Last updated by BM on May 9, 2022
“Basically, price fluctuations have only one significant meaning for the true investor. They provide an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.” Benjamin Graham, Intelligent Investor C-8
Buying wisely is part of our process. The Canadian stock market is faring much better than the US market. I did notice however that a few companies on ‘The List’ are starting to retreat off their 2021 highs. The timing couldn’t be better to start a DGI portfolio.
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Performance of ‘The List’
Last week, ‘The List’ was down with a minus -2.1% YTD price return (capital). With two more announcements, dividend growth of ‘The List’ increased to 9.5% YTD, demonstrating the rise in income of our good dividend growers over the last year.
The best performers last week on ‘The List’ were TC Energy (TRP-T), up 5.1%; TFI International (TFII-T), up 4.4%; and Enbridge Inc. (ENB-T), up 4.3%.
Enghouse Systems Limited (ENGH-T) was the worst performer last week, down -8.9%.
Recent News
Why this pipeline stock deserves a little more love
“We all want the world to get off fossil fuels as fast as possible, but the reality is that the transition to clean energy will take many years.”
When we started buying TC Energy (TRP-T) in 2020 the news was very negative when it came to pipelines. A quick look at the fundamentals and the reality that our governements were not building any more pipelines gave us the confidence to take our position size on this core dividend growth stock higher. Fast forward a couple of years and the narrative is now changing. Pipelines are now being viewed as part of the solution in our transition to greener energy, instead of the problem.
Canadian telecom stocks hold up well despite rising interest rates
The author debates whether high yield stocks like the Canadian telecoms will lose their shine in a rising interest rate environment where investors turn their attention to fixed income securities. The biggest difference between bonds and dividend growth stocks is that our yield grows over time and the bond yield stays the same. I’ll take a dividend growth stock every time.
There are seven companies on ‘The List’ due to report earnings this week.
Intact Financial (IFC-T) will release its first-quarter 2022 results on Tuesday, May 10, 2022, after markets close.
Stella Jones (SJ-T) will release its first-quarter 2022 results on Wednesday, May 11, 2002, before markets open.
Stantec (STN-T) will release its first-quarter 2022 results on Thursday, May 12, 2022, before markets open.
Canadian Tire (CTC-A-T) will release its first-quarter 2022 results on Thursday, May 12, 2022, before markets open.
CCL Industries Inc. (CCL-B-T) will release its first-quarter 2022 results on Thursday, May 12, 2022, before markets open.
Algonquin Power & Utilities (AQN-T) will release its first-quarter 2022 results on Thursday, May 12, 2022, after markets close.
Emera (EMA-T) will release its first-quarter 2022 results on Thursday, May 12, 2022, after markets close.
Dividend Increases
There were two companies on ‘The List’ that announced a dividend increase last week.
Loblaw (L-T) on Wednesday said it increased its 2022 quarterly dividend from $0.365 to $0.405 per share, payable July 1, 2022, to shareholders of record on Jun. 14, 2022.
This represents a dividend increase of 11%, marking the 11th straight year of dividend growth for this quality food retailer.
Telus (T-T) on Friday said it increased its 2022 quarterly dividend from $0.3274 to $0.3386 per share, payable July 4, 2022, to shareholders of record on Jun. 10, 2022.
This represents a dividend increase of 3.4%, it’s second this year, marking the 19th straight year of dividend growth for this quality telco.
Earnings Releases
Last week was a busy week with eight companies on ‘The List’ reporting their Q1 Fiscal 2022 earnings. Let’s get the ball rolling with Waste Connections.
Waste Connections (WCN-N)
“We are extremely pleased by our strong start to the year, with record solid waste pricing growth driving underlying margin expansion in spite of inflationary pressures. Our 50 basis points year-over-year decline in adjusted EBITDA margin in the quarter included 90 basis points combined margin impact, as expected, from $10 million of COVID-related frontline support in January and acquisitions completed since the prior year period. Looking ahead, further sequential improvement in solid waste pricing growth, increasing E&P waste activity and strong operational execution should continue to differentiate our performance,” said Worthing F. Jackman, President and Chief Executive Officer. “Moreover, adjusted free cash flow generation of over $320 million, or 19.5% of revenue in the period, positions us to meet or exceed our full year adjusted free cash flow outlook of $1.150 billion.”
Mr. Jackman added, “The elevated cadence of solid waste acquisition activity has continued, with approximately $175 million in annualized revenues closed year to date, confirming our expectations for another outsized year of such activity, for which we remain well-positioned.”
