After a tough two-day drop, Canada’s main stock index rallied on Wednesday following reports that the US administration was considering relaxing the strict tariffs on imports from Canada and Mexico.
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On Tuesday, US Commerce Secretary Howard Lutnick mentioned that the government was thinking about reducing the 25 per cent tariffs on Canadian and Mexican imports for products that meet the trade agreement established during President Trump’s first term. US markets also rose as traders anticipated a potential compromise on the tariffs imposed on goods from major trade partners.
Users around Stockhouse’s Bullboard forums have been keeping tabs on this movement and here are some of the top stocks being discussed.
Baytex Energy Corp.
Baytex Energy (TSX:BTE, Forum) reported its operating and financial results for the three months and year ended December 31st, 2024. The company highlighted several key achievements:
- Reported cash flows from operating activities of C$469 million ($0.60 per basic share) in Q4/2024 and C$1,908 million (C$2.38 per basic share) for 2024.
- Increased production per basic share by 10 per cent in 2024, compared to 2023. Production for the full-year 2024 averaged 153,048 boe/d (85 per cent oil and NGL), compared to 122,154 boe/d in 2023 (85 per cent oil and NGL). Production in Q4/2024 averaged 152,894 boe/d (84 per cent oil and NGL).
- Delivered adjusted funds flow of $C462 million ($0.59 per basic share) in Q4/2024 and C$1,957 million (C$2.44 per basic share) for 2024.
- Generated free cash flow of C$255 million ($0.33 per basic share) in Q4/2024 and C$656 million ($0.82 per basic share) for 2024.
- Returned C$290 million to shareholders in 2024 through its share buyback program and dividend. The company repurchased 48.4 million common shares for C$218 million, representing 6 per cent of its shares outstanding. Additionally, it declared four quarterly dividends of $0.0225 per share, totalling C$72 million.
- Improved its cash cost structure (operating, transportation, and general and administrative expenses) in 2024 by 5 per cent on a boe basis, compared to 2023.
- Reduced net debt by 5 per cent in 2024 (13 per cent in U.S. dollars) and maintained balance sheet strength with a total debt to EBITDA ratio of 1.1x.
New Found Gold
New Found Gold (TSXV:NFG, Forum) appointed Chad Williams to its board of directors to replace founder Collin Kettell, who remains a top investor in the junior miner with just over a 2.5 per cent stake. Williams is chairman and founder of Red Cloud Mining Capital and has extensive experience in mining finance and management. He previously served as CEO of Victoria Gold and head of mining investment banking at Blackmont Capital and currently serves as chairman of Honey Badger Silver (TSXV:TUF).
“We are excited to have Chad join the board as an independent director. With his extensive capital markets experience and depth of knowledge of the mining industry, Chad is an excellent addition to the board,” said Paul Huet, chairman of New Found Gold. “I would like to take this opportunity to sincerely thank Collin for his significant contributions to New Found. He was instrumental in the discovery of the Queensway gold project and remains a supportive major shareholder of the company”.
New Found Gold owns the 175,600-hectare Queensway gold project in Newfoundland and Labrador. The company has completed over 600,000 metres of drilling on the project since 2020, outlining multiple near-surface, high-grade gold discoveries over a 22-kilometre strike extent. Investors can expect Queensway’s initial mineral resource estimate and preliminary economic assessment in early and late Q2 2025, respectively.
Theralase Technologies
Theralase Technologies (TSXV:TLT, Forum), a clinical-stage pharmaceutical company, announced that its lead compound, Rutherrin, has demonstrated an ability to destroy Non-Hodgkin’s Lymphoma (NHL) in an animal model when combined with Metformin (a common diabetes drug) and radiation. Rutherrin® is currently under development for intravenous administration to treat numerous cancers, including brain, lung, pancreatic, and muscle invasive bladder cancer.
In the latest research, mice were inoculated with A20 mouse lymphoma cells subcutaneously. To simulate proposed human treatments, mice were treated for three weeks with Rutherrin IV (three times per week), Metformin intraperitoneally (daily), and radiation (five times per week). The results support the use of Rutherrin, activated by both Metformin and radiation, in the effective treatment of NHL in a subcutaneous mouse model.
Investors are encouraged to deepen their due diligence into these stocks to keep their portfolios up to date with the latest developments in the market.
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(Top image generated with AI.)