My Top Energy Stock for Retirees
In 2020 I switched out of ExxonMobil (NYSE: XOM) and into Total (NYSE: TOT), capturing losses and shifting into a European energy giant that's working toward a cleaner future. In March I found another energy name to add to my portfolio, only this time it's based in North America and, like Total, is already working on building a renewable power business. Here's why retirees might like Canada's Enbridge (NYSE: ENB) as much as I do.
I don't actually dislike Exxon, but it is definitely running counter to the clean energy zeitgeist. And when the stock fell in 2020, and I needed to capture some capital losses to offset gains elsewhere in my portfolio, I sold. It was a chance to reevaluate my position on the energy sector.
Exxon's stance, and one that I agree with, is that oil and natural gas will be vital to the world's energy needs for years to come. However, it's hard to deny that renewable power is an increasingly important component, as well. Since I didn't want to exit the energy sector, I decided to buy Total, which had laid out a plan to use its energy business as a cash cow so it could gradually increase its "electrons" business.
Source Fool.com
