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Investors are benefitting from the incredible comeback of oil and gas companies in 2021 and this year. In Canada, many oil producers clawed their way back from negative cash positions and forgettable stock performances due to the oil slump two years ago. Today, with the war in Ukraine, tight oil markets, and supply constraints driving crude prices higher, profits are soaring. The energy sectorâs dominance last year continues in 2022. Despite the heightened volatility, the sector is up 32.91% year to date. Consumer staples (+4.14%) and utilities (+3.70%) are the far distant second and third, respectively, to red-hot energy stocks. Also, six of the 11 primary sectors are in negative territory. With bumper cash flows in 2022, dividend increases by oil stocks are common these days. However, some industry players are adding a cherry on top of the cake. Canadian Natural Resources (TSX:CNQ) (NYSE:CNQ) Â and Tourmaline Oil (TSX:TOU) are rewarding investors with âspecialâ dividends. Double profits The $3.5 billion profit reported by Canadian Natural Resources for the second quarter (Q2) 2022 represents a 125% increase from Q2 2022. Market analysts said it was an earnings surprise of 22.60% compared to 16.49% in the same quarter last year. Furthermore, […]
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