|Bid||3.8400 x N/A|
|Ask||3.8700 x N/A|
|Day's Range||3.8000 - 3.9000|
|52 Week Range||1.1300 - 8.0700|
|Beta (5Y Monthly)||3.64|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul. 22, 2020 - Jul. 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||4.13|
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
CALGARY — Shares in oilsands producer MEG Energy Corp. rose by as much as nearly 15 per cent on Tuesday amid strengthening oil prices after it reported it would cut its capital spending plan for a second time in two months.The Calgary-based company said it now expects its capital spending to total $150 million in 2020, down from an estimate of $200 million in March and $250 million in its original guidance released late last year."The current business environment demands swift, decisive actions to enhance MEG's already strong financial liquidity position," said CEO Derek Evans."To that end, we are reducing production to minimum levels and advancing the planned plant (maintenance) turnaround, cutting capital by $100 million versus original guidance, and reducing non-energy operating cost and (general and administration) guidance by $20 million and $10 million, respectively."Salaries are being reduced across the company as of June 1, MEG said, with a 25 per cent cut to Evans' annual base salary and to board member cash compensation. Other executive salaries will be cut 12 to 15 per cent, while all other employees will see a 7.5 per cent base salary rollback.The value of long-term incentive awards granted in April were reduced by 20 per cent from 2019 values.MEG reported a net loss of $284 million in the first three months of 2020 compared to a loss of $48 million in the same quarter of 2019, due to lower bitumen prices and non-cash charges.The results include an impairment charge of $366 million on certain non-core growth properties, an unrealized foreign exchange loss of $267 million, and an inventory impairment charge of $29 million, partly offset by a $429-million unrealized gain on commodity risk management contracts.Revenue totalled $665 million, down from $919 million in the first quarter of 2019, as MEG's realized price for bitumen averaged $19.45 per barrel, down from $46.86 per barrel in the fourth quarter of 2019.World oil prices have fallen by as much as 75 per cent since the end of 2019, blamed on declining fuel demand due to measures to control the COVID-19 pandemic.Bitumen production averaged 91,560 barrels per day in the first quarter, compared to 94,570 bpd in the fourth quarter and 87,100 in the first quarter of 2019.Production in the first half of 2020 is expected to average about 76,000 bpd.MEG said it has advanced a planned maintenance shutdown in the first two phases of its three-phase Christina Lake oilsands project to June in response to price weakness, with production volumes to be reduced to about 30,000 bpd.It said restarting the facilities will depend upon whether prices have recovered when maintenance is completed in August.MEG shares were up 10 per cent or 30 cents at $3.21 in late-morning trading after going as high as $3.34 earlier in the day.This report by The Canadian Press was first published May 5, 2020.Companies in this story (TSX:MEG)Dan Healing, The Canadian Press
MEG Energy announces first quarter 2020 free cash flow of $24 million, current full year 2020 hedge book value of $525 million and a further 25% reduction in full year capital investment to $150 million...
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TORONTO , April 2, 2020 /CNW/ - The following issues have been halted by IIROC: Company: MEG Energy Corp. TSX Symbol: MEG Reason: Single-Stock Circuit Breaker Halt Time (ET): 10:40:53 AM IIROC can ...
Canada's oil crisis is worsening because of sharply weaker oil prices, making it time to avoid heavily indebted oil stocks like MEG Energy Corp. (TSX:MEG).The post A Disaster Is Unfolding in Canada’s Oil Patch appeared first on The Motley Fool Canada.
Plunging oil prices are prompting Canadian energy firms to shelve hundreds of millions in capital spending as the oil patch braces for a flood of cheap crude hitting global energy markets.
All financial figures are in Canadian dollars ($ or C$) and all references to barrels are per barrel of bitumen sales unless otherwise noted CALGARY , March 10, 2020 /CNW/ - MEG Energy Corp. (TSX:MEG, ...
MEG Energy announces full year 2019 free cash flow of $528 million, debt repayment of $501 million and 18% year over year reduction in G&A expense
CALGARY , Feb. 26, 2020 /CNW/ - 2019 Annual Results Release: March 4, 2020 after market close Conference Call Details: March 5, 2020 8:30am ET / 6:30am MT Dial-in Numbers: Toll Free: 1.888.390.0546 International: ...
Chinese citizens are on lock-down to control the spread of the coronavirus, which may impact oil companies with high leverage, such as Baytex (TSX:BTE)(NYSE:BTE).
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CALGARY , Jan. 31, 2020 /CNW/ - MEG Energy Corp. today announced that it has successfully closed its previously announced offering (the "offering") of US$1,200 million in aggregate principal amount of 7.125% senior unsecured notes due February 2027 (the "notes"). MEG intends to use the net proceeds of the offering, together with cash on hand, (i) to refinance its US$800 million in aggregate principal amount of 6.375% senior unsecured notes due January 2023 (the "2023 Notes") by way of a previously announced conditional redemption, (ii) to redeem US$400 million of its US$1,000 million aggregate principal amount of 7.00% senior unsecured notes due March 2024 (the "2024 Notes") by way of a previously announced conditional redemption, and (iii) to pay fees and expenses related to the offering.
CALGARY, Jan. 16, 2020 /CNW/ - MEG Energy Corp. ("MEG" or the "Company") (TSX:MEG.TO - News) announced today that, subject to market and other conditions, it plans to commence a private offering (the "offering") of US$800 million in aggregate principal amount of senior unsecured notes due 2027 (the "notes"). MEG intends to use the net proceeds of the offering, if completed, and cash on hand to (i) redeem in full its US$800 million aggregate principal amount of 6.375% senior unsecured notes due January 2023 (the "2023 Notes") and (ii) pay fees and expenses related to the offering. MEG also announced today that it has issued (i) a conditional notice to redeem in full MEG's US$800 million in aggregate principal amount of 2023 Notes at a redemption price of 101.063%, plus accrued and unpaid interest to, but not including, the redemption date; and (ii) a notice to redeem US$100 million aggregate principal amount of its 6.50% senior secured second lien notes due 2025 (the "Second Lien Notes") at a redemption price of 104.875%, plus accrued and unpaid interest to, but not including, the redemption date.
Canada’s long-suffering energy sector likely isn’t in position to take advantage if supply drops in the Middle East, analysts say.