The magnificent bull run of energy stocks in 2022 saved the TSX from falling deep into the abyss. Canada’s primary stock market could have lost more than 8.66% for the year, if not for the resiliency and strength of the energy sector. For 2023, market analysts expect the red-hot streak to continue amid a possible recession. As of this writing, energy (-0.16% year to date) is the only primary sector out of 11 that’s down from year-end 2022. If you want to take advantage and or buy on weaknesses before they soar again, consider Imperial Oil ( TSX:IMO ) if you don’t own shares yet. The energy stock is a “strong buy” for three compelling reasons. It trades at $65.77 per share and pays a 2.68% dividend. Zoom→ Impeccable dividend-growth streak Energy stocks lost heavily during the oil slump in 2020. The sector was the worst performer three years ago, posting a negative return of 30.8% overall. Meanwhile, Imperial Oil incurred a net loss of $1.85 billion for the year compared to the $2.2 billion net income in 2019. Some industry players had to bite the bullet and stop or slash dividend payments to preserve cash and protect the […]
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