5 Top Weekly TSX Stocks: Energy Stocks on the Move

Last week’s top-gaining stocks on the TSX were NioCorp, I3 Energy, Marimaca Copper, Baytex Energy and Obsidian Energy.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trending down early on Friday (February 26) at 18,148.71. It ultimately closed the week at 18,040.02.

On Thursday (February 25), the index posted its worst day in nearly a month as weaker oil prices put pressure on energy stocks.

By the end of the week, gold and silver prices were down on the back of a stronger US dollar, while copper was continuing its upward trend.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

  • NioCorp Developments (TSX:NB)
  • I3 Energy (TSX:ITE)
  • Marimaca Copper (TSX:MARI)
  • Baytex Energy (TSX:BTE)
  • Obsidian Energy (TSX:OBE)

Here’s a look at those companies and the factors that moved their share prices last week.

1. NioCorp Developments

NioCorp Developments is developing a superalloy materials project in Southeast Nebraska that will produce niobium, scandium and titanium.

It was a busy week for NioCorp, which on Monday (February 22) formally exercised an option-to-purchase agreement on a key land parcel associated with the company’s Elk Creek superalloy materials project. A day after, the company signed a contract with Cementation USA to continue advancing detailed engineering work associated with the Elk Creek superalloy materials project.

Following the news, NioCorp’s share price jumped 49.41 percent to end the week at C$1.27.

2. I3 Energy

i3 Energy is an oil and gas company with assets and operations in the UK and Canada. On Tuesday (February 23), the company announced its interim operational results, saying production was predictably stable; it averaged 9,150 barrels of oil equivalent per day from November 2020 to January 2021.

Last week, the company’s share price increased 31.82 percent to hit C$0.14.

3. Marimaca Copper

Copper-focused Marimaca is developing the Marimaca project, which it says is one of the largest copper discoveries in Northern Chile.

The company did not release any news last week, but shares of Marimaca Copper increased 25.19 percent to end at C$4.87.

4. Baytex Energy

Baytex Energy is an oil and gas company engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the US.

Last Wednesday (February 24), the company reported its operating and financial results for the three months and year ended December 31, 2020, showing that production was in line with guidance. Last week, Baytex Energy’s share price increased 23.23 percent to end the five day period at C$1.22.

5. Obsidian Energy

Obsidian Energy is an intermediate-sized oil and gas producer with a portfolio of high-quality assets producing over 25,000 barrels of oil equivalent per day.

Last week, the company saw its share price go up by 20.71 percent to reach C$1.69.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

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Cenovus Energy Inc. will host its virtual 2021 Investor Day and release its 2022 budget, updated strategy and five-year business plan on Wednesday, Dec. 8. The company will also issue its 2020 environmental, social and governance report and new targets for Cenovus’s five ESG focus areas, including climate change & greenhouse gas emissions. Cenovus Energy Inc. Cenovus Energy Inc. is an integrated energy company ...

Cenovus Energy Inc. (TSX:CVE) (NYSE: CVE) will host its virtual 2021 Investor Day and release its 2022 budget, updated strategy and five-year business plan on Wednesday, Dec. 8. The company will also issue its 2020 environmental, social and governance (ESG) report and new targets for Cenovus's five ESG focus areas, including climate change & greenhouse gas emissions.

Webcast: Dec. 8, 8 a.m. MT (10 a.m. ET)
Register now and access the live broadcast here .

Cenovus Energy Inc.

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Imperial Oil Limited announced today that it plans to accelerate its share purchases under its normal course issuer bid . The current NCIB allows Imperial to repurchase up to five percent of its 711,673,439 outstanding common shares as of June 15, 2021, or a maximum of 35,583,671 shares prior to June 28, 2022. This maximum includes shares purchased from Exxon Mobil Corporation outside of, but concurrent with the ...

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) announced today that it plans to accelerate its share purchases under its normal course issuer bid (NCIB). The current NCIB allows Imperial to repurchase up to five percent of its 711,673,439 outstanding common shares as of June 15, 2021, or a maximum of 35,583,671 shares prior to June 28, 2022. This maximum includes shares purchased from Exxon Mobil Corporation (ExxonMobil) outside of, but concurrent with the NCIB to maintain its proportionate share ownership.

