10 High Growth Energy Stocks To Invest In

4. Cenovus Energy Inc. (NYSE:CVE)

5-Year Revenue CAGR: 22.86%

Number of Hedge Fund Holders: 48

Cenovus Energy Inc. (NYSE:CVE) is a Canadian integrated energy company with operations in Canada, the United States, and the Asia Pacific region. The company focuses on oil sands projects in Alberta, as well as crude oil and natural gas production across Western Canada and offshore projects in China and Indonesia.

In the third quarter of 2024, Cenovus Energy Inc. (NYSE:CVE) demonstrated strong operational performance, generating nearly $2.5 billion in cash from operating activities. The company successfully completed its turnaround at the Christina Lake facility ahead of schedule, resulting in a production increase of 15,000 to 20,000 barrels per day over forecasts. This efficiency reflects Cenovus Energy Inc.’s (NYSE:CVE) commitment to optimizing its operations.

The company also completed a major turnaround at its Lima Refinery on time, ensuring continuous operations by connecting pipelines to the Toledo Refinery. Additionally, two new well pads at the Sunrise project began production and are expected to ramp up further in the fourth quarter. These developments highlight Cenovus Energy Inc.’s (NYSE:CVE) proactive approach to growth.

Looking ahead, Cenovus Energy Inc. (NYSE:CVE) is progressing with significant projects like the Narrows Lake tie-back pipeline, which is 93% complete and expected to add 20,000 to 30,000 barrels per day by mid-2025. The company is also on track with its West White Rose project, which is 85% complete and aims to resume production by year-end. With strong operational results and a clear growth strategy, Cenovus Energy Inc. (NYSE:CVE) represents a solid investment opportunity in the energy sector.