TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,455.82, up 113.69 points.)
Enbridge Inc. (TSX:ENB). Energy. Up $1.56, or 2.98 per cent, to $53.88 on 19.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up 15 cents, or 13.76 per cent, to $1.24 on 18.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 69 cents, or 2.14 per cent, to $32.97 on 15 million shares.
Apollo Healthcare Corp. (TSX:AHC). Health care. Up $2.59, or 148 per cent, to $4.34 on 12.3 million shares
Cenovus Energy Inc. (TSX:CVE). Energy. Up 33 cents, or 2.16 per cent, to $15.59 on 10.9 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down six cents, or 1.39 per cent, to $4.27 on 9.9 million shares.
Companies in the news:
TC Energy Corp. (TSX:TRP). Down $2.61 or 3.9 per cent to $64.05. TC Energy Corp. has committed to providing up to $3.3 billion in additional temporary bridge financing to cover cost overruns related to the Coastal GasLink pipeline project. The Calgary-based company said Friday it is still involved in a dispute with LNG Canada over projected cost increases and their potential effects on schedule. But TC Energy said construction on the project continues and is now more than 50 per cent complete. TC Energy was selected by LNG Canada in 2011 to design, build, own and operate Coastal Gaslink. The 670-kilometre pipeline is intended to move 2.1 billion cubic feet per day (bcf/d) of natural gas to LNG Canada's terminal, where it will be converted into a liquefied state for export to global markets. TC Energy reported a third-quarter profit of $779 million, down from $904 million a year ago. Revenue for the quarter totalled $3.24 billion, up from $3.20 billion. Also on Friday, TC Energy reduced its annual dividend growth guidance. The company had previously said it was targeting dividend increases of five to seven per cent this year, but is now targeting dividend growth of three to five per cent per year.
Telus Corp. (TSX:T). Up 64 cents or 2.3 per cent to $28.95. Telus Corp. added a whopping 320,000 customers in its third quarter, an all-time quarterly record that helped drive higher revenue and profit and prompted the telecom giant to raise its dividend. The Vancouver-based company said it added 135,000 net new mobile phone connections; 110,000 device connections for items such as tablets, wearables and connected cars; and additional customers for services like television, internet and security during the three months ended Sept. 30. Telus also posted a low customer churn rate in its third quarter, which measures how many customers leave and is often referred to as "customer loyalty." The company said its churn rate for blended mobile phone, internet, TV and security services has fallen below one per cent so far this year. Telus raised its dividend as it reported a third-quarter profit of $358 million, up from $321 million in the same quarter last year. It will now pay a quarterly dividend of 32.74 cents per share, up from 31.12 cents per share, the company said.
Canopy Growth Corp. (TSX:WEED). Down $1.93 or 11.7 per cent to $14.60. Canopy Growth Corp. pushed back its profitability target as it reported a $16.3-million loss and said it would close one of its greenhouses. The Smiths Falls, Ont., cannabis company previously predicted it would be profitable in the second half of its 2022 financial year, but said Friday that reaching that goal will take longer than expected because of market share challenges and a slower-than-expected U.S. launch of its BioSteel products. On Friday, it said it will shutter a 92,903-square-foot Niagara-on-the-Lake, Ont., greenhouse its Tweed brand operates and immediately lay off 30 workers. The company's revenue for the period ended Sept. 30 totalled $131.3 million, down from $135.2 million at the same period last year. Total net cannabis revenue reached $95 million in the quarter, a one per cent increase from a year earlier. Excluding the impact from acquired businesses, Canopy said net revenue fell 13 per cent and cannabis revenue dropped 14 per cent. Canopy executives believe revenue will pick up in the second half of its financial year, but warned that the magnitude and pace of improvement of its revenues is expected to be "more modest than previously anticipated."
Canada Goose Holdings Inc. (TSX:GOOS). Up $9.73 or 19.3 per cent to $60.14. Sales of Canada Goose Holdings Inc.'s luxury parkas are heating up as economies reopen around the world, with the planned launch of footwear next week expected to send revenues sizzling. In its latest quarterly earnings released Friday, the Toronto-based outerwear maker reported higher sales in retail stores and online, while early wholesale orders also pushed up revenue. Canada Goose's second-quarter revenue hit $232.9 million for the three months ended Sept. 26. That's nearly 20 per cent above $194.8 million for the same period last year, which had also included a $28.8-million bump in revenue from the temporary sale of personal protective equipment like masks. Canada Goose said it earned a net income of $9 million or eight cents per diluted share for the quarter ended Sept. 26 compared with a profit of $10.4 million or nine cents per diluted share a year ago. On an adjusted basis, the company said it earned $13.2 million or 12 cents per diluted share, compared with an adjusted profit of $11.5 million or 10 cents per diluted share a year ago. Analysts on average had expected an adjusted loss of nine cents per share for the quarter, according to Refinitiv.
Magna International Inc. (TSX:MG). Down 96 cents to $103.56. Magna International Inc. reported its third-quarter profit fell compared with a year ago and cut its outlook for its full year as auto production around the world fell due the shortage of semiconductor chips. The auto parts maker said Friday that vehicle production was significantly lower than anticipated largely due to the chip shortages, which drove unpredictable customer production schedules, resulting in labour and other inefficiencies at its factories. It also said its results were hurt by higher production costs, including freight and commodity costs, as well as a provision on engineering service contracts with the automotive unit of Evergrande. Magna, which keeps its books in U.S. dollars, says it earned US$11 million or four cents per diluted share for the quarter ended Sept. 30 compared with a profit of US$405 million or US$1.35 per diluted share in the same quarter last year. Sales fell to US$7.92 billion compared with US$9.13 billion a year ago. On an adjusted basis, Magna says it earned 56 cents per diluted share in its most recent quarter, down from US$1.95 per diluted share a year ago. Analysts on average had expected an adjusted profit of 60 cents per share and US$7.89 billion in revenue, according to financial markets data firm Refinitiv. Total sales are expected between US$35.4 billion and US$36.4 billion, down from earlier guidance for between US$38 billion and US$39.5 billion.
This report by The Canadian Press was first published Nov. 5, 2021.
The Canadian Press