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Alberta’s oil and gas sector commands list of top 30 TSX stocks

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Alberta’s energy companies dominate the Toronto Stock Exchange’s latest high performers list.

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State-based companies accounted for half of the latest TSX30 list announced Thursday.

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Of Alberta’s 15 companies, 14 are in the oil and gas sector.

TSX CEO Louis Anastathopoulos said these Alberta energy companies accounted for about 63% of the 2022 TSX30 market capitalization (the value of companies traded on the stock market). Told.

“It’s great to see energy playing a significant role on the list for the first time this year,” he told the Post Media.

Oil and gas companies on the annual list have been sparsely represented since the program began in 2019, but the top 10 as of Thursday included Alberta’s Obsidian Energy Ltd., Crew Energy Inc. and Advantage Energy Ltd. ., Paramount Resources Ltd., Tourmaline Oil Co., Ltd.

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Calgary-headquartered Birchcliff Energy Ltd., No. 13, has risen sharply from “the depths of despair” in March 2020, early in the COVID-19 pandemic, when the company’s stock dropped to about 60 cents. The stock has hit about $12 this year, president and chief operating officer Chris Carlsen told Postmedia.

He added that while joining the list evokes excitement, it is also a reminder of the challenges that have been seen over the past three years.

Shares in the sector were hit by the decade of oil price declines leading up to the pandemic, and fell further in early 2020 as demand declined.

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“We really think about the resilience and strength of our staff both in Calgary and on the field,” Carlsen said. “The management team, the board and some of the major shareholders have supported us through the ages, from where we were to where we are today.”

Oil prices then rebounded, rising to US$120 per barrel in June. This is due in part to the general lifting of COVID-19 restrictions and the war between Russia and Ukraine.

Along with just over a third of the top 30 companies announced Thursday, Birchcliff is a “graduate” of the TSX Venture Exchange. The TSX Venture Exchange is the stock exchange where early-stage companies are hatched, grown and listed as they enter the TSX market, he said. .

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“I think it speaks to the credibility of that two-tier ecosystem and how it nurtures and develops companies and graduates them into big companies,” he said.

Mining companies also have a prominent presence in the latest TSX30, half of which are headquartered in British Columbia.

Anastasopoulos was quick to point out that on a national scale, the list also marks a successful year for domestic companies.

“There’s obviously a lot of focus on Alberta, but 90% of this year’s list is Canadian companies, which I think shows the strength of Canada’s capital markets as a growth platform,” he said. Told.

— Using files from The Canadian Press



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Alberta’s oil and gas sector commands list of top 30 TSX stocks

Source link Alberta’s oil and gas sector commands list of top 30 TSX stocks

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