inc. (NYSE:CVE) has performed brilliantly in 2022, increasing by close to 50% in the year as energy prices have increased.

In its Q4 2021 investor letter, L1 Capital mentioned Cenovus Energy Inc. (NYSE:CVE). Here is what it said:

“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.”