10 Best Affordable Stocks Under $20 to Buy

4. Cenovus Energy Inc. (NYSE:CVE)

Stock Price: $13.93

Forward P/E: 11.47

Number of Hedge Fund Holders: 39

Based in Canada, Cenovus Energy Inc. (NYSE:CVE) is an integrated energy company that provides gas and oil. Its operations are divided into the Upstream, Downstream, and Corporate and Eliminations segments.

The Upstream segment includes oil sands, conventional, and offshore operations, while the Downstream segment manages the US and Canadian refining.

Cenovus Energy Inc. (NYSE:CVE) reported its fiscal Q1 2025 results on May 8, generating more than $1.3 billion in cash from operating activities, $983 million in free funds flow, and $2.2 billion in adjusted funds flow. Its upstream production rose to 818,900 barrels of oil equivalent per day, while downstream crude throughput was 665,400 barrels per day. The overall utilization rate reached 92%.

On the same day, analyst Lloyd Byrne from Jefferies maintained a Buy rating on Cenovus Energy Inc. (NYSE:CVE), keeping the price target at C$23.00. The analyst opined that its financial results for fiscal Q1 2025 exceeded expectations, with robust upstream operations driving cash flow per share beyond both Jefferies’ estimates and consensus forecasts.

The analyst also said that Cenovus Energy Inc. (NYSE:CVE) reported lower-than-expected capital expenditures, leading to free cash flow notably exceeding projections. The company takes the fourth spot on our list of the top affordable stocks under $20 to buy.