How to Buy Cenovus Energy Stock in Canada [2024]

Summary: Cenovus Energy is a Canadian oil and natural gas company listed on the Toronto exchange under the ticker CVE, which means you can buy Cenovus Energy stock in Canada via an online broker such as Interactive Brokers.

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About Cenovus Energy

The company’s diversified activities encompass oil sands projects in northern Alberta, thermal and conventional crude oil and natural gas ventures across Western Canada, crude oil production offshore Newfoundland and Labrador, and natural gas and liquids production offshore China and Indonesia.

Conevus Energy stock trades under the ticker CVE and is listed on the Toronto and New York (NYSE) stock exchanges.

How to buy Cenovus Energy stock? Step-by-step process

Keep reading as we lay out a step-by-step guide to buying Cenovus Energy stock and provide suggestions for particular platforms you may want to consider.

Step 1: Choose a broker

To purchase Cenovus Energy stock in Canada, you need a brokerage account. When assessing brokers, consider these factors:

• Asset range: Verify that the broker offers access to CVE as well as any other financial products that interest you, such as mutual funds and ETFs, bonds, and currencies, as well as more complex derivative financial instruments like options or futures;
• Cost: Understand the broker’s fee structure, including commission rates, spreads, account maintenance fees, and any hidden charges;
• Regulation and security: Ensure the broker is regulated by the relevant regulatory bodies in its jurisdiction and that they have implemented appropriate measures to protect your data and funds;
• Fractional shares: Check if the broker offers fractional share trading (buying stock by the dollar amount). This is particularly useful for investors with limited capital or those intending to implement a dollar-cost averaging (DCA) strategy.

To securely Buy Cenovus Energy stock in Canada, we recommend Interactive Brokers (IBKR), which offers: 

• Commission-free stock and ETF trading;
• Trade stocks on 90+ market centers;
• Fractional stock trading;
• Earn extra income on fully paid shares;
• Lowest financing rates for margin accounts in the industry;
• No account minimum. 

Best Platform for Worldwide Stock Trading & Investing

• Highly trusted multi-asset broker with clients in over 200 countries

• Trade on 150 markets globally from a single platform (stocks, ETFs, futures, currencies, crypto & more)

• Low commissions starting at $0 with no platform fees or account minimums

• Easily fund your account and trade assets in 26 currencies

• IBKR pays up to 4.58% interest on cash balances of $10k or more

Up to 4.58% interest on balance*

Get Started

Step 2: Open and fund your account

After deciding on a broker that suits your investment goals and needs, you can open an account with them. Once your account has been approved, the next step is to deposit funds, which can typically be done through various methods such as bank transfers, debit or credit cards, or third-party payment services like PayPal (PYPL). 

With your account funded, you are ready to begin investing.

Step 3: Place your order and invest in CVE

Place your order by following these four steps:

• Step 1: Search for Cenovus Energy by using its ticker symbol CVE;
• Step 2: Decide on how you want your order to be executed, with a market (immediately) or a limit order (fulfilled at your desired price);
• Step 3: Select the number of shares or the dollar amount you want to buy;
• Step 4: Check all the details before clicking ‘Buy’ or ‘Open Trade’ to confirm their accuracy. Once satisfied, submit the order to your broker for execution.

Step 4: Monitor your investment

Periodically review your stake in the company to ensure you’re on track to reach your financial goals but refrain from making hasty choices influenced by temporary market fluctuations.

Cenovus Energy stock price today

Pros and cons of buying Cenovus Energy stock

Pros

• Oil makes the world go round: Oil remains a vital energy source for the world economy, powering transportation, industry, and many other sectors. As a provider of this essential resource, Cenovus Energy is positioned in a market with continued global demand, potentially offering sustained revenue streams;
• Diversified operations: Cenovus Energy’s diversified portfolio, including oil sands projects, conventional crude oil, natural gas projects, and downstream operations, could provide some resilience against localized market challenges;
• Income-generating: Standard for many oil and gas stocks, Cenovus Energy is a dividend-paying company, yielding 2.52% as of January 3, 2024.

Cons

• Regulatory risks: Changes in environmental regulations, especially concerning fossil fuels, could affect operations and profitability;
• Geopolitical risks: Their operations across various regions expose them to geopolitical tensions and potential regulatory changes in different jurisdictions;
• Cyclicality: The oil and gas sector is infamously cyclical, marked by recurring phases of booms and busts:
• Price volatility: Shares in the oil and gas industry tend to exhibit greater volatility compared to the overall market due to their close correlation to fluctuations in the supply and demand of the underlying commodities;
• Dividend risk: Should the company be unable to yield adequate revenue to maintain shareholder payments, dividends might be at risk of reduction;
• Environmental Concerns: Investments in fossil fuel companies might not align with the values of environmentally conscious investors, possibly limiting the stock’s appeal to a broader audience.

In conclusion 

In short, to buy Cenovus Energy stock, follow these four steps:

1. Select a broker;
2. Open an account with them and deposit funds;
3. Buy the CVE stock;
4. Periodically monitor your position.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

FAQs about how to buy Cenovus Energy stock

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