|Bid||8.49 x N/A|
|Ask||8.50 x N/A|
|Day's Range||8.00 - 8.69|
|52 Week Range||4.71 - 14.10|
|Beta (5Y Monthly)||2.78|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.01 (0.12%)|
|Ex-Dividend Date||Apr. 15, 2020|
|1y Target Est||N/A|
TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:Toronto Stock Exchange (14,885.48, up 246.58 points.)Cenovus Energy Inc. (TSX:CVE). Energy. Up 39 cents, or 7.49 per cent, to $5.60 on 11.3 million shares.MEG Energy Corp. (TSX:MEG). Energy. Up 15 cents, or 5.14 per cent, to $3.07 on 8.9 million shares.Air Canada (TSX:AC). Industrials. Up $2.11, or 14.43 per cent to $16.73 on 8.7 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Up $5.05, or 32.9 per cent, to $20.40 on 8.2 million shares.First Quantum Minerals Ltd. (TSX:FM). Materials. Up 79 cents, or 10.44 per cent, to $8.36 on 4.6 million shares.Husky Energy Inc. (TSX:HSE). Energy. Up 24 cents, or 6.56 per cent, to $3.90 on 4.5 million shares.Companies in the news:Air Canada — The International Air Transport Association has proposed a series of measures aimed at relaunching the global air travel industry, including the mandatory use of face masks, a ban on lining up for onboard washrooms and an end to physical distancing. The organization says passenger face coverings remove the need for social distancing on board, which it defines as leaving middle seats open. Air Canada and WestJet Airlines Ltd. — both of which the association counts among its 290-odd members — say their pandemic policies block the sale of adjacent seats in economy class or throughout the entire plane.TC Energy Corp. (TSX:TRP). Down $1.33 or 2.1 per cent to $61.38. A financial analyst says Alberta government backing means TC Energy Corp. can be more comfortable continuing construction of the Keystone XL pipeline this summer despite Joe Biden's vow to kill it if he is elected president in November. Jennifer Rowland of Edward Jones says it's not surprising that the campaign for the leading U.S. Democratic Party candidate said Monday that he would cancel the presidential permit for the project issued by President Donald Trump. She says the declaration, however, represents a significant risk for the US$8-billion project and would likely result in the Calgary-based company re-examining how prudent it is to continue construction.Reitmans (Canada) Ltd. (TSX:RET). Unchanged at 27 cents. Reitmans (Canada) Ltd. has obtained court protection from its creditors under the Companies' Creditors Arrangement Act to allow a restructuring of the women's clothing retailer. The process will allow the company to implement a restructuring plan that addresses the impacts of COVID-19, which prompted retail outlets across Canada to shut their doors temporarily in an effort to help contain the pandemic from spreading. Reitmans closed 587 stores on March 17, but its e-commerce websites have remained open.Chesswood Group Ltd. (TSX:CHW). Down 47 cents or 10.4 per cent to $4.06. Chesswood Group Ltd. says it is temporarily suspending its monthly dividend as part of its plan to resume funding new business in the U.S. as closure restrictions due to the pandemic begin to lift. The commercial equipment finance company says the decision was part of a move to also draw on its revolving credit facility as its customers' businesses reopen. The suspension of the dividend follows a reduction of its regular payment to shareholders in April to 3.5 cents per share from seven cents due to the pandemic.This report by The Canadian Press was first published May 19, 2020.The Canadian Press
These 2 top TSX stocks have fallen to their multi-year low levels amid the brutal coronavirus market crash. Will you enter amid this weakness? The post TSX Stocks: 2 Canadian Bigwigs That Lost 50% in the COVID-19 Crash appeared first on The Motley Fool Canada.
