7 Most Profitable Canadian Stocks To Invest In

3. Cenovus Energy (NYSE:CVE)  

TTM Net Income: $3.50 Billion  

5-Year Net Income CAGR: 74.34%  

Number of Hedge Fund Holders: 46  

Cenovus Energy (NYSE:CVE) is a prominent Canadian oil and gas producer with a diverse portfolio of assets, including conventional oil and gas fields, oil sands operations, and a refining segment. Cenovus Energy (NYSE:CVE) also operates two oil refineries in the United States.

In the second quarter, Cenovus Energy (NYSE:CVE) reported a strong production beat, exceeding consensus expectations with 800,800 barrels of oil equivalent per day. The company upgraded its downstream guidance.Cenovus Energy (NYSE:CVE) is well-positioned to focus on its liquid production and refining segment, generating substantial cash flows that will enable the company to return value to shareholders through share buybacks.

Cenovus Energy (NYSE:CVE) has achieved its net debt target of $4.0 billion and is now focusing on share repurchases. The company has committed to allocating 100% of its excess free cash flow towards share buybacks, which will help reduce its share count and increase earnings per share.

Cenovus Energy’s (NYSE:CVE) net income for the twelve months ending June 30 was $3.50 billion, a 22.51% increase year-over-year and an impressive 74.34% CAGR over the last 5-years. The company’s focus on returning value to shareholders and its robust growth prospects position it for long-term success. As of the second quarter, 46 hedge funds have invested in the company’s share, with stakes worth $1.21 billion.