Oil prices have seemingly taken a breather after a big rally in April and May, largely due to falling inventories and the scuttling of the Iranian nuclear deal. Canadian energy stocks have been boosted by the rally and in turn the TSX has climbed back to its January levels. Let’s take a look at three energy stocks at 52-week highs today. Are they still worth a look in your portfolio?
TransGlobe Energy Corporation (TSX:TGL)(NASDAQ:TGA) was up 10.69% in early afternoon trading on May 18. The company released its first quarter results on May 8. The company reported positive funds flow of $2.8 million in the first quarter compared to a $2.8 million loss in the prior year. It also spent $10.7 million on exploration and development in Q1.
NuVista Energy Ltd. (TSX:NVA) stock was up 0.31% in early afternoon trading. It also released its first quarter results on May 8. The company achieved adjusted funds flow of $58.7 million in the first quarter compared to $43.3 million in the prior year. It achieved production of 36,100 Boe/d which exceeded its guidance range for Q1.
Shares of Enerplus Corp. (TSX:ERF)(NYSE:ERF) were up 1.28% in early afternoon trading. In the first quarter the company posted adjusted funds flow of $155.2 million and production average 85,080 Boe/d. Net income climbed to $29.6 million compared to $15.3 million in the prior year.
With the oil price rally tapering off and the European powers attempting to prevent the Iran deal from being scuttled entirely, top energy stocks will likely take a breath in the spring before investors get clarity on inventories going forward.
