Here are four oil stocks for patient investors: Suncor Energy, Imperial Oil, Ovintiv and Cenovus Energy

Article Excerpt

The price for Western Canadian crude oil jumped from an average $4.92 a barrel in April to $46.03 in June as Canada and other countries began to ease COVID-19 lockdowns. Strengthening oil prices, combined with aggressive cost cuts, improve the prospects of these four oil producers. However, only buy these stocks if you are prepared to hold them for the next two years or longer. SUNCOR ENERGY INC. $23 remains a buy for the Resources portion of your portfolio. The company (Toronto symbol SU; Conservative Growth Portfolio, Resources sector; Shares outstanding: 1.5 billion; Market cap: $34.5 billion; Price-to-sales ratio: 1.1; Dividend yield: 3.7%; TSINetwork Rating: Average; is Canada’s largest integrated oil firm, with major projects in the Alberta oil sands. Just as important, investors tap the company’s four refineries (three in Canada and one in Colorado), along with 1,750 Petro-Canada gas stations. Suncor continues to cut its production in response to slowing demand for oil due to the COVID-19 pandemic and lockdowns. In the three months…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.