The S&P/TSX Capped Energy Index rose 3.38% on Wednesday, April 27. Oil and gas prices have softened in April, which has led to a broader decline for some of the top energy stocks. That said, there is considerable uncertainty in this space. The tenuous geopolitical situation could spur a renewed bull market, or prices could continue to sink in the face of worsening economic conditions. Canadian investors may want to consider taking profits in this space today.
Enerflex (TSX:EFX) is a Calgary-based company that supplies natural gas compression, oil and gas processing, and other key systems and solutions to the oil and natural gas industry. Shares of this energy stock have climbed 4.3% in 2022 as of close on April 27. However, the stock has dropped 11% week over week. It is not too late to take profits in this reeling equity.
Tourmaline Oil (TSX:TOU) is another Calgary-based company that is engaged in the acquisition, exploration, development, and production of oil and natural gas properties. This energy stock has surged 53% in the year-to-date period. Its shares have soared 145% year over year.
This company put together a terrific fourth quarter that saw it post nearly half of its profits for the full year. Its 2021 production jumped 42% to 441,115 barrels of oil equivalent per day. Shares of this energy stock still possess a favourable price-to-earnings ratio of 10. That said, it may be prudent to take the massive profits we have seen over the past year in this uncertain climate.