Cenovus Energy (CVE): Hedge Funds Bullish on Undervalued Canadian Stock

Cenovus Energy (CVE), a leading Canadian energy company, has caught the attention of prominent hedge funds, who are bullish on its undervalued stock. As of their latest 13F filings, we've identified the top hedge funds holding CVE, with Arrowstreet Capital Limited Partnership at the helm, holding over $320 million in shares. This article delves into the evolving positions of top hedge funds in CVE, their average buy prices, portfolio composition, and the fund ratings influencing their investment decisions.


Arrowstreet Capital Limited Partnership, the largest CVE shareholder among hedge funds, has consistently increased its position in CVE over the past year. As of June 30, 2024, the fund held 16,316,872 shares, valued at approximately $321 million. Other top hedge funds, such as Citadel Advisors and Viking Global Investors, have also significantly increased their CVE holdings, indicating their confidence in the company's prospects.



The average buy price for CVE among top hedge funds is around $15 per share, which is lower than the current stock price of approximately $20. This suggests that these funds have the potential to realize significant gains if the stock price continues to rise.

In terms of portfolio composition, CVE represents a significant portion of the top hedge funds' holdings. For instance, CVE accounts for around 2.8% of Arrowstreet Capital's portfolio. Other funds, such as Citadel Advisors and Viking Global Investors, also have substantial CVE positions relative to their overall portfolios.


The fund ratings and investment strategies of these top hedge funds play a crucial role in their decision to invest in CVE. Many of these funds, such as Citadel Advisors and Viking Global Investors, are known for their long/short equity strategies, which involve taking both long and short positions in stocks. Their bullish stance on CVE suggests that they believe the company's fundamentals and prospects outweigh any potential risks.

In conclusion, hedge funds are bullish on Cenovus Energy (CVE), with top funds significantly increasing their holdings in the undervalued Canadian stock. Their investment decisions are supported by the company's fundamentals and the funds' positive outlook on its prospects. As the energy sector continues to evolve, investors should closely monitor the developments in CVE and the hedge funds' positions to identify potential opportunities.