Last month, I’d looked at the prospects for
Suncor(TSX:SU)(NYSE:SU) for the rest of 2021. Shares of Suncor have climbed 26% in 2021 as of early afternoon trading on May 4. The stock is up 13% from the prior year. Today, I want to discuss the reasons the top energy stock has been on a run to start 2021. Moreover, I’ll look at its recent earnings release. Let’s jump in.
Why Suncor has gained momentum over the past year
Oil and gas prices have been on the rebound as the global economy is bouncing back from the COVID-19 pandemic. That said, countries like India are suffering from the worst bouts of the virus’ spread since the beginning of 2020. Fortunately, the vaccine rollout in the United States has been a massive success and Canada is starting to catch up as we look ahead to the summer.
Net Zero: Methane critical to short-term climate crisis, UN report ipolitics.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ipolitics.ca Daily Mail and Mail on Sunday newspapers.
06.05.2021 - CALGARY, Alberta, May 05, 2021 (GLOBE NEWSWIRE) - Financial ResultsIn the first quarter of 2021, PHX Energy reported improved adjusted EBITDA as a percentage of revenue and earnings from continuing operations despite the ongoing effects of .
Canadian Natural Resources Limited Announces 2021 First Quarter Results
Commenting on the Company’s first quarter 2021 results, Tim McKay, President of Canadian Natural stated “The COVID-19 pandemic continues to challenge our everyday living and the way we operate our businesses. With our strong measures in place we have minimized impacts on our operations, but it remains a daily challenge for our field staff to do it safe and do it right. As the global vaccine distribution increases …
Commenting on the Company’s first quarter 2021 results, Tim McKay, President of Canadian Natural stated “The COVID-19 pandemic continues to challenge our everyday living and the way we operate our businesses. With our strong measures in place we have minimized impacts on our operations, but it remains a daily challenge for our field staff to do it safe and do it right. As the global vaccine distribution increases and crude oil demand recovers, especially in the United States, we are seeing
Image source: Getty Images
Last year, Canadian energy stocks were viewed as uninvestable. It seems like such a long time ago when oil prices made an unprecedented move into negative territory. It was a new low for the Albertan oil patch, as fossil fuel stocks continued nosediving into the abyss.
The rise of green energy stocks didn’t help the cause. Some folks thought that the days of the energy patch were numbered, as renewable energy continued picking up traction on the back of green-friendly policies proposed by U.S. president Joe Biden. Even with incentives and all the sort, it’s going to take decades before the world transitions from fossil fuels.