BEPC - 2 Energy Stocks That Are Screaming Buys in May
2024-05-04 03:17:00 ET
The energy sector is off to a solid start in 2024. The average energy stock (as measured by the Energy Select Sector SPDR ETF ) is up more than 10% this year. Higher oil prices have helped fuel the rally in energy stocks.
However, not all energy stocks are in rally mode. Enbridge (NYSE: ENB) and Brookfield Renewable (NYSE: BEPC) (NYSE: BEP) are two notable laggards. That relative underperformance is one of the many reasons they look like screaming buys this May.
Enbridge's stock price is down slightly this year. That sluggish start comes even though the Canadian pipeline and utility company is having another solid year. The company reported record earnings for 2023 in February, delivering 6% earnings growth last year. That marked its 18th straight year of achieving its financial guidance. Meanwhile, it reaffirmed its 2024 financial guidance.
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2 Energy Stocks That Are Screaming Buys in May