July 14, 2020
Husky Energy
Husky Energy (TSX:HSE), one of the country’s biggest energy companies, has had an unpleasant year so far. The stock has plunged more than 55% year to date and trades at $4.5 apiece at the moment.
Crude oil has had a rough ride in April, as demand plunged on the back of shutdowns while producers kept filling up the storage tanks. Husky Energy trimmed its dividends by 90% and reported losses of more than $600 million in the last quarter.
But importantly, the integrated energy company looks well placed on the liquidity front and will likely weather the crisis. As oil prices have recovered subsequently, TSX energy stock Husky has almost doubled in the last three months.
Many market participants and top banks turned bullish on crude oil, as major economies re-open and could see an increase in demand. This might also boost energy company stocks like Husky Energy in the short to medium term.
Investors should note that these TSX stocks offer higher growth potential but also pose a higher risk. Investors who can bear excessive volatility may consider these names.
The post 3 TSX Stocks Under $5 That Could Double Your Money appeared first on The Motley Fool Canada.
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