Cenovus Energy Inc. (NYSE:CVE) is included among the 12 Best Oil and Gas Dividend Stocks to Buy Now.

A fleet of oil tankers at sea, representing the global reach of a crude oil supplier. Cenovus Energy Inc. (NYSE:CVE) returned C$595 million to shareholders through dividends, share buybacks, and the redemption of the preferred shares in the first quarter of 2025. The company also approved an 11% increase to its annual base dividend to C$0.80 per share, reiterating that its low breakeven allows it to grow its payout and sustain its business even at a $45 per barrel WTI oil price. Despite a drop in global crude oil prices, Cenovus Energy Inc. (NYSE:CVE) managed to beat expectations in both revenue and profits in the first quarter of 2025. The company has several key development projects coming online in the near future that should help it sustain its earnings and shareholder payouts. An important example is the West White Rose project, which is expected to start production in Q2 2026. The asset is of special significance since it will add 45,000 barrels per day that the company can sell at international pricing, rather than the discounted Western Canadian Select pricing that producers get on oil exported to the United States. Cenovus Energy Inc. (NYSE:CVE) is an integrated oil and natural gas company, based in Calgary, Alberta, with operations that span Canada, the United States, and the Asia Pacific region. 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: 10 Best Nuclear Energy Stocks to Buy Right Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None.