Image source: Getty Images The post-pandemic rally in oil and gas prices changed the fate of energy-producing companies in a big way. While energy was some of the disdained names across the street earlier, the sector is now one of the investor favourites. And as a result, the year 2022 marked the third consecutive year where oil and gas names outperformed broader markets. Canadian oil and gas stocks for 2023 Interestingly, they are still risky bets considering their strong positive correlation with oil prices. However, crude oil prices have rallied 11%, natural gas is up 44%, and TSX energy stocks are sitting on superior 50% gains for the year. The correlation between oil prices and energy stocks declined in the second half of 2022. This is because energy companies have attained much sounder financial shape lately, particularly on the balance sheet front, which has made them more appealing to investors. While many broad market sectors saw an earnings squeeze amid inflation and rate hikes in 2022, energy has been among the very few that have witnessed an encouraging earnings boost. Going into 2023, TSX energy stocks continue to look attractive, with a gloomy outlook for broader markets. Many energy […]
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