Up to date on July twenty fifth, 2025 by Bob Ciura
Canadian oil shares have confirmed over the previous decade that they will navigate downturns in commodity costs.
Canadian oil shares additionally are likely to pay increased dividends than many U.S.-based oil shares, making them probably extra interesting for revenue buyers.
Valuations have additionally remained fairly low just lately, boosting their respective whole return profiles in consequence.
On this article, we’ll check out 8 main Canadian oil shares:
Canadian Pure Assets (CNQ)
Suncor Power (SU)
Enbridge, Inc. (ENB)
Imperial Oil (IMO)
Whitecap Assets (SPGYF)
Paramount Assets (PRMRF)
Tamarack Valley Power (TNEYF)
Freehold Royalties Ltd. (FRHLF)
On this article, we are going to rank them so as of highest anticipated annual returns over the following 5 years.
Be aware: Canada imposes a 15% dividend withholding tax on U.S. buyers. In lots of instances, investing in Canadian shares by means of a U.S. retirement account waives the dividend withholding tax from Canada, however verify together with your tax preparer or accountant for extra on this situation.
These prime 8 Canadian Massive Oil shares are shareholder-friendly firms, with engaging dividend payouts. With this in thoughts, we created a full checklist of almost 80 power shares.
You may obtain a free copy of the power shares checklist by clicking on the hyperlink under:
Extra data may be discovered within the Positive Evaluation Analysis Database, which ranks shares primarily based on their dividend yield, earnings-per-share development potential, and modifications within the valuation a number of.
The shares are listed so as under, with #1 being probably the most engaging for buyers right this moment.
Learn on to see which Canadian oil inventory is ranked highest in our Positive Evaluation Analysis Database.
Desk Of Contents
You should use the next desk of contents to immediately leap to a particular inventory:
The highest 8 Canadian oil shares are ranked primarily based on whole anticipated returns over the following 5 years, from lowest to highest.
Canadian Oil Inventory #8: Tamarack Valley Power (TNEYF)
5-year anticipated returns: -5.7%
Tamarack Valley Power Ltd. is a Canadian power firm. Shares are dual-listed in Canada beneath the ticker “TVE” and the U.S. with the over-the-counter ticker “TNEYF”.
The corporate’s base reporting forex is Canadian {Dollars}, however this report will use U.S. Greenback figures besides when in any other case famous. Tamarack Valley Power has lengthy operated oil and fuel property primarily within the province of Alberta.
On Could seventh, Tamarack Valley Power reported its Q1 2025 outcomes. Earnings per share of 9 cents have been a big enchancment from the 5 cent loss reported for a similar interval of 2024. The rise was because of each higher manufacturing volumes and better realized power costs.
The corporate reported 67,697 whole barrels of power a day in manufacturing for Q1, up 9% year-over-year. In the meantime, the corporate realized considerably increased costs on crude oil, together with $92 CAD ($67) per barrel for its mild oil manufacturing.
Nevertheless, oil has dropped sharply in current weeks and is now under $60/barrel, and Albertan oil usually trades at a reduction to that benchmark, suggesting substantial draw back to earnings for the remainder of the 12 months as in comparison with Q1.
Click on right here to obtain our most up-to-date Positive Evaluation report on TNEYF (preview of web page 1 of three proven under):
Canadian Oil Inventory #7: Imperial Oil (IMO)
5-year anticipated returns: -4.8%
Imperial Oil is considered one of Canada’s largest built-in oil companies. The corporate operates by means of three reporting segments: Upstream, Downstream, and Chemical. Imperial Oil is headquartered in Calgary, Alberta, Canada.
Exxon Mobil (XOM) owns roughly 70% of Imperial Oil’s frequent fairness. Imperial Oil is cross listed on each the Toronto Inventory Change and the New York Inventory Change.
Imperial Oil reviews monetary ends in Canadian {dollars}, however the figures proven on this analysis report have been transformed to U.S. {dollars} and consult with the corporate’s NYSE-listed shares.
In early Could, Imperial Oil reported (5/2/25) outcomes for Q1-2025. Manufacturing declined -1% over the prior 12 months’s quarter whereas the common realized costs of oil and fuel remained basically flat on a sequential foundation.
Because of a steep lower in curiosity expense, earnings-per-share grew 12% over the prior 12 months’s quarter. Imperial Oil has raised its dividend by 20% this 12 months.
