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Best oil stocks in Canada

These are the 6 best Canadian oil and gas stocks to watch in March 2023.

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Mackenzie Domazet

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Canada is home to a number of oil and gas companies. Here is Finder’s list of the best Canadian oil stocks to buy right now based on performance, price, profit, revenue and dividends.

Latest updates

Tuesday, June 14:

  • Global oil supply has been crippled as North American countries refuse Russian oil as punishment for the country’s invasion of Ukraine and EU countries promise to cut down Russian oil imports by 90% by the end of the year.
  • This has resulted in a continuous increase in oil prices: U.S. gasoline prices hit $5 per gallon for the first time ever and Moody’s Analytics thinks they could hit $5.50 within a couple of weeks.
  • Plus, as China opens back up following COVID lockdowns, this will continue to raise global demand, which will further increase the price of oil.

Wednesday, April 27:

  • Russia cut off natural gas exports to NATO countries Poland and Bulgaria in what is seen as a punishment for Western countries’ support for Ukraine.
  • This will likely impact global economies and other industries as we saw last month.

Wednesday, April 20:

  • The price of oil temporarily entered negative territory in the US due to expiring oil futures contracts, triggering another stock market slump. This was the first time in history that the price of oil went negative.

Wednesday, March 9:

  • Since Russia’s February 24th invasion of Ukraine, oil has soared amidst global volatility.
  • Russia is the world’s largest exporter of oil to global markets, and news that the US is now banning oil imports from Russia has caused oil and gas stocks to surge further.

What you should know before buying oil stocks

This list of the best Canadian oil and gas 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 oil stock or list of stocks will suit all investors, and we all have different goals and needs. Always remember that past performance does not guarantee future results.

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Best Canadian oil and gas stocks to watch in 2023

BayTex Energy Corp logo

1. Baytex Energy Corp. (BTE.TSX)

Baytex Energy Corp. is an oil and gas corporation based in Calgary, Alberta. The company acquires, develops and produces crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States.

  • Market cap: C$3.943 billion
  • YTD performance: 80.05%
  • 1 Year performance: 87.73%
  • 5 Year performance: 311%
  • P/E Ratio: 4.72
Buy on Interactive Brokers
NuVista Energy Ltd. logo

2. NuVista Energy Ltd. (NVA.TSX)

NuVista Energy Ltd. is a condensate and natural gas company that develops, delineates and produces condensate, oil and natural gas reserves in the Western Canadian Sedimentary Basin.

  • Market cap: C$2.799 billion
  • YTD performance: 76.01%
  • 1 Year performance: 120.72%
  • 5 Year performance: 326%
  • P/E Ratio: 5.28
Buy on Interactive Brokers
Tourmaline Oil Corp. logo

3. Tourmaline Oil Corp. (TOU.TSX)

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$26.035 billion
  • YTD performance: 89.32%
  • 1 year performance: 72.90%
  • 5 year performance: 173%
  • P/E Ratio: 10.61
Buy on Interactive Brokers
Birchcliff Energy logo

4. Birchcliff Energy Ltd. (BIR.TSX)

Birchcliff Energy Ltd. is an intermediate oil and natural gas company that acquires, explores for, develops and produces natural gas, light oil, condensate and natural gas liquids in Western Canada.

  • Market cap: C$2.867 billion
  • YTD performance: 67.49%
  • 1 year performance: 64.94%
  • 5 year performance: 254%
  • P/E Ratio: 5.13
Buy on Interactive Brokers
Cardinal Energy Ltd. logo

5. Cardinal Energy Ltd. (CJ.TO)

Cardinal Energy Ltd. acquires, explores for and produces low decline light, medium and heavy quality oil as well as natural gas in Western Canada. It has operations in Alberta and Saskatchewan.

  • Market cap: C$1.327 billion
  • YTD performance: 98.59%
  • 1 Year performance: 94.05%
  • 5 Year performance: 348%
  • P/E Ratio: 2.79
Buy on Interactive Brokers
Canadian Natural Resources logo

6. Canadian Natural Resources Limited (CNQ.TSX)

Canadian Natural Resources Limited acquires, explores for, develops, produces, markets and sells crude oil, natural gas, and natural gas liquids (NGLs). The company offers synthetic crude oil (SCO), light and medium crude oil, bitumen (thermal oil), primary heavy crude oil and Pelican Lake heavy crude oil.

  • Market cap: C$85.698 billion
  • YTD performance: 38.90%
  • 1 year performance: 52.07%
  • 5 year performance: 207%
  • P/E Ratio: 7.71
Buy on Interactive Brokers

Biggest oil companies you can buy stocks in

If your strategy is big oil, here are the biggest oil companies around the world:

How to invest in oil in Canada

Buy Canadian oil and gas stocks through an online broker

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

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, 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 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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