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The S&P/TSX composite Index also rose on Monday, marking a jump of 34.62 basis points in the day. The uptick in the market for the day can be attributed to the energy sector stocks that also showed positive momentum.
- The S&P/TSX composite Index increased by 34.62 basis points and S&P/TSX Capped Energy sector rose by around 4 basis points on Monday, July 24, 2023.
- Journey Energy Inc., a petroleum and natural gas seller, reported total revenue of CA$60.52 million for the first quarter of 2023.
- Tamarack Valley Energy, an explorer of oil and natural gas, reported total revenue of CA$380.05 million during the March 2023 quarter.
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The S&P/TSX Capped Energy sector index saw an uptick of almost 4 basis points on Monday, July 24, 2023. While the rise has partly stemmed from increasing oil prices, it can also be attributed to increased investor sentiment in the sector.
Investors can examine these two stocks in the energy sector as the TSX Capped Energy Sector Index rises:
Journey Energy Inc. (TSX: JOY)
The energy stock operates specifically in the oil and natural gas industry, with petroleum and natural gas sales forming its major revenue source. The crude oil seller has a market cap of over CA$360 million.Journey reported total revenue of CA$60.52 million for the first quarter of 2023, marking a jump of 26.62% over the previous corresponding period. The company’s operating income was CA$13.01 million for the period, which was 23% lower than the previous corresponding period.
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JOY has a P/E ratio of 2.3x based on Monday’s closing price of CA$5.98. On Monday, July 25, 2023, JOY’s stock price saw a monthly gain of 15% and YTD gain of 9.93%.
ALSO READ: Explore these stocks as the TSX Capped Financial Index rises
Tamarack Valley Energy Ltd . (TSX: TSX:TVE)
Tamarack Valley Energy is an explorer of oil and natural gas and has a market cap of around CA$2.05 billion. The company aims to drill and acquire predictable long-life resources in Western Canadian Sedimentary Basin.TVE reported total revenue of CA$380.05 million during the March 2023 quarter, marking a 27.15% year-on-year jump. The company’s gross profit was CA$306.76 million, while its net income was CA$2.51 million for the March 2023 quarter.
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TVE has a P/E ratio of 5.15x based on Monday’s closing price of CA$3.67. On Monday, July 24, 2023, TVE’s stock price recorded a monthly increase of 22.33%, but on a YTD basis it was lower by 10.49%.