Author: Consultant

Monday November 6

China trade surplus

Japan and Euro zone services and composite PMI

Bank of Japan minutes from Sept. 21-22 meeting

(10 a.m. ET) Canada’s Ivey PMI for October.

(10 a.m. ET) U.S. Global Supply Chain Pressure Index for October.

(10:30 a.m. ET) Bank of Canada Market Participants Survey for Q3.

(2 p.m. ET) U.S. Senior Loan Officer Opinion Survey for October.

Earnings include: Berkshire Hathaway Inc.; CT REIT; Element Fleet Management Corp.; Finning International Inc.; Ivanhoe Mines Ltd.; MEG Energy Corp.; Obsidian Energy Ltd.; Sandstorm Gold Ltd.; Vertex Pharmaceuticals Inc.

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Tuesday November 7

Japan household spending

Euro zone producer prices

Germany industrial production

(8:30 a.m. ET) Canada’s merchandise trade balance for September.

(8:30 a.m. ET) U.S. goods and services trade deficit for September. The Street is projecting US$60.5-billion, up from US$58.3-billion in August.

(11:30 a.m. ET) Bank of Canada Deputy Governor Sharon Kozicki gives the opening remarks at the John Kuszczak Memorial Lecture in Ottawa.

(3 p.m. ET) U.S. consumer credit for September,

Also: Quebec’s fiscal update.

Earnings include: Ballard Power Systems Inc,; Boardwalk REIT; Cargojet Inc.; Dream Industrial REIT; Dundee Precious Metals Inc.; EQB Inc.; Gilead Sciences Inc.; Goeasy Ltd.; iA Financial Corp. Inc.; Intact Financial Corp.; Killam Properties Inc.; Occidental Petroleum Corp.; Ovintiv Inc.; Pan American Silver Corp.; Pet Valu Holdings Ltd.; Stella-Jones Inc.; Superior Plus Corp.; TransAlta Corp.; Tricon Capital Group Inc.; Uber Technologies Inc.

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Wednesday November 8

China aggregate yuan financing and new loans

Euro zone retail sales

Germany consumer prices

ECB’s three-year CPI expectations

(8:30 a.m. ET) Canadian building permits for September.

(8:30 a.m. ET) U.S. wholesale inventories for September.

(9:15 a.m. ET) U.S. Fed chair Jerome Powell delivers opening remarks at the Fed’s Division of Research and Statistics Centennial Conference.

(1:30 p.m. ET) Bank of Canada’s Summary of Deliberations for the Oct. 25 decision.

Earnings include: B2Gold Corp.; Canadian Apartment Properties REIT; CCL Industries Inc.; CGI Inc.; Choice Properties REIT; Crombie REIT; E-L Financial Corp.; Franco-Nevada Corp.; Great-West Lifeco Inc.; Granite REIT; Green Thumb Industries Inc.; Hudbay Minerals Inc.; Hydro One Ltd.; Keyera Corp.; Kinross Gold Corp.; Linamar Corp.; Lundin Gold Inc.; Manulife Financial Corp.; Nuvei Corp.; NuVista Energy Ltd.; Parex Resources Inc.; Peyto Exploration & Development Corp.; Russel Metals Inc.; Smart REIT; TC Energy Corp.; Tourmaline Oil Corp.; Walt Disney Co.; WSP Global Inc.

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Thursday November 9

China CPI and PPI

Japan bank lending

ECB economic bulletin

(8:30 a.m. ET) U.S. initial jobless claims for week of Nov. 4. Estimate is 222,000, up 5,000 from the previous week.

(11:45 a.m. ET) Bank of Canada Deputy Governor Carolyn Rogers speaks at Advocis Vancouver.

(2 p.m. ET) U.S. Fed chair Jerome Powell speaks on a panel on monetary policy challenges in a global economic at an IMF conference..

