Investors drawn to oil and gas, energy transition, TSX top 30 list shows
Global News
Both traditional oil and gas stocks as well as Canada's mining and metals sector have benefited from a recent surge of investor interest in energy.
Both traditional oil and gas stocks as well as Canada’s mining and metals sector have benefited from a recent surge of investor interest in energy, new data from the Toronto Stock Exchange shows.
The 2023 TSX 30 list, released by the exchange on Tuesday, is a ranking of the 30 top-performing stocks over a three-year period, based on dividend-adjusted share price performance.
This year’s ranking is heavily dominated by the oil and gas sector, which make up 50 per cent of the list. In the number one spot is Calgary-based Paramount Resources Ltd., which saw its share price increase by 1,913 per cent over a three-year period.
Calgary-based NuVista Energy Ltd., another oil and gas exploration and production company, came in second with a share price appreciation of 1,279 per cent.
Canada’s oil and gas sector enjoyed a resurgence in 2022, as Russia’s invasion of Ukraine sent commodity prices spiking and refocused investor attention on the sector.
“We believe (Canadian oil and gas companies) are seen as a source of energy security, with the ongoing energy supply issues that we’re seeing globally,” said Loui Anastasopoulos, CEO of the Toronto Stock Exchange, in an interview.
“Through it all, these companies have maintained strong fundamentals and are supported by robust commodity prices.”
But the 2023 TSX 30 list also shows how investment capital is increasingly interested in the coming energy transition and alternative, non-fossil fuel forms of energy.
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