The Canadian energy stocks we’ve dug up have recently seen an increase in share price on higher-than-average trading volume
SmallCapPower | March 15, 2019: WTI crude oil price has rebounded 32% to ~US$56.00/barrel from its most recent low of ~US$42.50/barrel in late December. Over the same time period, The Horizons Canadian Midstream Oil & Gas ETF (TSX:HOG) surged 25% to $9.16 from ~$7.35. Two of the most important factors that have been driving oil demand include a favourable outcome to the US/China trade dispute and the recently-announced OPEC production cuts of ~1.2M barrels a day, which is supposed to stay in effect until June 2019. Today we have discovered four Canadian energy stocks that could be poised to benefit from heightened demand. These stocks have seen price appreciation on increased volume, which can be an indication of investor bullishness.
*Share prices as at close March 12, 2019, data obtained from S&P Capital IQ
Tamarack Valley Energy Ltd (TSX:TVE) – $2.55
Oil & Gas Exploration and Production
Tamarack Valley Energy is a Canada-based oil and gas producer operating in Alberta and Saskatchewan. The Company’s flagship operation, the Viking project, is a heavy-oil field located east of Edmonton with daily production of 12,163 boed. On September 20, 2018, the Company announced that it had increased its Q3/18 production guidance to an average of 24,700 boe/d after better-than-expected performance from its Alberta Viking drilling program. Tamarack was recently added to the TSX Composite Index on September 24, 2018. On January 15, the Company released its 2019 guidance estimating an annual average production between 23,500 – 24,500 boe/d.
- Market Cap: $557.2M
- 7-Day Total Return: -5.6%
- 30-Day Total Return: +22.6%
- 30-Day Average Volume: 903,000
Granite Oil Corp. (TSX:GXO) – $0.88
Oil & Gas Exploration and Production
Granite Oil is a Canadian oil producer in southern Alberta, approximately 70 kilometers south of Lethbridge. GXO’s Alberta Bakken property consists of approximately 60 gross oil wells and over 140 gross gas wells. Currently, the Company is engaged in the drilling operations of approximately 20 gross wells, more than 10 of which are drilled on the Alberta Bakken properties, and the remaining four are drilled on the Brazeau Belly River properties.
- Market Cap: $33.8M
- 7-Day Total Return: -2.2%
- 30-Day Total Return: +39.7%
- 30-Day Average Volume: 69,000
Highwood Oil Company Ltd. (TSXV:HOCL) – $14.95
Oil & Gas Exploration and Production
Highwood is an Alberta-based oil and gas exploration and production company that focuses on the Red Earth and Jarvie/Nipisi areas of the province. Its core business units include its oil resource play, shallow oil resource play, and oil transportation. On December 28, 2018, Predator Blockchain Capital Corp. announced it entered into an Amalgamation Agreement for the purposes of completing a Qualifying Transaction with Highwood Oil Company.
- Market Cap: $88.9M
- 7-Day Total Return: 0.0%
- 30-Day Total Return: +49.5%
- 30-Day Average Volume: 3,000
International Petroleum Corporation (TSX:IPCO) – $6.18
Oil & Gas Exploration and Production
International Petroleum Corporation operates as an exploration and production company for oil and gas. The Company focuses its efforts on its oil and gas assets in Alberta and Saskatchewan, Canada, Malaysia, and France. As at December 31, 2018, the Company had proved reserves of 288 million barrels of oil equivalents. On February 12, the Company announced its financial and operating results for the year ended December 31, 2018, with 2019 production guidance of between 46,000 and 50,000 boe/d.
- Market Cap: $1.0B
- 7-Day Total Return: -3.7%
- 30-Day Total Return: +36.1%
- 30-Day Average Volume: 125,000
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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