Oil and gas stocks rose to the top of TSX’s weekly list of top securities as crude oil prices continue to rally. Investors have come into a place of hope that 2021 may shape up to be a year of prosperous growth for the oil and gas industry, as oil prices have now climbed past the $60 mark for the first time in over a year.
CNQ, the Canadian Natural Resources Ltd. has raced up 38.8% for the week, with their stock trading at $38.92. This brings CNQ’s full-year gains to around 32%. CNQ, Canada’s largest independent natural gas and crude oil producer, is best known for its exploration and production operations in western Canada and the North Sea.
Suncor Energy Inc. is the second highest achieving stock this week, making a notable jump of 32.9%. Suncor is one of Canada’s largest integrated energy companies and the only major that offers both upstream and downstream operations. Suncor’s continuous rise all year long has now brought the stock back up to the $30 mark, a figure that has not been seen since October 2019.
Third on the list is Imperial Oil Ltd., which has experienced a 31.1% surge throughout the week and is trading at $31.99. Imperial has seen an incredible upsurge in the past year, having been in negative territory at the start of 2020 and now experiencing a full-year growth of 18%. This stock is popular among investors due to its reliable, dividend stream, which currently stands at 4.6%.
The fourth on the list of top stocks this week is Husky Energy Inc., which has made a 25.7% climb on the TSX index to reach $9.88. Husky Energy is a Calgary-based integrated oil and gas company that produces crude oil, natural gas, and bitumen and is engaged in astute refining operations.
Rounding off the list is Cenovus Energy Inc. with a 24.4% rise for the week, setting a price point of $10.39 per share. Cenovus Energy is a Calgary-based oil producing and developing, integrated energy company with operations strategically spread out across Canada. Cenovus’s stock has achieved a double-digit full-year return and is now nearing the highest point that it has seen in the past year.
Bolstered by the positive indicators in the oil and gas industry, oil and gas stocks this week have earned some of the top spots on TSX’s performance list. It is also worth noting that all five stocks on the list have achieved substantial growth in the past 12 months, indicating that the oil and gas industry may see brighter days ahead.