The Amateur Investor: Pump up your portfolio with Canadian oil and gas

Large-cap Canadian producers can fire up investments with solid returns, juicy dividends

Published Jun 21, 2026  •  5 minute read

An oil and gas industry pumpjack drill rig in Alberta. Photo by Adobe Stock

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It’s a bit of a roller-coaster ride, but if you’ve got the stomach for it, Canadian oil is a worthy investment that will serve your portfolio well due to solid returns and juicy dividends. I like it so much that I used my carbon tax rebate cheques to buy stock in it.

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Didn’t see that coming, did you, Justin Trudeau and Catherine McKenna?

Former prime minister Justin Trudeau and former environment and climate change minister Catherine McKenna, architects of the carbon pricing and rebate program. Photo by Catherine McKenna/X

Canadian energy: Volatile, but worth it

Here’s the reality that some “elbows up” Liberal or NDP voters will ever admit. If the oil industry stops, Canada stops. Simple as that.

The Canadian energy industry accounted for almost 10% of gross domestic product last year, directly employing 332,800 people and indirectly supporting 432,000 jobs, to say nothing of the infrastructure it helps provide and pay for in Central and Eastern Canada.

But there’s a trade-off. Canadian oil and gas stocks typically don’t trade at the premium that their American counterparts do for a couple of reasons. Canadian crude known as Western Canada select (WCS) is heavier and more difficult to refine than oil from other countries. Oil-rich Alberta also has limited access to global markets. Investors saw the Trudeau Liberal government as virulently hostile to development, keeping money away, but such attitudes are changing. The industry has always been, and continues to be, extremely politically charged. Combined with the geopolitical situation, it all has an impact on stock prices.

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Buy opportunity?

Up until recently, the U.S.-Iran war drove shares in energy producers to highs not seen in years. Now that a peace deal is set to come into effect and the Strait of Hormuz is set to reopen (or not depending on what day it is), investors have taken profits and market prices have dipped. But that doesn’t mean it’s over for oil. Experts say with the increasing development of power-hungry AI data centres and the expansion of global power grids, energy demand across the world will only increase. And Canada, if it plays its cards right, could be seen as a reliable source of it in the years to come, more so than most. So here’s a look at some of Canada’s most prominent oil and gas stocks and what they’re up to.

All prices are from the end of the trade day on June 15.

A woman in Lachine, Que. pumps gas at gas retailer Petro Canada, owned by Suncor. Photo by John Mahoney /Postmedia Network

Suncor Energy ($SU)

Share price: $83.39

52-week price range: $50.96-$96.53

Market cap: $98.46B

Quarterly dividend/yield: $0.60/2.88%

Analyst rating: Buy

The oil giant famous for its gas retailer Petro Canada had been languishing for years with safety issues, some fatal, and less than desirable quarterly results, but that drastically changed in 2023 with the hiring of CEO Rich Kruger, a 40-year oil man who turned the ship around. Amid activist investor pressure and increasing public scrutiny over deadly accidents, Kruger oversaw the company as it overhauled safety protocols, reduced costs and optimized its assets. And as an upstream oil extractor and downstream refiner and retailer, the company is more insulated against shifts in commodity prices than its peers. As a result, Suncor has seen its stock price rally from $37 in June 2023 to $83 now with analysts predicting an average price of $102.04.

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Canadian Natural Resources is Canada’s largest oil producer. Photo by Brett Carver /Postmedia Network

Canadian Natural Resources ($CNQ)

Share price: $61.69

52-week range: $40.62-$70.99

Market cap: $128.4B

Quarterly dividend/yield: $0.63/4.05%

Analyst rating: Buy

Canadian Natural Resources is Canada’s largest oil producer with lucrative offshore holdings in the North Sea and off the coast of West Africa. It increased its already mammoth Canadian presence with Canadian assets it acquired from U.S. oil giant Chevron in late 2024, boosting production and profit. Like Suncor, it’s more insulated from the effects of geopolitics and commodity price dips than smaller peers, in its case because of its size, global presence and operational efficiency. Analysts say with over 25 years of increases, its dividend is reliable and its price is attractive at $61 a share with predictions ranging from $71-$80.

An oil tanker truck drives into the storage facility at the Whitecap Resources Weyburn Unit Plant south of Weyburn, Sask. Photo by Brandon Harder /Postmedia Network

Whitecap Resources ($WCP)

Share price: $16.18

52-week range: $8.88-$17.34

Market cap: $19.67B

Monthly dividend/yield: $0.06/4.51%

Analyst rating: Strong buy

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Whitecap has been a Bay St. darling for the past couple of years with its shareholder-friendly moves and dynamic assets. The oil producer operates in Alberta, Saskatchewan and the highly touted Montney formation. A tract of land roughly the size of England, the Montney straddles 130,000 square kilometres across northeast B.C. and northwest Alberta and the National Energy Board estimates there’s 90 billion barrels worth of oil equivalent and natural gas there. Following an enormous $15-billion merger with Veren Inc., Whitecap now boasts the largest presence in the Alberta Montney. Combine that with a stable and tasty monthly dividend and an aggressive share buyback program, you can see why many Canadian investors consider Whitecap a conviction hold with a prediction as high as $20 a share.

An Enbridge facility in Sarnia, Ont. Photo by Postmedia file photo

Enbridge ($ENB)

Share price: $78.38

52-week range: $59.67-$80.65

Market cap: $171.15B

Quarterly dividend/yield: $0.97/4.95%

Analyst rating: Buy

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As the largest gas utility in North America and one of the world’s largest transporters of natural gas through its vast pipeline network, you likely pay Enbridge every month to keep the heat on, the water warm and the stove fired up, so you may as well get some money back by investing in them. Your money is relatively safe here, too, paying dividends out for more than 70 years and increasing its annual payout for more than 30, though dividends may not increase as frequently or as dramatically in the future as the company looks to use its capital to expand. With a high-estimate prediction of $83 a share, you may not see holdings appreciate in value as quickly as you like, but as a low-risk defensive choice, this Canadian gas giant is tough to beat.

Disclaimer: The information contained in this column is for informational purposes and is not intended to be investment advice or an offer or recommendation to buy or sell any security. Brian Towie is not a certified financial adviser and encourages readers to do their own diligence before investing their money.

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