(Bloomberg Opinion) -- After years of buying at the peak of the economic cycle and selling in the trough, could the world’s big diggers do the reverse? Compared to peers in oil and gas, Rio Tinto Group and the largest diversified miners are riding out the coronavirus storm in sheltered positions: They have low operating costs, little debt and more than $60 billion in liquidity.History matters here. Just over a decade ago, miners binged on hubristic investments like Rio’s acquisition of aluminum producer Alcan or Anglo American Plc’s Minas Rio iron-ore venture. In the hangover years between 2012 and 2016, some $200 billion was written off, and a generation of chief executives were shown the door. It was a near-death experience akin to what the energy sector is going through today, and one that left behind an industry focused on cleaning up, cutting back and returning cash to shareholders. Rio has been among the most generous, handing back $36 billion since 2016.It means the industry’s largest players went into this crisis with two things: balance sheets at their most robust in years, and a pedestrian growth outlook. Almost the opposite is true at long-coveted targets like Freeport-McMoRan Inc., with a market value of $11 billion, and First Quantum Minerals Ltd., valued at $3.5 billion. These mid-size base metal producers are beginning to look fragile, with expanding copper mines but nearly $19 billion of total debt between them. Their shares have fallen more than 40% this year. No one knows how long a recovery from the pandemic will take, or what life will look like on the other side, but miners have a little more certainty than most: Metals like copper, used for electrification and a host of consumer goods, will be needed, and will be in short supply. It’s a tantalizing state of affairs. As ever, things aren’t quite that simple, and even the heftiest miners aren’t immune to the world’s turmoil. BHP Group has to contend with the crashing oil price. Anglo American is dealing with lockdowns in South Africa, Peru and elsewhere, as governments try to contain the spread of coronavirus. Glencore Plc, long the most buccaneering of the large players, is tackling succession, trouble in Zambia and a pending U.S. Department of Justice investigation into its business practices.At Rio, Chief Executive Officer Jean-Sebastien Jacques has perhaps the strongest motivation to act. He is less exposed to many of these uncertainties, and is running a miner that still relies on iron ore for about three-quarters of its Ebitda, as steel consumption hovers at or near a peak in China. Large mainland miners, like acquisitive Zijin Mining Group or Jiangxi Copper Co., may be his competitors. There are cashed-up bullion players, too: Barrick Gold Corp.’s CEO, Mark Bristow, has said he could consider copper and even Freeport’s Indonesian Grasberg mine.The trouble is, we’re not yet at the distress levels that will prompt boards to approve a rush for checkbooks. Travel and due diligence are impossible, markets are too volatile for share deals and the next few months remain an unknown quantity. Shareholders may balk. In past crises, even distressed sellers were able to command premiums, so bargains will be tough. Copper prices are still above the depths of 2016.Worse, not even the most obvious prey would be easy to snap up: Freeport and First Quantum come with traps. Freeport, the world’s largest listed copper producer, faces the question of who will lead it when veteran Richard Adkerson retires, along with concerns over older U.S. mines and the costly move underground at Grasberg. Rio, unhappy with the environmental and political risks, sold its interest in the Indonesian mine in 2018. First Quantum, more bite-sized and so perhaps more appealing, battened down the hatches earlier this year with a poison pill, after Jiangxi Copper built an 18% stake. Its flagship Cobre Panama mine has yet to operate through a full wet season. Chinese players eyeing miners with Australian assets, meanwhile, would also have to deal with a regulator bent on discouraging opportunistic foreign bargain-hunters.Yet the longer the pandemic lockdowns drag on, the more the pain increases, as fixed costs go out and no cash comes in. It’s visible already in lithium, with Tianqi Lithium Corp. seeking to sell part of its stake in the Greenbushes operation in Australia, as it struggles to repay debt taken on to buy a stake in Chilean giant SQM. It’s rare to see large Chinese producers in distressed sales, even if lithium prices have plummeted since 2018. Rare-earth producer Lynas Corp., meanwhile, says it may need public funds to complete an ore-processing plant. Buyers won’t pounce yet. A global economic recovery isn’t in sight and will be slow; most will need a little more confidence that growth is coming back. That will mean a wider improvement than China’s stimulus and return to work, as encouraging as State Grid Corp.’s 2020 investment plans may be. They’ll also need travel restrictions to lift. Wait too long, though, and the opportunity to buy cheap will pass — again. