Oil prices hit a 2-year high and rose above the $58 mark over the past week as lower inventories kept the rally going. The price of oil has climbed over 25% since plunging below $45 in late June. With oil surging investors should start to revisit some of the top Canadian energy stocks with solid yields to boot.
Suncor Energy Inc. (TSX:SU)(NYSE:SU) is a Calgary-based integrated energy company. Suncor stock has climbed 14.5% in a 3-month span on the back of the oil rally and an impressive third quarter earnings report. The company generated $2.5 billion in cash flow in the quarter and posted net earnings of $1.28 billion or $0.78 per share compared to $392 million in the previous year. Suncor stock offers a dividend of $0.32 per share representing a 2.8% dividend yield.
Enbridge Inc. (TSX:ENB)(NYSE:ENB) stock was up 1.57% in early afternoon trading on November 23 but shares have declined 15.5% in 2017. The company reported net earnings of $765 million in the third quarter compared to a net loss of $103 million in the previous year. However, the company has faced problems with its Line 3 project. It is facing particularly stiff resistance in Minnesota from regulators and protestors in the state.
Nonetheless, Enbridge Inc. hiked its dividend to $0.61 per share with a 5.1% dividend yield. With an OPEC meeting scheduled next week to settle on a possible extension on a production cut beyond March 2018, oil could feasibly go much higher heading into 2018.