As of the end of October 2021, Imperial had repurchased 11,956,028 shares under the NCIB and from ExxonMobil. By accelerating its purchases, Imperial now plans to repurchase the remainder of the maximum number of shares allowed by the end of January, 2022. Based on the weighted average price paid for purchases in October under the NCIB program of $42.70, the acceleration would represent an aggregate return of over $1 billion to participating shareholders from November, 2021 to the end of January, 2022. Actual cost of purchases will be based on prices at the time of purchase in accordance with the NCIB rules. Purchase plans may be modified at any time without prior notice.

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Canadian Natural Resources Limited announces it has entered into a definitive agreement with Storm Resources Ltd. relating to the acquisition under a plan of arrangement of all the issued and outstanding common shares of Storm, for a cash consideration of $6.28 per share. The Company will also assume Storm's total debt, working capital deficit and other monetary obligations of approximately $186 million. The ...

Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) ("Canadian Natural" or the "Company") announces it has entered into a definitive agreement with Storm Resources Ltd. ("Storm") relating to the acquisition under a plan of arrangement of all the issued and outstanding common shares of Storm, for a cash consideration of $6.28 per share. The Company will also assume Storm's total debt, working capital deficit and other monetary obligations of approximately $186 million. The transaction value represents approximately 1% of Canadian Natural's enterprise value and does not materially impact the Company's balance sheet strength or liquidity position. Storm's land and production are located within Canadian Natural's core area providing opportunity to leverage synergies.

Current production, before royalties, to be acquired by Canadian Natural, is approximately 136 million cubic feet per day of natural gas and 5,600 barrels per day of NGLs. The assets include properties in the high quality, liquids rich Montney area of Northeast British Columbia.

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Catch up and get informed with this week's content highlights from Charlotte McLeod, our editorial director.

Top Stories This Week: Powell Gets Fed Nomination, Using Gold in a Market Correction youtu.be

We're back after a break last week with quite a bit to cover in the gold space.

After running up past the US$1,860 per ounce mark midway through November, the yellow metal has taken a tumble. At the time of this writing on Friday (November 26) afternoon, it was sitting just under US$1,790.

Gold's losses this week have been attributed to elements like a stronger US dollar and better Treasury yields, although Jerome Powell's US Federal Reserve chair renomination has pulled other factors into play — some market watchers believe he may move to taper and raise interest rates faster than anticipated.


If the Fed follows its previously laid out timeline for tapering, it will wrap up in mid-2022; the central bank has said it won't raise rates until after that. It has also emphasized that its roadmap may change if necessary.

Looking at the larger picture for gold, I heard recently from Nick Barisheff of BMG Group, who believes the stock market is due for a major correction.

"The market is due for a major correction. What will cause it and when it will happen is anybody's guess — it could be tomorrow, it could be six months from now" — Nick Barisheff, BMG Group

It's impossible to know when this correction will happen, but Nick emphasized the importance of acting before it's too late. He pointed out that investors are typically slow to get out of the market once a crash actually begins — they wait for a turnaround, and by the time it's clear there won't be one, they've experienced big losses.

In his opinion, the solution is to get out of the stock market early and transfer money into gold.

Here's how Nick explained it:

"Instead of taking your money off the table and going into cash … you go to gold (because cash is devaluing daily). Gold will at least hold its own and probably appreciate … so by sitting it out in gold you can wait until the market finishes correcting and then buy back in" — Nick Barisheff, BMG Group

With gold's future in mind, we asked our Twitter followers this week what price they think the metal will be at the end of 2021. By the time the poll closed, most respondents had voted for the US$1,800 to US$1,900 range.

We'll be asking another question on Twitter next week, so make sure to follow us @INN_Resource or follow me @Charlotte_McL to share your thoughts.

Finally, in the cannabis space, INN's Bryan Mc Govern spoke with Dan Ahrens of AdvisorShares to get his thoughts on 2021 trends and what's ahead in 2022.

Dan was candid, and said if he had to choose one word to describe the cannabis market in 2021, it would be "painful." Like many others, he's been disappointed in the industry's performance — while positivity initially ran high due to excitement about potential federal changes in the US, ultimately progress has been slow.

"Cannabis started with a big run-up in January and February ... and things dragged from there" — Dan Ahrens, AdvisorShares

Still, Dan has hope for 2022 and said it will be a "huge year" for cannabis. He believes US reforms will come sooner rather than later, and in his opinion those widely anticipated changes will bring a wave of M&A activity.

