Three Canadian energy producers with upside potential

At their current valuations, these names represent attractive long-term opportunities.

Vikram Barhat 23 May, 2018 | 5:00PM

After years of moving lower or sideways, oil prices are going through the roof this year. The U.S. plans for re-imposing sanctions on Iran, which accounts for 4% of global oil supply, have pushed oil prices even higher in an already tightening market.

While the highest gas prices in more than three years means consumers are paying significantly more at the pump, it's good news for the energy industry that has long been languishing in an ultra-low oil environment.

The International Energy Agency expects oil demand (IEA) to see robust growth until 2023, spurred by consumption in the United States, China and India. The resultant growth in supply will greatly benefit Canada, along with Brazil, Norway and the United States, according to the IEA.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Cenovus Energy Inc11.95 CAD-2.29
Enbridge Inc55.31 CAD-0.18
TC Energy Corp75.88 CAD-0.24

About Author

Vikram Barhat

Vikram Barhat  Vikram Barhat is a freelance writer.