Last week’s top-gaining stocks on the TSX were Questerre Energy, Cardinal Energy, Ovintiv, Athabasca Oil and MEG Energy.
The index was boosted by energy stocks, which were on the rise due to surging oil prices.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Questerre Energy (TSX:QEC)
- Cardinal Energy (TSX:CJ)
- Ovintiv (TSX:OVV)
- Athabasca Oil (TSX:ATH)
- Meg Energy (TSX:MEG)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Questerre Energy
Questerre Energy is engaged in the acquisition, exploration and development of oil and gas projects, specifically non-conventional projects such as tight oil, oil shale, shale oil and shale gas. Questerre holds assets in Jordan, as well as in the Canadian provinces of Alberta, Saskatchewan, Manitoba and Quebec.
Last Tuesday (March 2), the company said it has commissioned a report on producing hydrogen, including blue hydrogen, using its zero emission natural gas in Quebec. Following the news, Questerre’s share price jumped 31.58 percent to end the week at C$0.25.
2. Cardinal Energy
Cardinal Energy is an oil company with operations focused on low-decline, light- and medium-quality oil in Western Canada. The company released its 2020 year-end reserves report last Tuesday. Cardinal’s share price increased 25 percent last week to reach C$1.90.
North America-focused producer Ovintiv is developing its multi-basin portfolio of oil, natural gas liquids and natural gas plays in the Permian and Anadarko basins, as well as the Montney.
The company did not release any news last week, but shares increased 20.17 percent to end at C$35.27.
4. Athabasca Oil
Alberta-based energy company Athabasca Oil is focused on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the company has a significant land base of extensive, high-quality resources.
Last Wednesday (March 3), the company released its 2020 year-end results. Athabasca Oil’s share price increased 20 percent last week to end the five day period at C$0.51.
5. MEG Energy
Canada-focused MEG Energy has all its efforts on producing sustainable in situ thermal oil in the Southern Athabasca region of Alberta. MEG is actively developing innovative oil recovery projects that use steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil and reduce carbon emissions.
MEG also released its 2020 results last Wednesday, showing free cash flow of C$129 million. Last week, the company saw its share price go up by 18.87 percent to reach C$7.81.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.