Earnings include: Altus Group Ltd.; Autocanada Inc.; Becton Dickinson and Co.; Boralex Inc.; CAE Inc.; Canadian Tire Corp. Ltd.; Canoe EIT Income Fund; Canopy Growth Corp.; Chartwell Retirement Residences; CI Financial Corp.; Constellation Software Inc.; Curaleaf Holdings Inc.; Definity Financial Corp.; Docebo Inc.; Endeavour Mining Corp.; Exchange Income Corp.; IAMGold Corp.; Northland Power Inc.; Paramount Resources Ltd.; Quebecor Inc.; Rogers Communications Inc.; Saputo Inc.; Sleep Country Canada Holdings Inc.; Stantec Inc.; Suncor Energy Inc.; Wheaton Precious Metals Corp.

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Friday November 10

U.S. Veterans Day (stock markets open and bond markets closed)

UK GDP, industrial production and trade deficit

(10 a.m. ET) U.S. University of Michigan Consumer Sentiment Survey for November.

(10:30 a.m. ET) Bank of Canada Senior Loan Officer Survey for Q3.

Earnings include: Algonquin Power & Utilities Corp.; Emera Inc.; Kelt Exploration Ltd.; Lassonde Industries Inc.; MAG Silver Corp.; Onex Corp.; SNC-Lavalin Group Inc.

Published: 11/3/2023 12:57 PM ET

Extending the strong upward move seen over the past several sessions, Canadian stocks have moved sharply higher during trading on Friday.

The benchmark S&P/TSX Composite Index surged higher at the start of trading and remains firmly in positive territory.

Currently, the index is up 202.27 points or 1.1 percent at 19,833.61, continuing to regain ground after ending last Friday’s trading at its lowest closing level in a year.

The extended rally by Canadian stocks reflects a positive reaction to a Labor Department report showing U.S. employment rose by less than expected in the month of October.

The closely watched report said employment climbed by 150,000 jobs in October after jumping by a downwardly revised 297,000 jobs in September.

Economists had expected employment to increase by 180,000 jobs compared to the surge of 336,000 jobs originally reported for the previous month.

The Labor Department also said the unemployment rate crept up to 3.9 percent in October from 3.8 percent in September. The unemployment rate was expected to remain unchanged.

The data has added to optimism the Federal Reserve is done raising interest rates after the central bank left rates unchanged for the third time in four meetings earlier this week.

In Canadian economic news, Statistics Canada released a report showing Canadian employment edged up by 18,000 jobs in October.

The report also said the Canadian unemployment rate rose to 5.7 percent in October from 5.5 percent in September, marking the fourth monthly increase in the past six months.

Statistics Canada said job growth in the construction and information, culture and recreation sectors was offset by decreases in jobs in the wholesale and retail trade and manufacturing sectors.

Interest rate-sensitive real estate stocks are seeing substantial strength on the day, resulting in a 3.5 percent surge by the S&P/TSX Capped Real Estate Index.

Significant strength is also visible among healthcare stocks, as reflected by the 3.0 percent spike by the S&P/TSX Capped Health Care Index.

Gold stocks are also turning in a strong performance amid a modest increase by the price of the precious metal, moving sharply higher along with consumer, telecom and financial stocks.

Meanwhile, energy stocks are bucking the uptrend amid a steep drop by the price of crude oil, dragging the S&P/TSX Capped Energy Index down by 1.1 percent.

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CALGARY, AB, Nov. 3, 2023 /CNW/ – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported third quarter 2023 financial results, reaffirmed its 2023 financial outlook and provided a quarterly business update.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

