3 Cheap Energy Stocks to Buy Right Now
Oil prices have basically come back to the levels they were trading at before the coronavirus pandemic, materially boosting the stock prices of oil drillers. That said, some players in one of the most consistent sectors in the energy space, the so-called midstream, are still languishing. If you are looking for cheap energy stocks, this is the place to examine right now. Here are three names worth your review.
Enbridge (NYSE: ENB), based in Canada, is one of the largest midstream companies in North America. It operates in four main areas, including crude oil pipelines (54% of EBITDA), natural gas pipelines (29%), a natural gas utility operation (14%), and renewable power (3%). That's actually a more diversified mix than most of its peers -- and it's also important to note that the company has made a multi-decade shift toward natural gas in an attempt to position itself for a low-carbon future (natural gas is considered a transition fuel). This is also why the company has a renewable power division, which has a number of large offshore wind projects in the works in Europe that will keep it growing in the near term. We aren't in a low-carbon world yet, but Enbridge is preparing for that day.
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Source Fool.com
