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Highlights:
- Cenovus Energy Inc. has a dividend yield of 1.599 per cent.
- Suncor Energy paid a quarterly dividend of C$ 0.52 apiece.
- Cenovus Energy’s revenue in Q3 2022 was C$ 20,090 million.
The Canadian energy sector is moving up since its fall in 2014, although it also went through a rough patch in the second half of 2022. Investors are hopeful about the sector. But nothing can be predicted as the market is volatile.
In this article, we look at two TSX energy stocks and track their performances in recent quarters:
Cenovus Energy Inc. (TSX:CVE)
Cenovus Energy primarily focuses on developing its oil sand assets. The integrated oil company holds a dividend yield of 1.599 per cent. It paid a quarterly dividend of C$ 0.105.
Cenovus Energy mentioned that it generated more than C$ 4 billion in cash from operating activities in the third quarter of 2022, propelled by strong operations. Another highlight in the third quarter of 2022 for the company was reducing long-term debt to less than C$ 8.8 billion and net debt to about C$ 5.3 billion.
Cenovus gave back C$ 659 million to its shareholders through share buybacks. It also announced a variable dividend of C$ 219 million or C$ 0.114 per common share in Q3 2022.
The company's total revenue in the third quarter of 2022 was C$ 20,090 million compared to C$ 20,947 million in the preceding quarter.
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Suncor Energy Inc. (TSX:SU)
Integrated energy company Suncor Energy Inc.’s operations include oil sands development, offshore oil and gas, production and upgrading, and petroleum refining in Canada and the US.
Suncor paid a quarterly dividend of C$ 0.52 per share and held a dividend yield of 4.843 per cent.
The company’s adjusted operating earnings soared to C$ 2.565 billion in Q3 2022, compared to C$ 1.043 billion in the year-ago quarter.
Suncor posted a net loss of C$ 609 million in the third quarter of 2022, compared to net earnings of C$ 877 million in the same quarter in 2021.
Bottom line
It is a difficult time for investors as the broader market remained volatile throughout. As we usher in the new year, investors are thinking about how the stock market will behave this year. Traders should exercise caution while putting their bets on any stock. Do your analysis well before deciding on your portfolio. A long-term strategy and diversification can help you mitigate risks along the way and protect your investment.
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.
