TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,197.53, up 242.54 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up $3.78, or 13.4 per cent, to $32 on 18.5 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down nine cents, or 4.27 per cent, to $2.02 on 10.6 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 14 cents, or 2.31 per cent, to $6.20 on 8.7 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 35 cents, or 2.46 per cent, to $14.60 on 6.2 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Down 11 cents, or 1.45 per cent, to $7.50 on 5.2 million shares.
Tamarack Valley Energy Ltd. (TSX:TVE). Energy. Up nine cents, or 2.51 per cent, to $3.67 on 4.4 million shares.
Companies in the news:
Molson Coors Beverage Co. (TSX:TPX.B). Up 15 cents to $53.90. Molson Coors Beverage Co. reported higher profits and revenues in its latest quarter as its shift to a simplified, more lucrative product line and the ongoing economic reopening boosted sales. The Colorado and Montreal-based company's upbeat third-quarter results released Thursday came despite headwinds from inflation and global supply chain challenges. Gavin Hattersley, president and CEO of Molson Coors, said transportation availability and cost stood out as a key pressure point for the company for the three months ended Sept. 30. While August and September were challenging months, Molson Coors has taken steps to mitigate supply chain issues and has increased shipments so far in the fourth quarter, in part by shipping more beverages by rail, he said. Meanwhile, Coors Light — the company's biggest brand — grew its market share in the U.S. during the third quarter, the first time in more than half a decade. The company also sold nearly two million cases of non-alcohol products so far this year, a record for Molson Coors as it aims to deliver on its "beyond beer ambitions." The company said it earned a net income of US$453 million or $2.08 per diluted share in its third quarter, up 32.1 per cent from US$342.8 million or $1.58 a diluted share a year earlier.
Crescent Point Energy Corp. — Strong results for Crescent Point Energy Corp. in its latest quarter isn't just the result of high oil prices, but the result of an industry-wide focus on operational efficiencies and debt repayment during years of downturn, the company's chief executive said Thursday. In a conference call with analysts, Crescent Point CEO Craig Bryksa said he believes the Canadian energy sector is well-placed to take advantage of the current commodities surge. Oil prices are higher than they've been since 2014, but Bryksa said the industry has also undergone fundamental change in the intervening time, becoming leaner and more focused. On Thursday, the Calgary-based company reported a third-quarter profit of $77.5 million or 13 cents per diluted share, up from $500,000 a year earlier. Oil and gas sales totalled $826.7 million for the quarter ended Sept. 30, up from $437 million a year ago. On an adjusted basis, Crescent Point says its net earnings from operations were 24 cents per diluted share, up from 13 cents per diluted share in the same quarter last year.
Suncor Energy Inc. — Suncor Energy Inc. is doubling its dividend and restoring it to 2019 levels as it continues to pay down debt and ramp up production in the wake of higher oil prices. Suncor reported after markets closed on Wednesday that it earned a net profit of $877 million in its third quarter, or 59 cents per common share, compared with a net loss of $12 million or one cent per share in the third quarter of 2020. The company says it will increase its dividend to 42 cents per share on Dec. 24, thanks to strong performance and higher-than-expected energy prices. Suncor said its operating earnings increased to $1.04 billion or 71 cents per common share in the third quarter, compared with an operating loss of $338 million or 22 cents per common share in the same period last year. Suncor's total upstream production for the quarter ended Sept. 30 was 698,600 barrels of oil equivalent per day, compared with 616,200 in the same quarter a year ago. The company said it reduced its net debt by $2 billion in the third quarter and has reduced its net debt by a total of $3.1 billion since the beginning of 2021. It expects to reduce net debt by a total of $5 billion by the end of the year.
Bombardier Inc. — Bombardier Inc. reported a third-quarter loss of US$377 million compared with a profit of US$192 million a year ago. The business jet maker, which keeps its books in U.S. dollars, says the loss amounted to 16 cents per diluted share for the quarter ended Sept. 30 compared with a profit of five cents per diluted share in the same quarter last year. On an adjusted basis, Bombardier says it lost four cents per diluted share in its most recent quarter compared with an adjusted loss of nine cents per share a year earlier. Revenue totalled nearly US$1.45 billion, up from nearly US$1.41 billion in its third quarter of 2020. Analysts on average had expected an adjusted loss of five cents per share and US$1.37 billion in revenue for the quarter, according to financial markets data firm Refinitiv. Last month, Bombardier announced a firm order for 20 of its new Challenger 3500 aircraft, its largest business jet order of the year.
This report by The Canadian Press was first published Oct. 28, 2021.
The Canadian Press