• Third quarter GAAP earnings of $0.5 billion or $0.26 per common share, compared with GAAP earnings of $1.3 billion or $0.63 per common share in 2022
• Adjusted earnings* of $1.3 billion or $0.62 per common share*, compared with $1.4 billion or $0.67 per common share in 2022
• Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $3.9 billion, an increase of 3%, compared with $3.8 billion in 2022
• Cash provided by operating activities of $3.1 billion, compared with $2.1 billion in 2022
• Distributable cash flow (DCF)* of $2.6 billion, an increase of $0.1 billion, compared with $2.5 billion in 2022
• Reaffirmed 2023 full year financial guidance for EBITDA and DCF inclusive of the recent share offering dilution
• Enbridge entered into definitive agreements (the “Acquisitions”) with Dominion Energy, Inc. (“Dominion”) to acquire The East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and Public Service Company of North Carolina, Incorporated for an aggregate purchase price of US$14 billion (CDN$19 billion)
• Enbridge has filed applications for all key federal and state required regulatory approvals to complete the pending Acquisitions and approximately 75% of the financing for the aggregate purchase price has been secured
• Signed an agreement to increase ownership in Hohe See Offshore Wind Farm and Albatros Offshore Wind Farm by a further 24.45%, bringing Enbridge’s interest to 49.89%, for €625 million (including €358 million of assumed debt)
• Signed a definitive agreement to acquire seven operating landfill-to-renewable natural gas (RNG) assets located in Texas and Arkansas for US$1.2 billion with staggered consideration
• Upsized and relaunched the Flanagan South Pipeline (FSP) binding open season for US Gulf Coast delivery service
• Closed the acquisition of Aitken Creek Gas Storage on November 1
• Debt-to-EBITDA expected to exit the year below the target range of 4.5x to 5.0x reflecting substantial equity pre-funding prior to closing the Acquisitions

https://www.newswire.ca/news-releases/enbridge-reports-strong-third-quarter-2023-financial-results-and-reaffirms-financial-guidance-and-outlook-816381476.html

Continued Execution of AltaGas’ Strategic Plan Strongly Positions the Company to Deliver on 2023 Guidance and Drive Shareholder Value Creation

CALGARY, AB, Nov. 3, 2023 /CNW/ – AltaGas Ltd. (“AltaGas” or the “Company”) (TSX:ALA.TO) today reported third quarter 2023 financial results and provided an update on the Company’s operations and other corporate developments.

Read more at newswire.ca

 Pembina Pipeline Corp. (PBA) on Thursday reported third-quarter profit of $257.9 million.

On a per-share basis, the Calgary, Alberta-based company said it had profit of 42 cents.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.

The oil and gas transportation and services company posted revenue of $1.71 billion in the period.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PBA at https://www.zacks.com/ap/PBA

Cenovus Energy Inc. reported a third-quarter profit of $1.86 billion, up from $1.61 billion in the same quarter last year.

The company says the profit amounted to 97 cents per diluted share, up from 81 cents per diluted share a year earlier.

Revenue totalled $14.58 billion, down from $17.47 billion in the same quarter last year.

Total upstream production for the quarter amounted to 797,000 barrels of oil equivalent per day, up from 777,900 a year earlier.

Total downstream throughput totalled 664,300 barrels per day compared with 533,500 a year ago.

Cenovus also announced the appointment of former Shell Canada president and country chair Michael Crothers and former Husky Energy executive James Girgulis to the company’s board of directors, effective immediately.

This report by The Canadian Press was first published Nov. 2, 2023.

https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-crescent-point-energy-reports-8099-million-third-quarter-loss-due-to/

Calgary, Alberta–(Newsfile Corp. – November 2, 2023) – Baytex Energy Corp. (TSX: BTE) (NYSE: BTE) (“Baytex”) reports its operating and financial results for the three and nine months ended September 30, 2023 (all amounts are in Canadian dollars unless otherwise noted).

“Our third quarter results represent the first full quarter of combined operations following the Ranger acquisition and demonstrate the strength of our diversified North American oil-weighted portfolio. The integration has progressed extremely well and we have delivered strong results from Western Canada and the Eagle Ford in Texas. We are building momentum with current production exceeding 155,000 boe/d (84% oil and NGLs). Currently, we expect to generate free cash flow of approximately $400 million in Q4/2023 and $650 million for this year. As a result of this strong free cash flow, we have increased the pace of our share buyback program during the fourth quarter. We are also excited to announce two new land extensions at Peavine and Cold Lake as we continue to leverage our heavy oil expertise and recent exploration successes,” commented Eric T. Greager, President and Chief Executive Officer.

