Is Cenovus Energy (CVE) One of the Best Large Cap Stocks to Buy Under $20?

Cenovus Energy Inc. (NYSE:CVE) is one of the best large cap stocks to buy under $20. On October 23, Travis Wood from National Bank kept a Buy rating on Cenovus Energy, with a price target of C$28.00. However, earlier on October 9, Raymond James analyst Michael Barth upgraded Cenovus Energy to Strong Buy from Outperform with a price target of C$32, which was an increase from C$30.

Raymond James updated the company’s model to include the MEG acquisition. Therefore, the firm views Cenovus as offering the best risk-adjusted return in the space. In other news, on October 8, Cenovus Energy announced that the company entered into an Amended Agreement to acquire MEG Energy Corp. The agreement amends the original arrangement agreement dated August 21 earlier this year and increases the aggregate purchase price.

Cenovus Energy Inc. (NYSE:CVE), together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada, the US, and China.

While we acknowledge the potential of CVE as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.