CVE, CPG, SU: 3 TSX energy stocks that are soaring this year

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CVE, CPG, SU: 3 TSX energy stocks that are soaring this year

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 CVE, CPG, SU: 3 TSX energy stocks that are soaring this year
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Highlights

  • Canada is home to the third-largest crude oil reserves in the world.
  • It is believed that Cenovus has 6.7 billion barrels of oil equivalent proven and probable reserves.
  • Suncor is of the largest energy companies in Canada, and its stock remains volume active on the Toronto Stock Exchange.

Oil prices have been rising, making TSX energy equities a safe haven for investors this year. Canada is home to the third-largest crude oil reserves in the world.

Also Read: Can Cenovus (TSX: CVE) be next Suncor as it restarts West White Rose?

Canada's abundant natural resources, particularly oil sands, make energy equities an appealing investment. In this article, we have selected three energy stocks that have soared this year and let's explore them.

Crescent Point Energy Corp. (TSX:CPG)

It is an exploration and production firm that is self-contained. Crescent Point runs its business operations through subsidiaries.

During the trading session on Friday, the CPG stock jumped 2.2 per cent and closed at C$ 12.08 per share. As per Refinitiv data, the CPG stock has returned around 79 per cent year-to-date (YTD).

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In Q1 2022, the company announced that it increased its quarterly dividend by more than 40 per cent to C$ 0.065 per share. Also, Crescent Point generated over C$ 290 million in excess cash flow during the same period.

Cenovus Energy Inc. (TSX:CVE)

It is a Calgary-based oil and gas company and has become popular among investors over the past few years. It is believed that Cenovus has 6.7 billion barrels of oil equivalent (boe) proven reserves.

Cenovus said its total upstream production was 800,000 boe per day. Meanwhile, the cash from operating activities was C$ 1.4 billion.

On June 3, the CVE stock had closed at C$ 30.23 apiece after surging 0.7 per cent. Cenovus' stock surged 94 per cent YTD and around 172 per cent in a year.

Suncor Energy Inc. (TSX:SU)

Suncor is of the largest energy companies in Canada, and its stock remains volume active on the Toronto Stock Exchange. On May 31, the oil and gas company announced that it would restart the West White Rose Project along with joint venture owners.

While announcing the results for the first quarter of 2022, Suncor said it increased 12 per cent quarterly dividend to C$ 0.47 per share.

In Q1 2022, the company's net earnings jumped to C$ 2,949 million from C$ 821 million in Q1 2021.

Also Read: 5 top TSXV clean tech and life sciences stocks to buy in June

Please note, the above content constitutes a very preliminary observation or view based on digital trends 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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