The Top 8 Canadian Oil Stocks, Ranked In Order

Updated on July 10th, 2026 by Bob Ciura

Canadian oil stocks have proven over the past decade that they can navigate downturns in commodity prices.

Canadian oil stocks also tend to pay higher dividends than many U.S.-based oil stocks, making them potentially more appealing for income investors.

Valuations have also remained quite low recently, boosting their respective total return profiles as a result.

In this article, we’ll take a look at 8 major Canadian oil stocks:

Canadian Natural Resources (CNQ)
Suncor Energy (SU)
Enbridge, Inc. (ENB)
Imperial Oil (IMO)
InPlay Oil Corp. (IPOOF)
Whitecap Resources (WCPRF)
Paramount Resources (PRMRF)
Cardinal Energy (CRLFF)

In this article, we will rank them in order of highest expected annual returns over the next five years.

Note: Canada imposes a 15% dividend withholding tax on U.S. investors. In many cases, investing in Canadian stocks through a U.S. retirement account waives the dividend withholding tax from Canada, but check with your tax preparer or accountant for more on this issue.

These top 8 Canadian Big Oil stocks are shareholder-friendly companies, with attractive dividend payouts. With this in mind, we created a full list of nearly 80 energy stocks.

You can download a free copy of the energy stocks list by clicking on the link below:

The Top 8 Canadian Oil Stocks, Ranked In Order

More information can be found in the Sure Analysis Research Database, which ranks stocks based on their dividend yield, earnings-per-share growth potential, and changes in the valuation multiple.

The stocks are listed in order below, with #1 being the most attractive for investors today.

Read on to see which Canadian oil stock is ranked highest in our Sure Analysis Research Database.

You can use the following table of contents to instantly jump to a specific stock:

The top 8 Canadian oil stocks are ranked based on total expected returns over the next five years, from lowest to highest.

Canadian Oil Stock #8: Imperial Oil (IMO)

5-year expected returns: -2.5%

Imperial Oil is one of Canada’s largest integrated oil businesses. The company operates through three reporting segments: Upstream, Downstream, and Chemical. Imperial Oil is headquartered in Calgary, Alberta, Canada.

Exxon Mobil (XOM) owns approximately 70% of Imperial Oil’s common equity. Imperial Oil is cross listed on both the Toronto Stock Exchange and the New York Stock Exchange.

Imperial Oil reports financial results in Canadian dollars, but the figures shown in this research report have been converted to U.S. dollars and refer to the company’s NYSE-listed shares.

In early May, Imperial Oil reported (5/1/26) results for Q1-2026. Production remained flat vs. the prior year’s quarter. In addition, the average realized price of oil decreased due to a wide spread between WTI and WCS. Consequently, earnings-per-share decreased -23%.

On the other hand, Imperial Oil is likely to greatly benefit from the surge of the price of oil, which has resulted from the crisis in the Middle East. As a result, we have raised our forecast for earnings-per-share in 2026 from $5.20 to $9.50.

Imperial Oil has provided guidance for 7% production growth at Kearl in 2026, to 300,000 barrels per day.

Click here to download our most recent Sure Analysis report on IMO (preview of page 1 of 3 shown below):

Canadian Oil Stock #7: Whitecap Resources (WCPRF)

5-year expected returns: -2.1%

Whitecap Resources is a Canadian energy company engaged in the acquisition, development, and production of oil and natural gas across Western Canada.

Whitecap operates through four core regions: Northern Alberta & British Columbia, Central Alberta, Eastern Saskatchewan, and Western Saskatchewan.

It markets its production domestically and into the U.S., with exposure to benchmark pricing through various sales channels. It pays dividends on a monthly basis.

On April 29th, 2026, Whitecap Resources reported its Q1 results for the period ending March 31st, 2026. For the quarter, petroleum and natural gas revenues were about $1.49 billion, up from $687 million in Q1 2025.

Funds flow came in at $748 million, while capital spending totaled $493 million, resulting in $254 million of free funds flow.

The company realized losses of roughly $15 million on commodity contracts. Net income was $16 million, or $0.01 per share, compared with $119 million, or $0.20 per share, in Q1 2025.

Click here to download our most recent Sure Analysis report on WCPRF (preview of page 1 of 3 shown below):

Canadian Oil Stock #6: Paramount Resources (PRMRF)

5-year expected returns: -1.3%

Paramount Resources is a Canadian energy company. Paramount Resources has a long history. The company was founded in 1976 and has been publicly-traded since 1978.

Paramount Resources now owns a far smaller oil and gas production base focused on the Kaybob region of Alberta along with the Willesden Green Duvernay area also located in Alberta.

The company announced its Q1 2026 results on May 12th, 2026. EPS jumped to CAD 0.35, a dramatic improvement from the company’s losses in Q3 and Q4 of last year.

The company completed the first phase of its Alhambra Plant in July 2025, ahead of schedule, and production volumes should ramp up in coming quarters. 2025 EPS was inflated by one-time gains from the asset sale; the company was barely profitable otherwise.

That said, management’s turnaround plan is starting to work. And the massive increase in oil prices linked to the Iran War further boosts this momentum.

Click here to download our most recent Sure Analysis report on PRMRF (preview of page 1 of 3 shown below):

Canadian Oil Stock #5: Suncor Energy (SU)

5-year expected annual returns: -0.4%

Suncor Energy is one of the largest integrated energy producers in Canada. The company is involved in all the aspects of the energy value chain, operating in three segments: Exploration & Production, Refining & Marketing, and Other.

Suncor is headquartered in Calgary, Alberta, Canada and is cross listed on both the Toronto Stock Exchange and the New York Stock Exchange.

