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Best oil stocks

These are the best oil and gas stocks to buy now in Canada.

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Canada is home to a number of oil and gas companies. We rounded up a list of the best Canadian oil stocks to buy right now.

What you should know before buying oil stocks

This list of the best Canadian oil stocks is meant to help you conduct your own research in finding the best oil stocks to buy right now. It is not investment advice. No single stock or list of stocks will suit all investors, and we all have different goals and needs.

Whether you care more about short-term capital gains or long-term dividend growth, it’s important to know whether a stock is performing well, making a profit, paying dividends or going backwards. Always remember that past performance does not guarantee future results. Investments can go up and down in value.

How to invest in oil in Canada

How did we pick the best oil stocks in Canada?

We used Finder’s proprietary algorithm to identify the best oil stocks listed on the TSX based on price, performance, profit, revenue and dividends. Our fundamental analysis filters stocks by taking into account historical prices, dividends, revenue growth, (low) price volatility and profit margins.

To avoid smaller, more speculative stocks, we only include companies with a market cap of more than CAD $200 million. In order to better compare historical data, we filtered out stocks that have been listed for less than five years.

We do not guarantee the performance or returns of any investment. Our methodology might filter out some good stocks, so our decision to include or exclude a stock from this list does not indicate whether it’s a good or bad investment. For more info about our algorithm, check out our stock ranking page.

The algorithm was last updated 27 January 2021. This list and data was compiled June 28, 2021.

Best oil and gas stocks to watch in 2021


Headwater Exploration Inc logo

Headwater Exploration Inc (HWX.TO)

Headwater Exploration Inc., a junior resource company, engages in the exploration, development, and production of petroleum and natural gas in Western Canadian Sedimentary Basin. The company explores for petroleum and natural gas onshore in New Brunswick.

  • Market cap: C$876.172 million
  • YTD performance: 84.11%
  • 1 Year performance: 260.66%
  • 5 Year performance: 1057.9%
  • P/E Ratio: 111.25
  • Headquarters: Canada
Buy HWX.TO on Scotia iTRADE

Paramount Resources Ltd logo

Paramount Resources Ltd. (POU.TO)

Paramount Resources Ltd., an independent energy company, explores for, develops, produces, and markets natural gas, crude oil, and natural gas liquids in Canada. The company’s principal properties are the Montney and Duvernay developments located in Alberta and British Columbia. It also invests in public and private corporations. The company was founded in 1976 and is based in Calgary, Canada.

  • Market cap: C$2.229 billion
  • YTD performance: 76.57%
  • 1 Year performance: 240.32%
  • 5 Year performance: 430%
  • P/E Ratio: 17.20
  • Headquarters: Canada
Buy POU.TO on Scotia iTRADE

MEG Energy logo

MEG Energy Corp. (MEG.TO)

MEG Energy Corp., an energy company, focuses on sustainable in situ thermal oil production in the southern Athabasca region of Alberta, Canada. It develops oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the recovery of oil, as well as lower carbon emissions. The company transports and sells thermal oil to refiners in North America and internationally.

  • Market cap: C$2.63 billion
  • YTD performance: 94.61%
  • 1 Year performance: 135.97%
  • 5 Year performance: 349%
  • P/E Ratio: N/A
  • Headquarters: Canada
Buy MEG.TO on Scotia iTRADE

Pipestone Energy Corp.

Pipestone Energy Corp. (PIPE.TO)

Pipestone Energy Corp. engages in the exploration, development, and production of oil and natural gas liquids in Western Canada. The company is headquartered in Calgary, Canada. Pipestone Energy Corp. is a subsidiary of Canadian Non-Operated Resources LP.

  • Market cap: C$417.139 million
  • YTD performance: 225.37%
  • 1 Year performance: 350%
  • 5 Year performance: 297%
  • P/E Ratio: N/A
  • Headquarters: Canada
Buy PIPE.TO on Scotia iTRADE

PrairieSky Royalty Ltd. logo

PrairieSky Royalty Ltd. (PSK.TO)

Pipestone Energy Corp. engages in the exploration, development, and production of oil and natural gas liquids in Western Canada. The company is headquartered in Calgary, Canada. Pipestone Energy Corp. is a subsidiary of Canadian Non-Operated Resources LP.

  • Market cap: C$3.403 billion
  • YTD performance: 51.64%
  • 1 Year performance: 80.42%
  • 5 Year performance: 212%
  • P/E Ratio: 85.47
  • Headquarters: Canada
Buy PSK.TO on Scotia iTRADE

Tourmaline Oil Corp. logo

Tourmaline Oil Corp

Tourmaline Oil Corp. acquires, explores for, develops, and produces oil and natural gas properties in the Western Canadian Sedimentary Basin. It holds interests in properties located in the Alberta Deep Basin, Northeast British Columbia Montney, and the Peace River High Triassic oil complex.

  • Market cap: C$9.795 billion
  • YTD performance: 92.25%
  • 1 Year performance: 168.21%
  • 5 Year performance: 188%
  • P/E Ratio: 10.22
  • Headquarters: Canada
Buy on Scotia iTRADE

Buy oil and gas stocks through an online broker

To invest in any of these stocks, you’ll need a brokerage account. Compare online stock trading platforms below and click “Go to site” to get started.

Name Product Available Asset Types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
OFFER
Wealthsimple Trade
Stocks, ETFs
$0
N/A
$0
Free
Get a $50 bonus when you open a Wealthsimple Trade account and deposit and trade at least $150.
Pay no commissions when you trade Canadian stocks and ETFs with Wealthsimple Trade.
BMO InvestorLine
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$9.95
$9.95 + $1.25 per options contract
$0 if conditions met, otherwise $25/quarter
$0 - $9.95
Buy and sell a select group of Canada’s most popular ETFs without paying commissions.

An easy-to-use online trading platform with access to research, tools, and the option to access InvestorLine adviceDirect for additional professional support.
Scotia iTRADE
Bonds, Options, Mutual Funds, ETFs, GICs, International Equities
$4.99-$9.99
$9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
$0
$9.99 ($4.99 if completed 150 trades or more a quarter)
Pay no annual account fees.
Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
CIBC Investor's Edge
Stocks, Bonds, Options, Mutual Funds, ETFs
$4.95 - $6.95
$4.95 - $6.95 (+$1.25 per contract)
$0 if conditions met, otherwise $100/year
$6.95
$4.95 - $6.95 is applicable for online stock, ETF and option trades only. Pay $4.95 when you qualify as an Active Trader (trade 150+ times per quarter).
An intuitive and easy-to-use platform with access to a variety of tools that help you make smart decisions and trade with confidence.
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
$0
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
Questrade
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$4.95-$9.95
$9.95 + $1 per contract
$0
Free
Get $50 in free trades when you fund your account with a minimum of $1,000.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
OFFER
Qtrade Direct Investing
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$6.95 - $8.75 + $1.25 per contract
$0 if conditions met, otherwise $25/quarter
$0 - $8.75
Get up to 50 free trades. Be one of the first 100 new Qtrade clients to use the promo code 50FREETRADES and deposit a minimum of $10,000 (or top up to $15,000 to get $150 transfer fees waived). Valid until September 30, 2021.
Qtrade Direct Investing offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
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Compare up to 4 providers

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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