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The war in Europe and the ban on oil and gas imports from Russia acted as a catalyst that helped to maintain the higher valuations of oil stocks. This is one reason why oil and natural gas stocks performed so well in 2022. However, long-term energy investors can start including renewable energy stocks in their portfolios, as the global economies begin moving towards renewable, clean energy. Many experts believe oil and gas demand will stay high this year. This should help the energy sector continue to perform well in 2023. Thus, I think these two top oil stocks are worth a look to kick off the new year. Top oil stocks: Enbridge Enbridge ( TSX:ENB ) is a leading Canadian energy company. Its Mainline is used by American refineries, and controls over 70% of Canada’s takeaway oil capacity. Over 80% of Enbridge’s earnings, according to analysts, are insulated from inflation. This is due to the company’s sizeable gas utility business in Ontario, and a tiny but expanding renewables section dealing with solar and wind energy. Zoom→ Enbridge stock has been hovering around the $40 level for some time. With a forward price-to-earnings ratio of 17 times, this stock is […]
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