Three Growth Stocks to Buy Now as Energy Markets Reposition in Early 2026

The energy sector spent much of 2025 wrestling with commodity headwinds that made it easy for investors to overlook. But as we enter 2026, the picture is shifting. While oil remained under pressure near $60 per barrel through early 2025, certain energy companies are now positioned as compelling growth stocks to buy now for investors willing to look beyond headline crude prices. The key insight: this sector’s extended underperformance often precedes its strongest rallies.

For those searching for growth stock opportunities within energy, three names deserve serious consideration: Cenovus Energy (CVE), TechnipFMC plc (FTI), and Valero Energy (VLO). These aren’t simple commodity plays betting on an oil price recovery. Rather, they represent companies executing on genuine growth strategies—expanding production, improving operational efficiency, and capturing structural shifts in how energy is produced and consumed globally.

What Made 2025 So Challenging—And Why That Matters Now

The energy sector’s 2025 story was one of frustration. While the broader S&P 500 surged 20%, the energy complex limped forward with just 7% returns. Oversupply concerns kept crude oil depressed, and even geopolitical tensions failed to generate sustained rallies. Natural gas, hovering above $4 per unit, remained volatile and reactive to weather patterns rather than structural supply tightness.

This backdrop created what might seem counterintuitive: opportunity. When underperformance becomes prolonged, weaker operators exit, balance sheets strengthen across the survivor base, and valuations reset dramatically. History shows this cycle consistently precedes the next major upswing.

Why Growth Stocks Matter When Commodity Prices Aren’t Cooperating

Growth-focused energy companies operate on a different playbook than classic commodity cyclicals. Rather than simply riding oil and natural gas price waves, these firms expand volumes through disciplined capital allocation, improve per-barrel economics through technology, and position themselves for long-term structural trends.

The companies worth monitoring today distinguish themselves through:

• Operational Scale: Expanding production capacity and export infrastructure
• Cost Discipline: Engineering projects to generate returns even at lower commodity prices
• Capital Efficiency: Converting operational improvements into shareholder returns via dividends and buybacks
• Energy Transition Alignment: Building renewable and low-carbon capabilities alongside traditional energy assets

When market expectations are subdued, even modest improvements in cash flow or margin expansion can drive outsized stock performance. This is why growth stocks to buy now often emerge quietly before consensus recognition.

The Three Growth Stocks to Buy Now

Cenovus Energy: Production with Downside Protection

Cenovus operates as an integrated energy company with a strategic advantage: long-life oil sands assets in the Western Canadian Sedimentary Basin combined with downstream refining capacity across North America. This mix matters because refining earnings partially offset crude oil price weakness.

The company’s growth strategy centers on operational discipline. Its projects are specifically engineered to generate returns at lower oil prices—$50-60 per barrel rather than $70+. Over the past four quarters, Cenovus has beaten earnings estimates three times with an average beat of 26%. The Zacks Consensus for 2026 earnings has increased 22.4% over the past 60 days, suggesting improving fundamentals.

With a Zacks Rank of 1 (Strong Buy) and a Growth Score of B, CVE combines valuation support with execution credibility.

TechnipFMC: Capital-Light Technology Exposure

TechnipFMC represents a different growth path: the company provides subsea and surface technology solutions for oil and gas projects worldwide rather than producing commodities itself. This creates a more stable earnings foundation.

The firm’s iEPCI methodology helps customers develop offshore fields faster and at lower cost—a value proposition that persists regardless of whether oil trades at $50 or $80. TechnipFMC has captured strong customer momentum, with its order backlog expanding and three earnings beats in the last four quarters (20.2% average beat).

The Zacks Consensus points to 20.5% earnings growth for 2026, with a Zacks Rank of 2 (Buy) and Growth Score of A signaling strong fundamentals.

Valero Energy: Renewables-Enabled Refining Play

Valero operates 15 refineries across the United States, Canada and the United Kingdom with 3.2 million barrels daily throughput—making it one of the world’s largest independent refiners. But Valero is more than a traditional refiner. The company owns 12 ethanol plants producing roughly 1.7 billion gallons annually and holds a 50% stake in Diamond Green Diesel, North America’s largest renewable diesel producer.

This diversification proved valuable: Valero beat earnings estimates in each of the last four quarters with an average beat of 138.8%—far exceeding most energy peers. The 2026 earnings consensus suggests 25.1% growth, with a Zacks Rank 2 rating and Growth Score of B.

How to Position Yourself

The energy sector’s 2025 struggles created exactly the kind of entry point that precedes strong subsequent performance. The three growth stocks to buy now each take different approaches—integrated production, technology solutions, and diversified refining—allowing investors to choose based on risk tolerance and conviction level.

Each company has demonstrated the discipline, execution and forward positioning necessary to compound shareholder wealth through energy transition cycles. As 2026 unfolds, patient investors who identify them now may find these names among the year’s strongest performers.