Kalkine Media - Given the optimistic outlook for energy demand and the recent recovery in crude oil prices, investing in Suncor Energy (TSX: TSX:SU) and Imperial Oil (TSX: TSX:IMO) appears promising. These TSX energy stocks offer potential for favourable returns amidst the current market conditions, based on the analysis provided.
Suncor Energy (TSX:SU), as one of Canada's largest integrated oil and gas companies, has shown resilience in the face of challenges such as the COVID-19 pandemic and the oil price collapse in 2020. Its strategic measures have positioned it for a strong recovery, as evidenced by its financial performance in 2022 and 2023. With a focus on improving operational efficiency and increasing production levels, Suncor's stock prices could continue to rise.
Imperial Oil (TSX:IMO), with its strong adjusted upstream production and robust financial performance in the fourth quarter of 2023, also presents a compelling investment opportunity. Despite lower commodity prices, Imperial Oil exceeded analysts' expectations, reflecting its resilience and potential for growth as the economy recovers and energy demand strengthens.
Both companies offer dividends, providing additional returns for investors, and their long-term prospects appear promising. Therefore, considering the positive industry trends and the potential for continued growth, investing in Suncor Energy and Imperial Oil could be advantageous for investors seeking exposure to the energy sector in March 2024.