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With oil up 3.34% over the last weekend, an optimistic energy investor might have been forgiven that a turnaround in fortunes was underway. Indeed, as the week has progressed, oil prices have continued to rise for their fifth straight week. Suppliers are holding back supplies, and production cuts are in the pipeline, to misuse a phrase. So, could this be oil’s year? Or will the grinding economic effects of the pandemic cancel the party? Singling out the best recovery stocks While its outlook has analysts divided, Suncor Energy (TSX:SU) (NYSE:SU) is still one of the top stocks trading in the energy segment of the TSX. But can it generate wealth for investors? One way to gauge this is to look at whether Suncor is diversified enough to meet the challenges of a rapidly evolving energy space. Suncor markets crude oil, natural gas, other related products, and also power. As with many big-name oil producers, Suncor additionally has a climate change action plan. Suncor’s assets in that regard include a wind power generation portfolio with 100 MW capability, plus 200 MW sanctioned in 2019. Biofuels also feature prominently in Suncor’s drive for sustainability, as does its electric vehicle charging network […]
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