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- A combination of hefty dividends and contracting output is turning the world’s second-largest miner into the poster child for a $1.5 trillion industry’s growth quandary.Rio Tinto Group announced a record $3.7 billion final dividend Wednesday, adding to $11.9 billion of cash returns already paid in 2019. Yet it produced less iron ore, copper and aluminum, leaving market prices to lift underlying earnings by 18%. Rio’s Pilbara operations stumbled early in the year. Its Mongolian copper mine, a key source of future production and the basis of a greener portfolio, is now not only sorely overdue and over-budget, but also tangled in international tax arbitration. The $86 billion mining giant isn’t alone. High dividend yields and pedestrian output have begun to define resources heavyweights that used to be known for the exact opposite. Diversified groups relied on their varied sources of cash to expand, but large-scale opportunities are scarcer than ever, and portfolios look far less diverse too, once coal and other less appealing assets have been carved off. At Rio, iron ore now accounts for three-quarters of its underlying Ebitda.For investors, it hasn’t been all bad news. Since Chief Executive Officer Jean-Sebastien Jacques took the helm in 2016, Rio’s total return including reinvested dividends adds up to an impressive 112%, outpacing most rivals.Yet much of that is due to generous payouts. For a company that digs stuff up for a living, this may not be sustainable — especially for one that aims to build a portfolio better aligned with a carbon-light global economy. It may also be an indication of just how hard it is to change. Rio paid shareholders in 2019 more than double its capital expenditure budget for the same year.One priority has been copper. Under Jacques, head of that unit until he became CEO, Rio has said it wants to add more of the red metal as its existing mines age, and will look at other green ingredients, those for rechargeable batteries and the like. Yet a unit set up to consider just such deals hasn’t sealed a single one despite considering more than 200 opportunities, and the company has suffered blow after blow in Mongolia. Its Oyu Tolgoi mine in the South Gobi accounts for only a fraction of Rio’s value today, but could dictate the company’s fortunes. So far, it’s mostly an unhelpful headache. The mine, which Rio holds through Canada-listed Turquoise Hill Resources Ltd., is one of the largest copper deposits around, and could produce an annual 550,000 metric tons of copper, almost as much as Rio produced last year, plus 450,000 ounces of gold. In the parlance of big miners, it moves the needle.Unfortunately, it also encapsulates everything that makes such projects so challenging: tough geography, messy local politics and complex geology. The cost of the largest, underground, portion has swelled to as much as $7.2 billion, and could rise again when a final estimate is published later in 2020. First production may now be be 30 months later than predicted. Fears of a cash call have dragged down Turquoise Hill shares.In the latest development, Rio announced last week it would begin arbitration proceedings to solve a tax dispute. Few arbitration deals yield significant victories — ask Barrick Gold Corp. and Antofagasta Plc, which won a $5.8 billion ruling against Pakistan last year — and they tend to irk host governments, so it’s a worrying sign. The risk is that Oyu Tolgoi becomes Rio Tinto’s own version of Freeport-McMoRan Inc.’s Indonesian pride and joy, Grasberg – wonderful in theory, nearly impossible in practice.Rio won’t drop Mongolia, and not just because of Jacques’ own attachment to the project. A copper option, however long-dated, is valuable, even if the company doesn’t yet jump in to buy out Turquoise Hill minority shareholders.But what then? Rio has manageable debt and ample cash — $9.2 billion in free cash flow in 2019, the highest level in almost a decade — and deals look cheaper as shares in copper-heavy Freeport and First Quantum Minerals Ltd. have roughly halved since 2018. Perhaps, though, not cheap enough to warrant wrestling with Freeport’s U.S. liabilities or First Quantum’s Zambian operations.Rio isn’t shrinking quite yet. It has exploration projects, and iron-ore production already did better in the second half, albeit still short of the company’s ultimate target. Yet with Oyu Tolgoi mired in arbitration and geological complexities, and the economy swiftly shifting, it might be time for Rio to consider just how creative it can get.To contact the author of this story: Clara Ferreira Marques at firstname.lastname@example.orgTo contact the editor responsible for this story: Matthew Brooker at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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