Two Canadian stocks are quietly building the kind of momentum that rewards patient investors. Tenaz Energy (TSX: TNZ) and SECURE Waste Infrastructure (TSX: SES) are not the flashiest names on Bay Street, but the fundamentals behind each company right now are hard to ignore.
If you are looking for stocks with real catalysts in 2026, these two deserve a serious look.
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The bull case for this TSX energy stock
Here is the simple version of what is happening at Tenaz Energy: Europe is running low on natural gas, and Tenaz produces most of its gas in the Netherlands.
European gas prices, measured by the TTF benchmark, spiked sharply after conflict broke out in the Middle East in late February 2026.
The world’s largest liquefied natural gas facility in Qatar sustained significant damage, disrupting supply flows to Europe at a time when the continent was already heading into spring with storage levels below historical norms. Roughly 90% of Tenaz’s revenue is tied to TTF gas prices. So, when those prices rise, the company’s cash flow expands.
In the first quarter of 2026, Tenaz produced approximately 16,200 barrels of oil equivalent per day, a 4% increase from the prior quarter. Funds from operations (FFO) stood at $65 million. The operating netback, a key measure of profitability per barrel of oil equivalent, came in at over $57 per barrel.
Tenaz has three offshore drilling rigs active in the Dutch North Sea and is running an expanded workover program to squeeze more production from existing wells.
One completed well is already flowing at 7.8 million cubic feet per day. Another well in the GEMS field, operated by ONE-Dyas, came online at a gross rate of 40 million cubic feet per day, making it one of the strongest-performing new wells in the Netherlands.
Tenaz raised its full-year capital budget to $300 million, up $25 million from its prior guidance. Management expects to generate meaningful free cash flow even with the increased spending. On a debt-to-FFO basis, the company looks manageable at roughly one times.
Tenaz reported a net loss of $111 million in Q1, driven entirely by mark-to-market accounting on the company’s hedge book under international accounting rules.
When gas prices rise, the unrealized loss on hedges gets recorded immediately, even though no cash leaves the building. Strip that out, and the underlying business is generating strong, growing cash flow.
With Europe likely to keep competing aggressively for LNG supply through the summer and into next winter, the pricing environment for Tenaz looks constructive for the rest of 2026 and well into 2027.
Is this TSX stock undervalued?
SECURE Waste Infrastructure provides waste management and environmental services across Western Canada, with infrastructure assets that are hard to replicate.
At its annual shareholder meeting on April 30, 2026, management confirmed another solid quarter, citing strong execution across all business units and continued optimization of its capital structure.
What makes SES interesting right now is the pending arrangement with GFL Environmental. The SECURE board and management have fully endorsed the transaction and are asking shareholders to vote in favour at a special meeting on May 27, 2026.
If approved, the deal would give SES shareholders a clear and near-term path to realizing value from what has been a consistently well-run business.
SECURE is the kind of stock that rarely gets the credit it deserves until a transaction like this forces the market to take a proper look.
The Foolish takeaway
Both Tenaz Energy and SECURE Waste Infrastructure have real operations, real cash flows, and clear near-term catalysts.
Tenaz is positioned to benefit from one of the most significant energy supply disruptions in years. SECURE is on the verge of a value-unlocking transaction.
For Canadian investors looking for stocks that are supercharged for 2026, TNZ and SES belong on the shortlist.
