10 High Growth Non-Tech Stocks That Are Profitable in 2024

5. Cenovus Energy Inc. (NYSE:CVE)

5-Year Net Income Growth: 74.34%

5-Year Revenue Growth: 21.66%

TTM Net Income: $4.75 Billion

Number of Hedge Fund Holders: 46

Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company with operations in Canada and the Asia Pacific Region. Its key operations include extracting oil and gas from oil sands in Alberta, conventional wells in Western Canada, and offshore sites in Newfoundland, China, and Indonesia. It also engages in refining the extracted sources to sell them in the Canadian and US markets.

Cenovus Energy Inc. (NYSE:CVE) has been achieving significant milestones. It recently completed the largest turnaround in the history of its Lloydminster Upgrader, which involved around 1 million man-hours and a peak workforce of 3,200 contractors, all without safety incidents.

Moreover, in July the company reached its net debt target of $4 billion and plans to return 100% of excess free funds flow to shareholders, marking a substantial increase in shareholder returns.

This all becomes more impressive with the fact that management is achieving this while maintaining strong production levels.

During the second quarter of 2024, Cenovus Energy Inc. (NYSE:CVE) achieved a production level of over 800,000 barrels of oil equivalent per day (BOE/d), with oil sand production at approximately 610,000 barrels per day.

Looking ahead, the company is preparing for a turnaround at Christina Lake in September, which will temporarily reduce production. However, they are on track with growth projects like the Narrows Lake tie-back pipeline, expected to deliver the first oil by mid-2025.

Cenovus Energy Inc. (NYSE:CVE) ranks as the 6th high-growth non-tech stock that is profitable in 2024.

L1 Long Short Fund stated the following regarding Cenovus Energy Inc. (NYSE:CVE) in its first quarter 2024 investor letter:

“Cenovus Energy Inc. (NYSE:CVE) (Long +20%) shares performed strongly as the WTI oil price increased 16% to ~US$83/bbl, while refining margins in the U.S. Midwest improved dramatically from a low base. During March, Cenovus’s 2024 investor day was well received, where its 5-year outlook for the business included growth in upstream production of around 150m bbl/d above the current 800m bbl/d and a material turnaround of its downstream refining business. Over the next five years, the company expects to generate C$32b of cumulative free cash flow based on a US$75/bbl WTI oil price, a highly attractive prospect given its current market cap of ~C$51b. Furthermore, it has committed to return 100% of excess cash flow back to investors once it reaches its C$4b net debt target (expected in 2024). Cenovus’s strong cash flow generation, combined with the long-life nature of its oil sands assets and its low cost of production, make it one of our preferred Energy exposures.”