Highlights:
- Solid waste pricing growth of 7.1% drives underlying margin expansion and better than expected Q1 results
- Revenue of $1.646 billion, up 17.9%
- Net income of $180.3 million, and adjusted EBITDA of $502.1 million, or 30.5% of revenue and up 15.9%
- Net income of $0.69 per share, and adjusted net income of $0.82 per share, up 17.1%
- Net cash provided by operating activities of $440.9 million and adjusted free cash flow of $320.4 million, or 19.5% of revenue and up 10.6% year over year
- Completes acquisitions with approximately $175 million of total annualized revenue
Waste Connections has been one of the top performing Canadian dividend growth companies over the last decade. They are very good at allocating their capital and remain active on the mergers and acquisitions front. Another good quarter. Valuation seems a bit stretched at 37 P/E . Waiting patiently for a sensible price on this one.
Brookfield Infrastructure Partners (BIP-N)
“The prevailing market environment continues to favorably impact our business and drive record results,” said Sam Pollock, Chief Executive Officer of Brookfield Infrastructure. “The combinat ion of elevated inflation, GDP-related volume increases, and strong commodity prices contributed to organic growth of 10% during the quarter. We continue to advance a sizeable pipeline of active investment opportunities and maintain a strong liquidity position to fund our growth.”
Highlights:
- Brookfield Infrastructure reported net income of $70 million for the three-month period ended March 31, 2022 compared to $190 million in the prior year. Current year results benefited from the contribution associated with recent acquisitions and organic growth across our base business.
- Funds from operations (FFO) for the first quarter totaled $493 million, increasing 14% relative to the comparable period and was the highest in our partnership’s history. All businesses had a strong quarter, with midstream growing the most.
- Successfully invested approximately $750 million into two utility investments, including the take private of an Australian regulated utility business and the acquisition of an Australian smart metering business.
- Announced an agreement to acquire Uniti Group Ltd. (Uniti) in a A$3.7 billion take private transaction through a 50/50 joint venture partnership with another infrastructure investor.
- BIP announced that the Board of Directors of BIP has approved a three-for-two unit split of the BIP units.
Brookfield Infrastructure announced a three-for-two stock split. We like stock splits because it proves that there has been growth. BIP-N has the second highest historical growth yield from all the stocks on our list. At it’s current price, the stock appears fully valued.
Fortis Inc. (FTS-T)
“Our first quarter results reflect the stability of our transmission and distribution business,” said David Hutchens, President and Chief Executive Officer, Fortis. “With capital investments on track for 2022 and recent progress made on incremental growth opportunities at ITC, we remain confident in our growth outlook.”
“We are pleased to take the next step on our ESG journey by committing to a 2050 net-zero direct GHG emissions target, which builds on our mid-term target to reduce GHG emissions 75% by 2035,” said Mr. Hutchens. “The net-zero target and TCFD and climate assessment report issued in March align with our focus on operational excellence, sustainable growth and a clean energy future.”
Highlights:
- First quarter net earnings of $350 million, or $0.74 per common share
- Adjusted net earnings of $0.78 per common share, up from $0.77 in the first quarter of 2021
- Capital expenditures of $1.0 billion in the first quarter; $4.0 billion annual capital plan on track
- 2050 net-zero direct GHG emissions target announced, building on Fortis’ commitment to a clean energy future
- First TCFD and Climate Assessment Report issued during the quarter
- Notice of intent submitted with respect to Tucson Electric Power’s next general rate application to be filed in June 2022
Outlook:
The Corporation’s long-term outlook remains unchanged. Fortis continues to enhance shareholder value through the execution of its capital plan, the balance and strength of its diversified portfolio of utility businesses, and growth opportunities within and proximate to its service territories. While energy price volatility, global supply chain constraints and rising inflation are issues of potential concern that continue to evolve, including from the effects of the COVID-19 pandemic, war in Eastern Europe, economic sanctions and geopolitical tensions, the Corporation does not currently expect there to be a material impact on operations or financial results in 2022.
Dividend growth stocks don’t get much more consistent than Fortis (48 years of dividend growth). The only issue I have with FTS-T is it’s valuation. Investors tend to flock to utility companies in periods of uncertainty and we believe Fortis is benefiting from that at that moment.
Loblaws (L-T)
“Loblaw demonstrated consistent operating and financial results, reflecting the strength of its portfolio of businesses and the ability to provide service and value to meet the evolving needs of Canadians,” said Galen G. Weston, Chairman and President, Loblaw Companies Limited. “We have begun the year with momentum in our core retail businesses, a clear strategic agenda, and continued traction in our growth initiatives.”
Highlights:
- Revenue was $12,262 million, an increase of $390 million, or 3.3%.
- Retail segment sales were $12,045 million, an increase of $375 million, or 3.2%.
- Food Retail (Loblaw) same-stores sales increased by 2.1%.
- Drug Retail (Shoppers Drug Mart) same-store sales increased by 5.2%.
- E-commerce sales decreased by 9.8% lapping growth of 133%.
- Operating income was $738 million, an increase of $121 million, or 19.6%.
