5 Undervalued and Cheap Energy Stocks to Buy Now

1. Cenovus Energy Inc. (NYSE:CVE)

Number of Hedge Fund Holders: 42

P/E Ratio as of September 13: 11.82

Share Price as of September 13: $18.67

Cenovus Energy Inc. (NYSE:CVE) is a Canadian energy firm that produces and markets crude oil, natural gas liquids, and natural gas in Canada, the United States, and the Asia Pacific. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, U.S. Manufacturing, and Retail segments. On September 13, Cenovus Energy Inc. (NYSE:CVE) declared a C$0.105 per share quarterly dividend, in line with previous. The dividend is payable on September 29, to shareholders of record as of September 15. 

On August 10, Credit Suisse analyst William Janela assumed coverage of Cenovus Energy Inc. (NYSE:CVE) with an Outperform rating and a price target of C$37.

According to Insider Monkey’s data, 42 hedge funds were bullish on Cenovus Energy Inc. (NYSE:CVE) at the end of the second quarter of 2022, compared to 44 funds in the last quarter. Eric W. Mandelblatt’s Soroban Capital Partners is the leading stakeholder of the company, with 50.3 million shares worth $957 million. 

Here is what L1 Capital Long Short Fund Limited has to say about Cenovus Energy Inc. (NYSE:CVE) in its Q4 2021 investor letter:

“Detailed, bottom-up stock research remains the investment team’s primary focus and the core driver of portfolio performance. 2021 once again demonstrated the team’s ability to identify ‘winners’ through extensive company and industry research across a diverse range of sectors. Key contributors included Cenovus Energy, (due to) recovering oil price leading to improved investor sentiment, consensus earnings upgrades and strong free cash flow generation.”

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