In early May, Suncor reported (5/5/26) results for the first quarter of 2026. It posted record first-quarter production and refining volumes. It grew its production 3% over the prior year’s quarter and posted refinery utilization of 97%.

It also greatly benefited from much higher oil prices, which resulted from the crisis in the Middle East. As a result, earnings-per-share surged 30%.

Suncor has provided lackluster guidance for 2026, expecting production of 840,000-870,000 barrels per day (vs. 860,000 barrels per day in 2025) and refinery utilization of 97%-102%.

Nevertheless, due to the strong tailwind from the closure of Hormuz Straits, we have raised our forecast from $3.00 to $5.50.

Click here to download our most recent Sure Analysis report on SU (preview of page 1 of 3 shown below):

Canadian Oil Stock #4: Canadian Natural Resources (CNQ)

5-year expected returns: 2.2%

Canadian Natural Resources is an energy company that operates in the acquisition, exploration, development, production, marketing, and sale of crude oil, natural gas liquids (NGLs), and natural gas.

It is headquartered in Calgary, Alberta. All the figures in this report are in U.S. dollars. In addition to trading on the New York Stock Exchange, CNQ stock trades on the Toronto Stock Exchange.

In early May, Canadian Natural Resources reported (5/7/26) results for the first quarter of 2026. The company grew its production 4% over the prior year’s quarter, thanks to acquisitions and organic growth.

In addition, the average realized price of oil improved. As a result, the earnings-per-share of Canadian Natural Resources edged up 1%.

Canadian Natural Resources has raised its quarterly dividend by 6% and has now grown its dividend (in CAD) for 27 consecutive years, at a compound annual growth rate of 20%.

Click here to download our most recent Sure Analysis report on CNQ (preview of page 1 of 3 shown below):

Canadian Oil Stock #3: Enbridge Inc. (ENB)

5-year expected annual returns: 5.1%

Enbridge is an oil & gas company that operates the following segments: Liquids Pipelines, Gas Distributions, Energy Services, Gas Transmission & Midstream, and Green Power & Transmission.

Enbridge was founded in 1949 and is headquartered in Calgary, Canada.

Enbridge reported its first quarter earnings results on May 18. The company generated revenues of CAD$16.3 billion during the period, which was up 23% compared to the previous year’s quarter, and which pencils out to around US$12 billion.

During the quarter, Enbridge did not manage to generate any EBITDA growth, as its adjusted EBITDA stayed flat compared to one year earlier, at CAD$5.8 billion.

During the first quarter, Enbridge was able to generate distributable cash flows of CAD$3.9 billion, which equates to US$2.8 billion, or US$1.27 on a per-share basis.

Distributable cash flows rose by 2% versus one year earlier, which is far from a spectacular growth rate, but currency rate movements resulted in a higher growth rate in US Dollars.

Click here to download our most recent Sure Analysis report on ENB (preview of page 1 of 3 shown below):

Canadian Oil Stock #2: InPlay Oil Corp. (IPOOF)

5-year expected annual returns: 8.2%

InPlay Oil is a Calgary-based oil and gas exploration and production company focused on developing light oil and natural gas assets in Alberta, primarily targeting the Cardium and Belly River formations.

Last year, it averaged 8,712 boe/d in production, with 58% attributed to crude oil and NGLs, and generated C$68.5 million in adjusted funds flow.

On May 8th, 2026, InPlay Oil reported its Q1 results. InPlay Oil posted oil and natural gas sales of about $64.5 million, a 127% year-over-year increase, driven by the continued integration of the Pembina asset acquisition and strong production volumes.

Average production for the quarter was 18,337 boe/d, up sharply from 9,076 boe/d last year. Adjusted funds flow for the quarter was $22.0 million, up from $12.2 million last year, with diluted AFF/share of about $0.74.

Click here to download our most recent Sure Analysis report on IPOOF (preview of page 1 of 3 shown below):

Canadian Oil Stock #1: Cardinal Energy (CRLFF)

5-year expected returns: 13.5%

Cardinal Energy is a Canadian oil and gas producer operating primarily in Alberta and Saskatchewan, with a strong focus on conventional light and medium oil.

Its operations are centered on mature, low-decline fields where enhanced oil recovery methods, like waterflooding and CO₂ injection, are actively used to maintain stable production.

The company manages a large inventory of vertical and horizontal wells tied into company-owned infrastructure, which supports efficient field operations and cost control.

With over 90% of production weighted to oil and NGLs, Cardinal’s day-to-day operations are heavily oil-driven, with ongoing maintenance, recompletions, and targeted infill drilling forming the backbone of its development activity.

On May 7th, 2026, Cardinal Energy posted its Q1 results. Petroleum and natural gas revenue for the quarter was $121.7 million, up 11% from last year on a CAD-reported basis, as record production volumes more than offset softer realized medium/heavy oil pricing.

Production averaged 25,948 boe/d, an 18% year-over-year increase, with crude oil and NGLs making up roughly 92% of the total mix.

Adjusted funds flow was about $44.1 million, reflecting a full quarter of Reford SAGD production and lower net operating costs, partially offset by commodity contract losses.

Earnings for the quarter were $7.8 million. Diluted EPS for the quarter was $0.04, compared to earnings of about $0.09 in the prior year period.

Click here to download our most recent Sure Analysis report on CRLFF (preview of page 1 of 3 shown below):

Final Thoughts

Canadian oil stocks do not get nearly as much coverage as the major U.S. oil stocks. However, income and value investors should pay attention to the big Canadian oil stocks.

All 9 Canadian oil stocks have dividend yields that are well above most of the U.S. oil stocks.

The following articles contain stocks with very long dividend or corporate histories, ripe for selection for dividend growth investors:

Thanks for reading this article. Please send any feedback, corrections, or questions to [email protected].

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