We are just around the corner from the end of the personal fiscal year, and signs of increased activity are wherever you look.
Those who are looking to cash in, or brokers looking for a couple of solid deals, are making their last-minute moves while companies look to impress.
Traders are now juggling the end of their fiscal years with one hand, gifts, and holidays with the other. It is a sentiment shared by companies as well, which look to end the calendar year on a positive note, pushing any last second rallies for their shares as attractive investments for the tax sell-off season.
Stock plays that look like they are on the rebound are always a magnet for hot discussions on the Bullboards, as investors and analysts debate whether to put up money into what is part of a long-term recovery or short-term rally.
We highlight three companies in three sectors this week that have either seen a surge or a dip heading into the winter season. Who could be continuing their trend upward?
As we race toward the finish line, let’s take a look at some of the stocks that are standing out from the rest, starting with one of the most popular out there ….
Aviation company Bombardier Inc. (TSX:BBD, Forum) has publicly expressed its disappointment that the Canadian government had decided to award a generational contract without an open and fair competition, and it says without fully evaluating its home-grown industry’s multi-mission aircraft capabilities.
This is in reference to the Canadian Government accepting up to 16 Boeing Co. (NYSE:BA) P-8A Poseidon aircraft, as part of the Canadian Multi-Mission Aircraft project.
Speaking on behalf of GDMS-C employees, political and industry leaders, and suppliers, Bombardier’s open letter said the solution the company was ready to present would have been “[A] game changer for the Canadian economy.”
“Despite multiple conversations with the government, where we requested an RFP or a more detailed framework within which to present key facts and capabilities, no such follow-on opportunities were given to Bombardier, or its partners. No aerospace or third-party experts subsequently evaluated our capabilities.”
Down nearly 9 per cent this month, Bombardier stock has risen 1.7 per cent over the past week.
Cannabis company Canopy Growth Corp. (TSX:WEED, Forum) has completed the sale of its BioSteel sports drink subsidiary.
The Smith Falls, Ontario-based cannabis company stated that two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC have been completed for aggregate gross proceeds of C$30.4 million.
This comes after the sale had received court approval a week ago, after BioSteel entered into creditor protection back in September.
BioSteel Canada, which was founded in 2009, was acquired by Canopy Growth in 2019 in its quest to diversify its portfolio with beverages.
While Canopy Growth has seen a 78 per cent decline in its stock value this year, in the past month it has seen 16 per cent growth and it is up 23 per cent over the past week.
What the “Buzz”
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Calgary-based oil and gas company Baytex Energy Corp. (TSX:BTE, Forum) unveiled its robust 2024 budget and five-year outlook marked by significant free cash flow generation.
The company highlighted free cash flow of C$530 million, with 50 per cent going towards share buybacks and dividends and 50 per cent to strengthen the balance sheet.
Exploration and development expenditures were C$1.2 billion to C$1.3 billion (approximately 60 per cent of forecasted EBITDA) to yield average annual production of 150,000 to 156,000 barrels of oil equivalent per day (boe/d).
Baytex’s five-year outlook through 2028 emphasizes annual production growth of 1-4 per cent with production reaching about 170,000 boe/d by 2028, along with a 60 per cent reinvestment rate with annual exploration and development expenditures of C$1.2 billion-C$1.4 billion.
Baytex’s five-year outlook through 2028 emphasizes annual production growth of 1-4 per cent with production reaching about 170,000 boe/d by 2028, along with a 60 per cent reinvestment rate with annual exploration and development expenditures of C$1.2 billion-C$1.4 billion.
The season and the year are quickly wrapping up. We might only be at the start of December now, but that means we have only a few more editions of Buzz on the Bullboards to see how the hottest stocks and sectors are faring heading into 2024. For previous editions of Buzz on the Bullboards: click here.
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