5 Cheap Canadian Stocks to Buy

1. Suncor Energy Inc. (NYSE:SU)

Average Analyst Price Target: $40.07

Upside Potential as of April 2: 29.05%

Number of Hedge Fund Holders: 47

Suncor Energy Inc. (NYSE:SU) is an integrated oil and gas company. It is based in Calgary, Canada.

Morgan Stanley’s Devin McDermott holds an Overweight rating on Suncor Energy Inc. (NYSE:SU) shares as of March 27.

Wall Street analysts have placed an average price target of $40.07 on Suncor Energy Inc. (NYSE:SU) shares, which were trading at $31.05 on April 2. This gives the stock an upside potential of 29.05%. The company’s P/E ratio is 6.94, and its EV/Revenue multiple is 1.19.

A total of 47 hedge funds were long Suncor Energy Inc. (NYSE:SU) in the fourth quarter, with a total stake value of $2.5 billion.

Artisan Partners, an investment management company, mentioned Suncor Energy Inc. (NYSE:SU) in its third-quarter 2022 investor letter. Here’s what the firm said:

“Suncor Energy Inc. (NYSE:SU), a Canada-based operator of oil sands mines, refineries and retail gas stations, was the third-largest contributor to return for the year, mainly due to higher oil prices. The share price increased by one third. Notably, the portfolio generated significant returns from energy stocks, including Suncor, Tenaris, Imperial Oil and tangentially Alimentation Couche-Tarde and Seven & i Holdings, both of which are in the gas station business. Given the cyclicality and commodity nature of the oil business, we have sold shares of these investments, including the complete sale of both Tenaris and Imperial Oil.”

See also 12 Best Canadian Stocks To Buy and Hold and 11 Undervalued Canadian Stocks To Buy.