Six Canadian gas producers reach top ranks of TSX
Six of Canada’s largest natural gas producers are among 14 oil and gas companies added September 15 to the Toronto Stock Exchange’s list of its 30 top performing listings.
The TSX Top 30, updated annually, measures the share price performance of each stock listed on the exchange over a three-year period. Over the last three years, as Covid restrictions drove energy demand lower, oil and gas companies were supplanted on the list by e-commerce giants like Shopify and Cargojet, which soared with the growth of online shopping during Covid lockdowns.
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But since the pandemic has eased, energy demand has again taken centre-stage, alongside the European energy crisis and broader energy supply-chain concerns related to Russia’s invasion of Ukraine. Energy-related stocks on the TSX, as a result, have enjoyed an average share price increase over the last three years of 306%, the TSX said.
Gas producers making the TSX Top 30 list, and their respective share prices increases, include Crew Energy (470%), Advantage Energy (391%), Tourmaline Oil (Canada’s largest natural gas producer, with a 366% share price improvement), Birchcliff Energy (262%), Peyto Exploration & Development (246%) and ARC Resources (192%).