TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,456.71, up 202.15 points.)
Cenovus Energy Inc. (TSX:CVE). Energy. Up 93 cents, or 3.94 per cent, to $24.56 on 10.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Down 13 cents, or 5.37 per cent, to $2.29 on 9.9 million shares.
Kinross Gold Corp. (TSX:K). Materials. Up 19 cents, or 4.60 per cent, to $4.32 on 8.3 million shares.
Shopify (TSX:SHOP). Technology. Up 88 cents, or 1.95 per cent, to $46.05 on 6.8 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 31 cents, or 3.24 per cent, to $9.88 on 6.8 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 14 cents, or 0.61 per cent, to $23.13 on 6.4 million shares.
Companies in the news:
Canadian Pacific Railway Ltd. (TSX:CP). Up $1.01, or 1.03 per cent, to $99.54. The Calgary-based railroad operator saw profits plummet in its latest quarter due to a dismal grain crop in 2021 and soaring fuel costs since February, it said Thursday. Net income dropped 39 per cent year over year in the quarter ended June 30 despite a seven per cent increase in revenue. Chief financial officer Nadeem Velani cited rising fuel prices and "the continued headwind from grain" as hurdles, partly offset by a 25 per cent increase in container shipping revenues and an earnings bump from several commodities. Spiking demand for potash, metals and automotive products amid still-snarled supply chains pushed up those revenue streams between 22 per cent and 28 per cent year over year — even as potash volumes nudged up less than three per cent and auto carloads stayed flat. Outpacing them all, however, were fuel expenses, which jumped 70 per cent or $152 million, weighing on the railway's bottom line.
TC Energy Corp. (TSX:TRP). Down $1.11, or 1.57 per cent, to $69.41. The Calgary-based energy producer posted a lower second-quarter profit Thursday. Net income attributable to shareholders was $889 million or 90 cents per diluted share in the second quarter, down from $975 million or $1 per share a year earlier. Comparable earnings were $979 million or $1 per common share, down from $1.04 billion or $1.06 per share in the same period of 2021. Revenue for the three months ended June 30 increased to $3.64 billion from $3.18 billion during the same quarter last year. TC Energy's president and CEO François Poirier said the company reached a significant milestone with Coastal GasLink LP, signing revised agreements with LNG Canada that will allow the safe and timely execution of its largest LNG-linked project. He said the 670-kilometre project is about 70 per cent complete, with mechanical in-service expected by the end of 2023.
Cenovus Energy Inc. — CEO Alex Pourbaix said Thursday that inflation has been "manageable" for the energy company so far, but is something he is keeping an eye on. On a conference call with analysts, Pourbaix said inflation likely won't "meaningfully change" any of the company's investment decisions and plans over the coming year. His comments come after the Calgary-based company posted a massive upswing in profit in its second quarter amid increased commodity prices and higher margins. The oil producer had net earnings of $2.4 billion in the second quarter, or $1.23 per basic share, compared with $224 million or 11 cents per share a year earlier. Revenue for the three months ended June 30 was $19.2 billion, up from $10.58 billion in the second quarter of 2021.
Calfrac Well Services Ltd. (TSX:CFW). Down 11 cents, or 2.26 per cent, to $4.75. The oilfield services company reported a lower loss in its most recent quarter as its revenues climbed amid improved pricing and increased activity. It said it lost $6.78 million or 18 cents per share in its second quarter, compared with a loss of $35.52 million or 95 cents a share in the same period last year. Revenue in the three months ended June 30 was $318.51 million, up 83 per cent from $173.77 million in 2021. Calfrac said the increase was due primarily to improved activity in all of the company's operating divisions and higher pricing in North America. CEO Pat Powell said Calfrac was able to demonstrate solid progress on its financial performance in the quarter while continuing to deliver top service to clients. Meanwhile, the company said it has made progress related to the sale of its Russian subsidiary that it announced in the previous quarter and is seeking to close the transaction as soon as possible.
This report by The Canadian Press was first published July 28, 2022.
The Canadian Press