Highlights

• Generated production of 150,600 boe/d (85% oil and NGLs) in Q3/2023.
• Reported cash flows from operating activities of $444 million ($0.52 per basic share) in Q3/2023.
• Delivered adjusted funds flow⁽¹⁾ of $582 million ($0.68 per basic share) in Q3/2023.
• Generated free cash flow⁽²⁾ of $158 million ($0.19 per basic share) in Q3/2023.
• Exploration and development expenditures totaled $409 million in Q3/2023, consistent with our full-year plan.
• Repurchased 16.8 million common shares in Q3/2023, representing 2.0% of our shares outstanding, at an average price of $5.29 per share.
• Paid a quarterly cash dividend of $0.0225 per share ($0.09 per share annualized) on October 2, 2023.
• Brought 13 operated Eagle Ford wells onstream in Q3/2023, of which seven wells from three pads generated average 30-day initial production rates of approximately 2,000 boe/d (65% oil and NGLs) per well.
• Executed a two-rig drilling program at Peavine and brought 14 Clearwater wells onstream. Production at Peavine averaged 13,821 bbl/d in Q3/2023, up 69% from Q3/2022. Production during September averaged 16,400 bbl/d.
• Continued commercialization program in our Pembina Duvernay with six-well program delivering strong results.
• Expanded our heavy oil development fairway through two land extensions, including a 10-section agreement with the Peavine Métis settlement adjacent to our existing 80 section land position and a farm-in on 17.75 sections of land prospective for Mannville development near Cold Lake in northeast Alberta.

Quarterly Dividend

The Board of Directors declared a quarterly cash dividend of $0.0225 per share to be paid on January 2, 2024 for shareholders of record on December 15, 2023.

https://www.barchart.com/story/news/21677569/baytex-announces-third-quarter-2023-results

Barrick Gold Corp. reported a third-quarter profit of US$368 million, up from US$241 million a year earlier, helped by higher gold prices.

The Toronto-based gold miner, which keeps its books in U.S. dollars, says the profit amounted to 21 cents per share, up from 14 cents per share a year earlier.

Revenue totalled US$2.86 billion, up from US$2.53 billion in the same quarter last year.

Gold sales amounted to 1,027,000 ounces, up from 997,000 ounces a year ago, while Barrick’s realized gold price for the quarter was US$1,928 per ounce, up from US$1,722 a year ago.

Copper sales totalled 101 million pounds, down from 120 million pounds a year earlier, while Barrick’s realized copper price was US$3.78 per pound, up from US$3.24 in the same quarter last year.

On an adjusted basis, Barrick says it earned 24 cents per share, up from 13 cents per share a year earlier.

This report by The Canadian Press was first published Nov. 2, 2023.

Canadian Natural Resources Ltd CNQ-T -0.50%decrease said on Thursday President Tim McKay will step down next year and will be succeeded by Scott Stauth.

Canada’s largest oil and gas producer also reported lower third-quarter profit despite record production.

Crude oil prices rose about 28 per cent in the quarter but still stayed well below the multiyear highs in the same period a year earlier, following Russia’s invasion of Ukraine.

Canadian Natural reported a net income of $2.34-billion, or $2.13 per share, for the quarter, down from $2.84-billion or $2.49 per share a year earlier.

Production rose to a record 1.39 million barrels of oil equivalent per day (boepd), from 1.34 million boepd last year.

However, cash flows from operations fell about 43 per cent in the quarter to $3.5-billion.

Stauth has been with Canadian Natural for 26 years and currently serves as the chief operating officer of Oil Sands operations.

McKay will assume the role of vice chairman following a board meeting in February and will support the management transition until his retirement in summer 2024, the company said.