Economy 10-01-2024 13:05 11 Views

Top 5 Oil and Gas Stocks on the TSX and TSXV

Oil and gas prices had a volatile year in 2023 as demand faced the push-and-pull impact of Russia’s invasion of Ukraine and slowing global economic activity. Even so, some oil and gas stocks have shown resilience.

Regardless of policy changes by governments looking to transition to cleaner energy sources, oil and gas are expected to continue playing an important role in the world’s energy mix far into the future. Geopolitical and economic uncertainty is seen weighing on oil and gas prices in 2024, but analysts anticipate healthy demand for energy fuels around the corner.

The five top oil and gas stocks on the TSX and TSXV outlined below have displayed significant growth in over the past year, even with lower oil and gas prices. All yearly performance and share price data was obtained on January 5, 2024, using TradingView’s stock screener, and the top oil and gas stocks listed had market caps above C$10 million at that time.

1. Condor Energies (TSX:CDR)

Company Profile

Yearly gain: 321.92 percent; market cap: C$90.38 million; current share price: C$1.54

Condor Energies is focused on exploring, developing and producing at natural gas assets in Turkey, Kazakhstan and Uzbekistan. The company is constructing the first liquefied natural gas facility in Central Asia, and in mid-2023, it announced the acquisition of a lithium brine mining license in Kazakhstan.

Condor is in the final stages of negotiations and approval for a definitive agreement with Uzbekistan and the nation’s energy company. The deal concerns a production redevelopment project under which Condor would assume full operation of eight existing gas condensate fields, as well as two exploration blocks in the surrounding area.

2. New Stratus Energy (TSXV:NSE)

Company Profile

Yearly gain: 279.49 percent; market cap: C$88.49 million; current share price: C$0.75

New Stratus Energy is focused on oil and gas development in Latin America through acquisitions. The company is targeting a production rate of over 50,000 barrels of oil equivalent per day (boe/d) within a three to five year timeframe.

Along with Petrolia, its operating subsidiary, New Stratus continues to advance near-term projects in Mexico, Peru and Venezuela. The company kicked off 2024 by closing the acquisition of a 50 percent indirect interest in GoldPillar International Fund. GoldPillar has a 40 percent equity participation stake in a joint venture company that holds oil production rights covering 794.2 square kilometers of onshore oil fields located in the Eastern Venezuela Basin.

3. Sintana Energy (TSXV:SEI)

Company Profile

Yearly gain: 195.45 percent; market cap: C$88.48 million; current share price: C$0.325

Oil and gas exploration and development firm Sintana Energy is active in five large, highly prospective onshore and offshore petroleum exploration licenses in Namibia and Colombia.

This past November, Sintana confirmed the initiation of a two well drill campaign on petroleum exploration license 83 in Namibia’s Orange Basin. Results from the program are expected to be released this year.

Other important catalysts on the docket for Sintana in 2024 include the delivery of final results from 3D seismic analysis at petroleum exploration license 87, which may trigger Woodside Energy’s option to become the operator of the license; the company also expects Chevron (NYSE:CVX) to initiate a drill campaign on petroleum exploration license 90 by Q4.

4. Logan Energy (TSXV:LGN)

Company Profile

Yearly gain: 130.56 percent; market cap: C$439.75 million; current share price: C$0.83

Logan Energy holds three oil and gas assets spread across Northwest Alberta’s Simonette and Pouce Coupe areas, as well as the Flatrock area of Northeastern BC. It was formed via the spinout of assets from Spartan Delta (TSX:SDE,OTC Pink:DALXF).

In its Q3 update, the company reported average output of 5,394 boe/d over the period, up from 5,015 boe/d in the previous quarter. Logan’s initial capital budget for 2024 is set at C$120 million, and will be aimed at growing production at Simonette, maintaining production at Pouce Coupe and advancing long-term growth at Flatrock. The company is projecting production of above 10,000 boe/d by the end of 2024 if all planned wells for the year are operational by August.

5. Athabasca Oil (TSX:ATH)

Company Profile

Yearly gain: 92.13 percent; market cap: C$2.57 billion; current share price: C$4.40

Canadian energy company Athabasca Oil is an intermediate producer of thermal oil and light oil assets. The company has amassed a significant land base of high‐quality resources located in Alberta’s Western Canadian Sedimentary Basin.

In December 2023, Athabasca Oil announced a joint partnership with Cenovus Energy (TSX:CVE,NYSE:CVE) to create the Duvernay Energy, which will combine the two companies’ Kaybob assets. Athabasca will own a 70 percent equity stake in the new company, while Cenovus will hold the remaining 30 percent.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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