It additionally expects to develop output this 12 months and due to this fact it’s prone to submit earnings-per-share near these achieved final 12 months, an almost 15-year excessive stage.
Click on right here to obtain our most up-to-date Positive Evaluation report on IMO (preview of web page 1 of three proven under):
Canadian Oil Inventory #6: Paramount Assets (PRMRF)
5-year anticipated returns: -4.6%
Paramount Assets is a Canadian power firm. Paramount Assets has a protracted historical past. The corporate was based in 1976 and has been publicly-traded since 1978.
Paramount Assets now owns a much smaller oil and fuel manufacturing base targeted on the Kaybob area of Alberta together with the Willesden Inexperienced Duvernay space additionally positioned in Alberta.
The corporate introduced its Q1 2025 outcomes on Could thirteenth, 2025. EPS of C$8.74 skyrocketed from C$0.46 within the prior 12 months however outcomes should not comparable. The overwhelming majority of that revenue was from features on current asset gross sales together with receiving insurance coverage claims tied to wildfire harm.
For the reason that firm just lately offered off the vast majority of its manufacturing base, ahead earnings will probably be far decrease. Certainly, money stream from operations slipped from C$1.52 to C$1.01 per share year-over-year.
Analysts are forecasting simply 12 cents of earnings for Q2, which provides a a lot more true reflection of the corporate’s earnings energy post-asset sale.
Click on right here to obtain our most up-to-date Positive Evaluation report on PRMRF (preview of web page 1 of three proven under):
Canadian Oil Inventory #5: Whitecap Assets (SPGYF)
5-year anticipated returns: -0.3%
Whitecap Assets is a Canadian power firm engaged within the acquisition, growth, and manufacturing of oil and pure fuel throughout Western Canada. Whitecap operates by means of 4 core areas: Northern Alberta & British Columbia, Central Alberta, Japanese Saskatchewan, and Western Saskatchewan.
It markets its manufacturing domestically and into the U.S., with publicity to benchmark pricing by means of numerous gross sales channels. It pays dividends on a month-to-month foundation. It reviews its financials in CAD. All figures on this report have been transformed to USD until in any other case famous.
On April twenty third, 2025, Whitecap Assets reported its first-quarter outcomes for the interval ending March thirty first, 2025. For the quarter, income was about $678 million, a rise from $625 million in Q1 2024. Internet income after royalties got here in at $564 million.
The change was influenced by modest commodity worth dynamics and realized features of $9.86 million on commodity contracts, though unrealized losses weren’t detailed within the quarterly launch. Working revenue earlier than taxes was about $397 million, up from $347 million final 12 months.
Click on right here to obtain our most up-to-date Positive Evaluation report on SPGYF (preview of web page 1 of three proven under):
Canadian Oil Inventory #4: Suncor Power (SU)
5-year anticipated annual returns: 4.1%
Suncor Power is without doubt one of the largest built-in power producers in Canada. The corporate is concerned in all of the points of the power worth chain, working in three segments: Exploration & Manufacturing, Refining & Advertising and marketing, and Different.
Suncor is headquartered in Calgary, Alberta, Canada and is cross listed on each the Toronto Inventory Change and the New York Inventory Change. Suncor reviews monetary ends in Canadian {dollars}. Nevertheless, the figures listed on this analysis report are in USD.
In early Could, Suncor reported (5/6/25) outcomes for the primary quarter of 2025. It posted file first-quarter manufacturing and refining volumes. It grew its manufacturing 2% over final 12 months’s quarter and posted refinery utilization of 104%. Nevertheless, because of decrease costs of oil and fuel, adjusted earnings-per-share dipped -7%.
Suncor reiterated its steerage for basically flat manufacturing this 12 months and a lower in refinery utilization from 100% to 93%-97% because of upkeep. Given additionally the current decline in oil costs, we’ve lowered our forecast for earnings-per-share in 2025 from $3.20 to $3.00. .
Click on right here to obtain our most up-to-date Positive Evaluation report on SU (preview of web page 1 of three proven under):
Canadian Oil Inventory #3: Canadian Pure Assets (CNQ)
5-year anticipated returns: 5.2%
Canadian Pure Assets is an power firm that operates within the acquisition, exploration, growth, manufacturing, advertising, and sale of crude oil, pure fuel liquids (NGLs), and pure fuel.