- Adjusted EBITDA was $1,343 million, an increase of $125 million, or 10.3%.
- Retail segment adjusted gross profit percentage was 31.1%, an increase of 80 basis points.
- Net earnings available to common shareholders of the Company were $437 million, an increase of $124 million or 39.6%. Diluted net earnings per common share were $1.30, an increase of $0.40, or 44.4%.
- Adjusted net earnings available to common shareholders of the Company were $459 million, an increase of $67 million, or 17.1%.
- Adjusted diluted net earnings per common share were $1.36, an increase of $0.23 or 20.4%.
- Repurchased for cancellation, 1.3 million common shares at a cost of $148 million and invested $186 million in capital expenditures. Retail segment free cash flow was $214 million.
- The Company announced today the release of its 2021 Environmental, Social and Governance (“ESG”) Report.
- Eleventh consecutive annual increase to the quarterly common share dividend from $0.365 per common share to $0.405 per common share, an increase of 11%.
Outlook:
Loblaw will continue to execute on retail excellence in its core grocery and pharmacy businesses while advancing its growth initiatives in 2022. In the third year of the pandemic, the Company’s businesses remain well placed to service the everyday needs of Canadians. However, the Company cannot predict the precise impacts of COVID-19 and the current industry volatility on its 2022 financial results. Loblaw anticipates that in the first half of 2022 sales will benefit from the continued impact of the pandemic and elevated industry-wide inflation. As societies and economies reopen and the Company starts to lap elevated 2021 inflationary prices and COVID-19 related pharmacy services, year on year revenue growth will be more challenged.
The Company continues to expect:
- its Retail business to grow earnings faster than sales;
- Earnings per Common Share growth in the low double digits, with higher growth in the first half of the year;
- to invest approximately $1.4 billion in capital expenditures, net of proceeds from property disposals, reflecting incremental store and distribution network investments; and
- to return capital to shareholders by allocating a significant portion of free cash flow to share repurchases.
Grocers have done well during the pandemic. Loblaw is more diversified than other grocers. We like that about L-T. The 11% dividend increase tells us that management is optimistic about the future. We also like the fact that the dividend growth rate is accelerating in recent years.
Franco Nevada (FNV-N)
“I am pleased to announce another strong quarter demonstrating our high margin business”, stated Paul Brink, President & CEO. “The portfolio benefited from strong precious metal, energy and iron ore prices. The Energy contribution was particularly strong, offset somewhat by lower precious metal deliveries. Total GEOs are on track to meet annual guidance. Our NSR and stream interests are inflation-proof and our G&A expenses are less than 3% of revenue. This allows revenue growth to translate directly into expanded earnings. Franco-Nevada is debt-free and is growing its cash balances. Our recent Asset Handbook highlighted good resource growth at our assets and we have a strong pipeline of precious metal opportunities.”
Highlights:
For Q1 2022, we earned $338.8 million in revenue, up 9.7% from Q1 2021. The growth was primarily driven by higher realized oil and gas prices from our Energy assets and revenue from our Vale Royalty.
These more than offset the decrease in Precious Metal revenue and resulted in 71.7% of our revenue being sourced from Precious Metal assets (55.4% gold, 12.1% silver, 4.2% PGM). Revenue was sourced 90.4% from the Americas (30.2% South America, 23.4% Central America & Mexico, 21.6% U.S. and 15.2% Canada).
Portfolio Additions:
Acquisition of Caserones Royalty: Subsequent to quarter-end, on April 14, 2022, we agreed to acquire an effective 0.4582% NSR royalty on JX Nippon Mining and Metals Group’s producing Caserones copper-molybdenum mine located in the Atacama Region of northern Chile for an aggregate purchase price of approximately $37.4 million. In connection with the royalty acquisition, we completed a $10.0 million private placement with EMX Royalty Corporation (“EMX”). EMX used the proceeds from the private placement to acquire an NSR on the Caserones mine on similar terms as Franco-Nevada.
Acquisition of Additional Castle Mountain Royalty: Subsequent to quarter-end, on May 2, 2022, we acquired an existing 2% NSR on gold and silver produced from the Pacific Clay claims, which comprise a portion of the JSLA pit of Equinox Gold’s Castle Mountain project in San Bernardino County, California, for $6.0 million. When combined with our 2.65% NSR on the broader Castle Mountain land position, we now have a 4.65% NSR on the Pacific Clay claims.
The growth this quarter primarily came from higher realized oil and gas prices from their Energy assets and revenue from thier Vale Royalty. We like how FNV-T is diversifying into oil and gas royalties.
Bell Canada (BCE-T)
“Bell’s Q1 results highlight our continued momentum from 2021 into this year, demonstrating that our accelerated fibre expansion and customer experience improvements continue to offer greater value to our growing base of customers and the communities we live in,” said Mirko Bibic, President and CEO of BCE and Bell Canada.
