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.

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

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 to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CVE and that has 100x upside potential, check out our report about this cheapest AI stock.

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