7 Stocks Under $20 That Could Double Your Money - 3 of 7

Artificial intelligence is also a catalyst for Cenovous Energy Inc. (NYSE: CVE) but for a different reason. The world is clearly moving towards renewable energy, which is becoming more cost-competitive with fossil fuels. However, the pressing and insatiable demand that data centers will require will increase the demand for oil for years to come.  

Cenevous is an integrated oil company headquartered in Canada. It focuses on what it describes as the best oil sands assets in the United States and Canada but also has crude oil and natural gas wells in Canada, China, and Indonesia. 

At a time when oil prices may be under pressure as both supply and demand increase, Cenovous stands out for its ability to make efficient use of its capital. The company will complete a three-year growth cycle by the end of 2025, which should allow revenue that is currently going to capital expenditures to turn into free cash flow.  

Analysts give the stock a Moderate Buy rating. Energy stocks are notoriously cyclical, but nimble traders can buy stocks like CVE stock during the downturns and reap the rewards.