Specifically, he expects to see alcohol, tobacco and other consumer packaged goods companies making deals with cannabis players, not just cannabis entities doing transactions with each other.

"Those big alcohol companies, tobacco companies, other consumer packaged goods product companies — they're waiting. They're waiting on the US" — Dan Ahrens, AdvisorShares

Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.

And don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

cannabis plant layered with German flag graphic
Dmytro Tyshchenko / Shutterstock

Catch up on some of the biggest news of the week for the cannabis investment world.

Three political parties have formed a coalition in Germany, leading to a new government, and it has promised cannabis reform in the European nation.

Meanwhile, a popular cannabis retailer confirmed consumers will now find its products available for delivery on the Uber Eats mobile application in Ontario.

Keep reading to find out more cannabis highlights from the past five days.


Coalition of parties promises forward-looking cannabis policy

Germany, a country with comprehensive and elaborate medicinal rules for cannabis, is in a time of transition as a new government is set to begin to take over after 16 years of Angela Merkel.

Olaf Scholz, the proposed next chancellor of Germany, leads a three party coalition that will become the country's governing body. As part of its promises, talk of adult-use cannabis regulation has now gained even more momentum. A report from MJBizDaily quotes a German policy document that shows the coalition's stance:

"We are introducing the controlled distribution of cannabis to adults for consumption purposes in licensed shops. This controls the quality, prevents the transfer of contaminated substances and guarantees the protection of minors."

However, despite the promise and excitement, it remains to be seen how these ideas will be applied since no formal regulations have been drafted or approved yet.

Canadian cannabis retailer partners with popular delivery app

Tokyo Smoke, a cannabis retail operator in Canada owned by Canopy Growth (NASDAQ:CGC,TSX:WEED), announced a collaboration agreement with Uber Canada (NYSE:UBER) whereby cannabis consumers will be able to use the Uber Eats app to order products before they visit stores.

While the app won't let consumers get cannabis delivered to them, this new method opens the doors to more dynamic ways of buying cannabis.

"As a market leader in innovation and a platform used by so many Canadians, we believe this is the ideal next offering that can be done safely and conveniently on the Uber Eats app," Mark Hillard, vice president of operations with Tokyo Smoke, said in a press release.

A report from the Canadian Press indicates Ontario is considering allowing dispensaries to have delivery and pickup options made available to consumers permanently. The province allowed some of these purchasing options at the outset of the COVID-19 pandemic, but then removed them.

Lola Kassim, general manager of Uber Eats Canada, said this new end-to-end experience will provide consumers with responsible access to legal cannabis products.

Cannabis company news

  • Organigram Holdings (NASDAQ:OGI,TSX:OGI) issued financial results for its Q4 2021 period. In its report, the company notes a net loss of C$26 million despite a 22 percent uptick in net revenue to C$24.9 million. Beena Goldenberg, the newly appointed CEO of the firm, is encouraged by the market share position earned by the company, which said it became the fourth biggest producer in Canada during the reporting period.
  • Halo Collective (NEO:HALO,OTCQB:HCANF) confirmed the decision for Akanda, its spinoff company focused on international cannabis opportunities, to begin trading on a US exchange. "The number of shares to be offered and the price range for the proposed offering have not yet been determined," the company told investors in a press release.
  • High Tide (NASDAQ:HITI,TSXV:HITI) announced the acquisition of 80 percent of NuLeaf Naturals, a CBD product wellness developer, for an estimated US$31.24 million. The deal includes a three year option clause for High Tide to complete a total acquisition. "As international markets open up and as export regulations evolve, NuLeaf's cGMP-certified facility positions us to take advantage of the global CBD business opportunity," Raj Grover, president and CEO of High Tide, said.
  • Humble & Fume (CSE:HMBL,OTC Pink:HUMBF) released the financial report for its first 2022 fiscal quarter to shareholders and the market. "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers," Joel Toguri, CEO of Humble, said.

Don't forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

MARKETS

Markets
TSX21125.90-487.28
TSXV944.05-31.53
DOW34899.34-905.04
S&P 5004594.62-106.84
NASD15491.66-353.57
ASX7279.30-128.00

COMMODITIES

Commodities
Gold1793.96-1.28
Silver23.40+0.10
Copper4.36+0.07
Palladium1795.17+10.67
Platinum963.55-16.45
Oil71.79+3.64
Heating Oil2.19+0.09
Natural Gas5.08-0.40

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