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Cenovus Energy Inc. (NYSE:CVE) is included among the 15 Dividend Growth Stocks with the Highest Growth Rates.
Cenovus Energy Inc. (NYSE:CVE) is a leading Canadian integrated energy company with operations covering oil and gas production, transportation, storage, refining, and marketing.
The company produces about 815,000 barrels of oil equivalent per day, mainly in Canada. Its refining operations, which handle around 720,000 barrels per day, are largely based in the United States, where about 85% of its refining capacity is located. Roughly 55% of the crude processed is heavy oil, giving Cenovus Energy Inc. (NYSE:CVE) some exposure to the price gap between heavy and light crude.
Cenovus Energy Inc. (NYSE:CVE) holds reserves that can sustain production for roughly a decade, providing a strong foundation for long-term stability. While its returns have been historically volatile, they also tend to be rewarding during favorable market conditions. In fact, the stock has surged by 13% since the start of 2025.
In the second quarter, production was slightly affected by planned maintenance and wildfires near the Christina Lake site. However, downstream utilization remained solid at 92%, helping limit the financial impact. During the quarter, the company generated $2.4 billion in cash from operations, $1.5 billion in adjusted funds flow, $355 million in free funds flow, and distributed $368 million in dividends. This stable cash flow has enabled the company to achieve a five-year dividend growth rate of 42.5%. Currently, it pays a quarterly dividend of C$0.20 per share and has a dividend yield of 3.47%, as of October 30.
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.
READ NEXT: 13 Most Undervalued Dividend Stocks to Buy According to Wall Street Analysts and 11 Best FTSE Dividend Stocks to Buy Right Now.
Disclosure: None.
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