10 Best Canadian Stocks to Buy According to Billionaires

6. Cenovus Energy Inc. (NYSE:CVE)

Number of Billionaires: 13

Cenovus Energy Inc. (NYSE:CVE) is a leading Canadian integrated oil and natural gas company headquartered in Calgary, Alberta. Cenovus also operates refining and marketing activities in Canada and the United States, positioning itself as a significant player in the North American energy sector.

In its 2025 corporate guidance, Cenovus Energy Inc. (NYSE:CVE) announced a capital investment plan ranging from $4.6 billion to $5.0 billion. This budget aims to support upstream production between 805,000 and 845,000 barrels of oil equivalent per day (BOE/d). Notably, approximately $1.4 billion to $1.8 billion is allocated for advancing upstream growth projects, including the Narrows Lake project, the West White Rose offshore facilities, and optimization at the Foster Creek site. These initiatives are expected to drive a production growth of 150,000 BOE/d by the end of 2028, thereby expanding free funds flow.

Cenovus Energy Inc. (NYSE:CVE) faced challenges in the fourth quarter of 2024, reporting a net income decline of 85.72% from the same period of the previous year. This decrease was primarily due to lower commodity prices and weak refining margins, despite a slight increase in total upstream production to 816,000 BOE/d. The company’s U.S.-listed shares experienced a 1.4% drop before the market opened following this earnings report.

Cenovus Energy Inc. (NYSE:CVE) has demonstrated strong financial growth over the past five years, with a Revenue Growth Rate (5Y) of 21.88% and an EBITDA CAGR (5Y) of 20.78%, indicating consistent expansion in both top-line and operational profitability. The recent bearish flow in the company might suggest that traders or investors are positioning for potential downside risk. However, the Analysts’ consensus Buy opinion on the stock and 1-year median price target expecting 64.78% upside, reflects a positive outlook on the company’s performance.