CNQ, TRP and ENB: 3 TSX oil stocks as US plans 1M-barrel-a-day release

Be the First to Comment Read

CNQ, TRP and ENB: 3 TSX oil stocks as US plans 1M-barrel-a-day release

CNQ, TRP and ENB: 3 TSX oil stocks as US plans 1M-barrel-a-day release
Image source: © 2022 Kalkine Media Inc 

Highlights

  • US President Joe Biden has announced that the US will release about one million barrels of oil every day for six months, all form its from its reserves.
  • Volatility had prevailed in the oil markets earlier in the day on Thursday, March 31, amid speculations of this development in the US.
  • CNQ stock zoomed by almost 102 per cent in a year.

Oil markets are likely to see an impact in the wake of President Joe Biden announcing that the US will release about one million barrels of oil every day for six months, all form its from its reserves.   

Volatility had prevailed in the oil markets earlier in the day on Thursday, March 31, amid speculations of this development in the US. 

On that note, let us look at three TSX oil and gas stocks that are all priced under C$ 80 per piece. 

Canadian Natural Resources Limited (TSX: CNQ)

The oil produced posted net profit of C$ 2.53 billion in Q4 FY2021. Its net profit for fiscal 2021 amounted to C$ 7.66 billion, notably up from a loss of C$ 435 million in 2020. 

CNQ stock zoomed by almost 102 per cent in a year and closed at C$ 78.19 on Wednesday, March 30. 

 Canadian Natural Resources (TSX: CNQ)’s Q4 FY2021 results

Also read: Cargojet (TSX: CJT) strikes strategic deal with DHL. Buy alert? 

TC Energy Corporation (TSX: TRP)

TC Energy reported net income of C$ 1.1 billion, or C$ 1.14 per share, in Q4 FY2021. Its net cash totalled at C$ 1.8 billion in the latest quarter. 

TRP stock swelled by over 22 per cent year-over-year (YoY) and closed at C$ 71.36 apiece on Wednesday. 

Also read: Razor (RZE) and FHYD: 2 Canadian penny stocks that rose 700% in 1 year 

Enbridge Inc (TSX: ENB)

Enbridge recorded an adjusted EBITDA of C$ 14 billion in 2021, up from C$ 13.3 billion a year ago.  

Its distributable cash flow (DCF) increased from C$ 9.4 million in 2020 to C$ 10 billion in fiscal 2021. 

ENB stock shot up by nearly 25 per cent in the past year and closed at C$ 57.79 apiece on Wednesday.

Bottomline

As the TSX energy index surged by over 37 per cent year-to-date (YTD), some investors may turn to explore oil giants like Canadian Natural, TC Energy and Enbridge. However, it is necessary to note market dynamics before investing.  

Also read: AQN and NPI: 2 TSX clean stocks as Canada plans to cut emissions by 40% 

Disclaimer

Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK