Energy stocks have gotten off to a blistering start to 2024. The average energy stock has gained more than 12.5%, as measured by the Energy Select Sector SPDR ETF. That outpaced the equally red-hot S&P 500's 10.2% gain.

However, there are still some compelling opportunities in the sector. Enbridge (ENB 0.39%) and Brookfield Renewable (BEPC 1.42%) (BEP 0.19%) stand out as two of the top energy stocks to buy this April. Here's why they could fuel high-octane total returns from here.

Getting better by the deal

Enbridge has gotten off to a very sluggish start to the year, with shares barely budging. That's a headscratcher, given the Canadian pipeline and utility giant's progress already this year. In early February, Enbridge reported solid fourth-quarter results. It reported a 6% increase in its adjusted EBITDA last year, its 18th straight year of achieving its financial guidance. Meanwhile, a month later, Enbridge extended its visible growth outlook through 2026, expecting to deliver 7% to 9% annual adjusted EBITDA growth during that period.

One factor fueling its growth is the pending acquisition of three natural gas utilities from Dominion. The company hailed the $14 billion transaction as a "once-in-a-generation" opportunity. It closed the first of the three utility acquisitions last month and anticipates closing the other two by the end of this year.

Meanwhile, the company secured another needle-moving investment opportunity last month. It formed a joint venture to combine its Rio Bravo pipeline project with a couple of other pipelines to create a leading gas supply system from the Permian Basin to the Gulf Coast. The deal will be immediately accretive to its earnings, diversify and increase its cash flow, optimize its balance sheet, and enhance its growth.

With its shares barely moving despite all this progress, Enbridge looks like an even more compelling buy this month. It currently offers a 7.5%-yielding dividend that should continue growing as it increases its cash flow; Enbridge has raised its dividend for 29 consecutive years. That combination of yield and growth could give it the fuel to produce total returns of more than 10% annually.

Down despite its powerful growth profile

Whereas most energy stocks have soared this year, Brookfield Renewable has headed in the opposite direction. Shares of the leading global renewable energy producer have declined by about 15% this year.

That sell-off doesn't make much sense. The company reported strong fourth-quarter results in February, delivering record funds from operation (FFO) of $1.1 billion, up 7% from the prior year. While that was below its target of delivering 10%-plus annual FFO per share growth, the shortfall was largely due to timing. The company closed several transactions later than expected during the fourth quarter. Meanwhile, over half its development projects entered service during the fourth quarter.

Those headwinds will become tailwinds this year. Brookfield Renewable will experience the full impact of the $2 billion it agreed to deploy into acquisitions last year. It will also cash in on a full year of recently completed development projects.

Meanwhile, Brookfield has a lot more growth ahead. It has a massive and growing development project backlog, including 24 gigawatts of advanced-stage projects that will add an incremental $300 million in annual FFO when they come online. It also has lots of financial flexibility to continue making accretive deals. These catalysts drive the company's view it can deliver double-digit FFO per share growth through at least 2028.

Given the sell-off this year, investors can buy that growth for a much lower price. They can also lock in a much higher dividend yield (5.8% following a more than 5% dividend increase earlier this year). Add it all up, and Brookfield could produce powerful total returns in the future.

High-octane total return potential

Enbridge and Brookfield Renewable have lagged behind their energy sector peers this year. But they have even more upside potential, given the growth they both have ahead. Add in their high-yielding dividends, and these energy stocks could fuel big-time total returns in the coming years.