5 Best Canadian Dividend Stocks

2. Cenovus Energy Inc. (NYSE:CVE)

Dividend Yield as of September 23: 2.06%

Number of Hedge Fund Holders: 42

Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company based in Calgary, Alberta. Operations of Cenovus Energy Inc. (NYSE:CVE) include oil sands projects in Alberta, crude oil and natural gas projects across Western Canada, crude oil production offshore Newfoundland and Labrador and natural gas and liquids production offshore China and Indonesia, and downstream operations including upgrading, refining, and marketing operations in Canada and the United States.

In July, Cenovus Energy Inc. (NYSE:CVE) released its financial results for the quarter ended June 30, 2022. Its net revenues surged by 74% y-o-y to $14.9 billion, while it reported a net income of $1.9 billion, for the three months. The normalized EPS was recorded at $0.98 per share, exceeding the consensus by $0.11.

Cenovus Energy Inc. (NYSE:CVE) announced in August that it had agreed to acquire the remaining 50% stake in Toledo Refinery from bp for a total consideration of $300 million. Earlier in June, the energy company had announced an agreement to acquire remaining 50% stake in Sunrise oil sands project in northern Alberta from bp.

As of Q2 2022, 42 of the 895 hedge funds tracked by Insider Monkey owned shares of Cenovus Energy Inc. (NYSE:CVE), valued at $2.9 billion. Soroban Capital Partners is its largest shareholder with ownership of 50.3 million shares valued at $957 million.