Kalkine Media lists energy stocks under $30 to watch in November

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 Kalkine Media lists energy stocks under $30 to watch in November
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  • In June, Cenovus stated its purchase agreement of remaining 50% of Sunrise oil sands project.
  • In Q2 2022, the revenue for MEG Energy was reported at C$ 1,571 million.
  • In Q2 2022, Topaz Energy Corp noted the cash flow at C$ 95.38 million.

The S&P/TSX Capped Energy Index saw a YTD (year-to-date) increase of 60.19 per cent. It seems that the 2020 oil slump is over and the sector is on an upward trend. There are many companies that may offer good dividends and may also report growing free cash flows.

As an investor, it is your prerogative to understand the subtle differences between market trends and fluctuations. Keep an eye on factors that have the potential to bring changes to the market.

Reportedly, OPEC (Organization of the Petroleum Exporting Countries) in its World Oil Outlook (WOO) report revealed its projections for oil at a global level. According to the report, the global demand for oil is expected to rise by 13 million barrels per day between 2021 and 2045.

Amid all these developments, we look at five energy stocks with their recent highlights:

  1. Cenovus Energy Inc. (TSX: CVE)

Cenovus Energy deals in the development of oil sands assets and focuses on value creation through this process. It carries out its operations in the US and Alberta. Further, it is engaged in natural gas and liquids and, crude oil.

In Q2 2022, Cenovus Energy's cash from operating activities grew to C$ 2,979 million compared to C$ 1,365 million in Q1 2022.

Cenovus Energy noted its Q2 2022 net earnings at C$ 2,432 million versus C$ 1,625 million for the same comparative period in 2021. The net debt decreased to C$ 7,535 million versus C$ 8,407 million in the year-ago quarter.       

Cenovus Energy pays a quarterly dividend of C$ 0.105. Its EPS (earnings per share) is at C$ 2.1. On June 13, 2022, Cenovus Energy stated its purchase agreement of the remaining 50% of the Sunrise oil sands project.

  1. MEG Energy Corp. (TSX: MEG)

MEG Energy operates in Alberta and is engaged in the production and development of situ oil sands. In Q2 2022, revenue for MEG Energy rose to C$ 1,571 million compared to C$ 1,531 million in Q1 2022.

In Q2 2022, its net earnings rose to C$ 225 million versus C$ 68 million on Q2 2021. The funds flow from operating activities also grew to C$ 412 million compared to C$ 160 million for the same comparative period.  

The EPS for the company is C$ 2.66 and it has a P/E ratio of 7.70.

  1. Paramount Resources Ltd. (TSX: POU)

Paramount Resources is a developer, producer, explorer, and marketer of natural gas, crude oil, and natural gas liquids. The company majorly operates in British Columbia and Alberta.

In Q2 2022, Paramount reported a net income of C$ 182.2 million compared to C$ 74.3 million in the same period in 2021.

The cash from operating activities was noted at C$ 318.9 million compared to C$ 112.1 million for the same comparative period. The free cash flow of the company was posted at C$ 68.3 million compared to C$ 2.4 million.

Paramount pays a monthly dividend of C$ 0.1 per share and the dividend yield was reported at 4.158 per cent.

  1. Enerplus Corporation (TSX: ERF)

Enerplus Corp is engaged in producing and developing natural gas assets and crude oil assets. The company operates in the US and Canada and derives majority of the oil from Williston and Waterfloods basins. Further, the company deals in acquiring the right to use assets through payment of royalties to landowners, mineral rights owners, and government entities.

As of June 30, 2022, Enerplus Corp’s cash and cash equivalents was reported at US$ 25.406 million compared to US$ 61.348 million on December 31, 2021. The total assets witnessed an increase to US$ 2.145 billion from US$ 1.99 billion. 

Meanwhile, Enerplus Corporation reported its net income at US$ 244.406 million compared to a loss of US$ 50.933 million. The net debt declined to US$ 545.983 million versus US$ 913.729 million in the year-ago quarter.

The below graph depicts the net income/loss per share of Enerplus Corporation in two different quarters.

  1. Topaz Energy Corp. (TSX: TPZ)

Topaz Energy Corp shares a strategic relationship with the natural gas producers in Canada and is engaged in executing complementary acquisitions from other high-quality energy companies. It is engaged in generating free cash flow growth and pays sustainable dividends to its shareholders.

In Q2 2022, Topaz's EBITDA was noted at C$ 97.459 million compared to C$ 37.308 million in Q2 2021.

The net income soared at C$ 49.473 million versus C$ 0.918 million for the same comparative period.

The cash flow of the company was noted at C$ 95.388 million compared to C$ 37.215 million. The quarterly dividend for Topaz Energy was noted at C$ 0.28 per share and the EPS is at C$ 0.60.

On October 3, 2022, Topaz Energy Corp stated its acquisition of 5 per cent gross overriding royalty interest on Deltastream Energy Corporation's Clearwater acreage in Alberta.

Bottom Line:

The uncertainty and anxiety around the stock market shall always remain. Instead of being on their toes, investors must back their stock selection with thorough research. They should bring in diversification as one of the crucial aspects of your portfolio.

There is a constant influence on the stock market from external factors such as pandemic related events, changes in government policies and economies etc. Keep a tap on every factor and study the market on a regular basis. As an investor work as per the market trends and it will help you move in the right direction in the long run.  

Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.


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