5 Top Weekly TSX Performers: Activist Investor Elliott Seeks Changes at Suncor

1. Bengal Energy

With a weighting toward light oil, explorer and producer Bengal Energy has producing and prospective onshore operations in Australia's Cooper Basin. Currently, the company produces mostly ultra-light, sweet crude oil.

The company led the list of top TSX gainers last week, but did not release any news; its share price increased 36.84 percent during the period to hit C$4.72.

2. Africa Oil

Taking the second spot last week is oil and gas company Africa Oil. The company describes its African portfolio as diversified, and notes that it has producing assets in deepwater offshore Nigeria, plus development assets in Kenya. The company also has a portfolio of exploration assets throughout the African continent.

Last week, the company saw its share price increase 23.98 percent to C$2.74.

3. Petrus Resources

Energy company Petrus Resources has honed its efforts on Western Canada, focusing on property exploitation, strategic acquisitions and risk-managed exploration. Its inventory includes oil and gas development assets in Alberta, and its three main areas of operation are Ferrier, Central Alberta and the Rocky Mountain foothills.

Last Tuesday (April 26), the company reported that in March its production averaged 7,621 barrels of oil equivalent per day (boe/d) compared to 7,216 boe/d in the previous month. Volumes were 17 percent light oil and 33 percent total liquids. Petrus' share price rose 18.37 percent on the news to trade at C$2.32 by the end of the week.

4. Suncor Energy

Integrated energy company Suncor Energy has centered its work on Canada and the US, with operations including oil sands development, production and upgrading, along with offshore oil and gas production and petroleum refining. Aside from that, it has developed a network of electric vehicle charging stations across Canada.

Last Thursday (April 28), activist investor Elliott Investment Management sent a letter to Suncor's board expressing unhappiness with the company’s performance and asking for changes to its board and management team.

"Even if Elliott doesn't own a lot of the stock, they've probably rightly identified that a lot of (Suncor's) common shareholders would be interested in a change," Josh Young, chief investment officer and founder of Bison Investments, told CBC News.

Suncor said it will take the time to carefully assess the recommendations and materials provided by Elliott. During last week's five day period, the company’s share price jumped 15.74 percent to end at C$47.57.

5. Meridian Mining

Meridian Mining has placed all its efforts on becoming a mid-tier copper-gold developer and producer with a focus on Brazil. Its priority is the Cabaçal project, an advanced-stage, district-scale volcanogenic massive sulfide (VMS) copper-gold project located in the state of Mato Grosso.

Last Tuesday, the company reported that multiple holes at Cabaçal have confirmed a second structure hosting high-grade gold overprinting copper-gold VMS layers, drilled on the southwestern side of the asset's northwest extension. Shares of Meridian Mining increased 11.24 percent, and were trading at C$0.99 by the end of the week.