Russia’s wartime economy is keeping commodity demand humming even as sanctions, refinery attacks and a widening fiscal deficit unsettle global energy markets. That mix of support and stress is feeding into higher volatility for listed producers and oilfield services stocks, which can create both opportunity and risk for your portfolio. This article walks through 3 stocks from our Global Energy Producers & Oilfield Services screener that appear particularly exposed to these crosscurrents.

The three stocks highlighted below are only a starting sample, since the full Global Energy Producers & Oilfield Services screen surfaced 17 more companies with equally compelling stories that are not covered here. If you want to move quickly from ideas to your own watchlist, use the Global Energy Producers & Oilfield Services screener to identify, filter and analyze the highest conviction opportunities that fit your view of the cycle.

Journey Energy (TSX:JOY)

Journey Energy is a Calgary-based producer that explores for and develops crude oil and natural gas across Canada, while also operating power generation assets and selling condensates and natural gas liquids. The company currently generates its reported revenue of about CA$180 million entirely in Canada. With a market cap of roughly CA$366 million, it sits in the smaller end of the Canadian energy producer universe.

Russia’s refinery disruptions and war driven commodity demand make Journey Energy interesting because its pure upstream exposure gives direct sensitivity to swings in oil and gas prices, while its current P/E sits well below the broader industry. Recent results show strong earnings growth and healthier margins, yet funding relies fully on external borrowing and insiders have been selling shares, which are both red flags to track. For investors seeking exposure to potentially higher and more volatile energy prices without paying a premium for growth, this is a stock that may warrant a closer look.

Journey Energy’s low P/E, earnings strength and insider selling create a story that feels unfinished. See how the broader picture stacks up in the 4 key rewards and 2 important warning signs

Build your own low P/E energy shortlist

Journey Energy and the other two stocks in this article all surfaced from a single Simply Wall St screener, which is exactly how you can start building your own watchlist around low P/E, earnings strength and balance sheet quality. Use our flexible Screener to combine filters like valuation, future growth, risks and dividends, or lean on the structure of our curated Investing Ideas.

Ensign Energy Services (TSX:ESI)

Ensign Energy Services is a Calgary based oilfield services company that drills and services wells for oil and gas producers across Canada, the United States and international markets. It generates about CA$1.6b in annual revenue entirely from oilfield services, covering drilling, well servicing, rentals and related equipment. With a market cap of roughly CA$653 million, Ensign Energy Services sits in the mid sized end of the North American oilfield services space.

Ensign Energy Services is closely tied to today’s geopolitically driven commodity story. Russia’s refinery outages and war related supply risks can support higher and more volatile oil and gas prices, which often lift drilling activity, day rates and margins for contractors with global fleets. Ensign screens attractively on value with a low P/S ratio and a share price well below one DCF estimate of fair value. However, it is still reporting losses and carries elevated funding risk due to reliance on external borrowing. Management and the board are experienced and point to a generally constructive sector outlook, but recent net losses in 2025 and 2026 show that execution and balance sheet discipline remain critical.

Ensign Energy Services appears to present a valuation story that many investors may be underestimating. Its low P/S ratio and recent losses may paint an incomplete picture. See how the full setup looks in the analysis report for Ensign Energy Services

Cactus (WHD)

Cactus designs, manufactures, sells, and rents pressure control equipment and spoolable pipe used in drilling, completion, and production work across the oil and gas chain. Most of its roughly US$1.4b revenue comes from Pressure Control at about US$991 million, with Spoolable Technologies contributing around US$375 million. The company’s scale is reflected in a market cap of about US$5.8b.

Cactus provides exposure to activity supported by higher oil prices without taking direct commodity risk, since its equipment is used on wellsites and in pipelines that producers rely on when drilling more and working their wells harder. The company has been expanding internationally, adding Middle East reach and spoolable pipe through deals that aim to deepen relationships with large, well capitalized customers at a time when Russia related supply constraints are supporting global upstream spending. At the same time, a rich valuation, softer net margins and a run of insider selling in 2026 are clear yellow flags. For investors seeking exposure to an oilfield equipment provider that may participate in stronger drilling and completion cycles but still carries execution and pricing risk, Cactus could be worth closer consideration.

Cactus sits at the crossroads of a richer valuation and an expanding global reach, which many investors may be only half pricing in. Go beyond the headline story with the 2 key rewards and 2 important warning signs

Seeking Fresh Alternatives Before They Fly

New ideas move fast. Breakout stories gain momentum, early data gets stale and under the radar for now stocks do not stay quiet for long. Scan fresh opportunities and act now.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.