CALGARY — Canadian Natural Resources Ltd. has dethroned Suncor Energy Inc. as Canada’s most valuable energy company amid a selloff in domestic oil and gas stocks that has continued to erode the size of the energy industry on major North American stock indices.
Canadian Natural, which is already the largest oil and gas producer in Canada by production, is now also the most valuable energy company in the country with a $25 billion market capitalization, a value that as of last week surpassed Suncor’s $24.4-billion market cap.
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Analysts say the two companies trading places at the top of the Canadian energy industry is indicative of broader trends in investor attitudes to the oil and gas sector, where refining businesses have been hurting in the pandemic and those with strong natural gas assets have outperformed.
Suncor’s new second-place status is also partly a result of generalist investors putting less of their money into the oil and gas industry.