It’s headquartered in Calgary, Alberta. All of the figures on this report are in U.S. {dollars}. Along with buying and selling on the New York Inventory Change, CNQ inventory trades on the Toronto Inventory Change.
You may obtain a full checklist of all TSX 60 shares under:
In early Could, Canadian Pure Assets reported (5/8/25) monetary outcomes for the primary quarter of fiscal 2025. The corporate grew its manufacturing 19% over the prior 12 months’s quarter, to a brand new all-time excessive. As well as, the value of pure fuel considerably elevated. Because of this, the earnings-per-share of Canadian Pure Assets surged 70%.
Canadian Pure Assets has raised its quarterly dividend by 4% this 12 months and thus it has grown its dividend (in CAD) for 26 consecutive years, at a compound annual development fee of 20%.
That is an admirable accomplishment for an organization that belongs to the extremely cyclical power sector. The corporate reiterated that its dividend is roofed by money flows due to its low-cost reserves. Administration expects 12% manufacturing development this 12 months.
Click on right here to obtain our most up-to-date Positive Evaluation report on CNQ (preview of web page 1 of three proven under):
Canadian Oil Inventory #2: Freehold Royalties Ltd. (FRHLF)
5-year anticipated annual returns: 7.2%
Freehold Royalties is a Canadian power firm. Shares are dual-listed in Canada beneath the ticker “FRU” and the U.S. with the over-the-counter ticker “FRHLF”. The corporate’s base reporting forex is Canadian {Dollars}, however this report will use U.S. Greenback figures besides when in any other case famous.
Freehold Royalties doesn’t personal upstream oil manufacturing services immediately. Somewhat it companions with operators, offering upfront money in return for a lower of future oil and fuel manufacturing volumes. Freehold at the moment has about 360 royalty companions and has publicity to greater than 7 million gross acres of land throughout the U.S. and Canada.
The corporate’s prime three manufacturing areas are the Midland and Eagle Ford basins within the U.S. together with Canadian heavy oil manufacturing within the province of Alberta.
On Could 14th, 2025, Freehold Royalties reported its Q1 2025 outcomes. The corporate’s top-line revenues elevated properly, rising to C$91 million from C$74 million in the identical quarter of 2024.
Because of the dilution and elevated curiosity prices, earnings per share of 23 cents per share CAD in Q1 2025 have been unchanged versus the identical interval of final 12 months regardless of the leap in revenues.
Click on right here to obtain our most up-to-date Positive Evaluation report on FRHLF (preview of web page 1 of three proven under):
Canadian Oil Inventory #1: Enbridge Inc. (ENB)
5-year anticipated annual returns: 8.6%
Enbridge is an oil & fuel firm that operates the next segments: Liquids Pipelines, Fuel Distributions, Power Companies, Fuel Transmission & Midstream, and Inexperienced Energy & Transmission. Enbridge purchased Spectra Power for $28 billion in 2016 and has turn out to be one of many largest midstream firms in North America.
Enbridge was based in 1949 and is headquartered in Calgary, Canada.
Enbridge reported its first quarter earnings ends in Could. The corporate generated revenues of CAD$13.3 billion throughout the interval, which was up by 64% in comparison with the earlier 12 months’s quarter, and which pencils out to US$9.7 billion.
Through the quarter, Enbridge grew its adjusted EBITDA by 18% 12 months over 12 months. Distributable money flows got here to US$2.8 billion, or US$1.28 on a per-share foundation.
Enbridge is forecasting distributable money flows in a variety of CAD$5.50 – CAD$5.90 per share for the present 12 months. Utilizing present trade charges, this equates to USD$4.17 on the midpoint of the steerage vary, which might be up 9% versus 2024.
Click on right here to obtain our most up-to-date Positive Evaluation report on ENB (preview of web page 1 of three proven under):
Ultimate Ideas
Canadian oil shares don’t get almost as a lot protection as the main U.S. oil shares. Nevertheless, revenue and worth buyers ought to take note of the massive Canadian oil shares.
All 8 Canadian oil shares have dividend yields which can be nicely above many of the U.S. oil shares.
The next articles include shares with very lengthy dividend or company histories, ripe for choice for dividend development buyers:
Thanks for studying this text. Please ship any suggestions, corrections, or inquiries to help@suredividend.com.