Bell’s solid performance across all segments shows that we have the right strategy in place, we’re consistently executing on that strategy and our products and services are resonating with our customers.
This is the first quarter since the start of the pandemic in which our consolidated financial results surpassed pre-COVID levels and I am very proud of the Bell team for their continued focus on operational excellence, and all that they’ve done over the past two years to deliver for our customers.”
Highlights:
- Consolidated adjusted EBITDA growth of 6.4% on 4.2% higher service revenue
- Net earnings of $934 million, up 36.0%, with net earnings attributable to common shareholders of $877 million, or $0.96 per common share, up 35.2%; adjusted net earnings of $811 million generated adjusted EPS of $0.89, up 14.1%
- Leading wireless financial results with best quarterly organic service revenue growth in 11 years of 8.7%, 9.3% higher adjusted EBITDA and 5.1% increase in mobile phone blended ARPU2 ; 34,230 new net mobile phone postpaid subscribers added, up 4.0%
- 26,024 retail Internet net activations, up 22.7%, driving 8% residential Internet revenue growth; IPTV net activations increased 14.6% to 12,260; 91% of Bell residential households with TV and Internet now on a pure fibre network
- First major operator to offer 3 Gbps symmetrical Internet speeds, three times faster than speeds available with cable technology
- On pace to deliver approximately 900,000 new fibre locations and mobile 5G to more than 80% of Canadians in 2022; 80% of planned broadband buildout program to be completed by year end
- Media revenue up 15.7% on stronger year-over-year TV performance and 84% higher digital revenue , contributing to industry-best adjusted EBITDA growth of 45.5%
- Strong financial position maintained with more than $2.8 billion of available liquidity at end of Q1, including $104 million in cash
- Reconfirming all 2022 financial guidance targets
Outlook:
BCE confirmed its financial guidance targets for 2022, as provided on February 3, 2022.
For the full-year 2022, we expect growth in adjusted EBITDA, a reduction in contributions to
post-employment benefit plans and payments under other post-employment benefit plans, and
lower cash income taxes, will drive higher free cash flow.
During the first quarter of 2022, the unfavourable effects of the COVID-19 pandemic on our financial and operating performance continued to moderate due to our operational execution and easing of government restrictions during the quarter. However, due to uncertainties relating to the severity and duration of the COVID-19 pandemic and possible further resurgences in the number of COVID-19 cases, including as a result of the potential emergence of other variants, and various potential outcomes, it is difficult at this time to estimate the impacts of the COVID19 pandemic on our business or future financial results and related assumptions.
Bell Canada delivered the best quarterly organic wireless service revenue growth rate in 11 years and retail Internet and IPTV subscriber activations were up 20% over last year. This was also the first quarter since the start of the pandemic in which financial results surpassed pre-COVID levels.
Telus (T-T)
“Our team once again achieved strong operational and financial results in the first quarter of 2022,” said Darren Entwistle, President and CEO. “TELUS’ ongoing execution excellence continues to be haracterized by the consistent combination of industry-leading and profitable customer growth, yielding strong financial results across our business.”
Highlights:
- Industry-leading total Mobile and Fixed customer growth of 148,000, representing the strongest first quarter on record, reflecting robust demand for our superior bundled offerings over world-leading broadband networks and leading customer loyalty results
- Consolidated Revenue, Adjusted EBITDA, Net Income and Earnings Per Share growth of 6.4 per cent, 7.0 per cent, 21 per cent and 12 per cent, respectively, reflecting consistent execution excellence; strong Free Cash Flow growth of 29 per cent
- Continued operating momentum in our high growth, technology-oriented verticals with strong double-digit Revenue growth across TELUS International, TELUS Health and TELUS Agriculture
- Quarterly dividend increased to $0.3386 per share, up 7.1 per cent over the prior year, representing our twenty-second increase since 2011
- Extending our industry-best Dividend Growth Program targeting 7 to 10 per cent annual growth for 2023 through 2025, supported by positive business outlook and accelerating Free Cash Flow growth
Outlook:
Reiterating our 2022 financial targets including Consolidated Operating Revenue and Adjusted EBITDA growth of 8 to 10 percent, and Free Cash Flow of $1 billion to $1.2 billion
TELUS announced another dividend raise and its intention to target ongoing semi-annual dividend increases, with the annual increase in the range of 7 to 10 per cent from 2023 through to the end of 2025. We like companies that have a dividend policy as part of their DNA.
Enbridge Inc. (ENB-T)
Al Monaco, President and CEO commented on the following:
“It’s clear we are at an inflection point in global energy markets. Energy demand continues to grow, which combined with underinvestment in new supply, is driving energy shortages and higher prices. Now, more than ever, it’s evident that all forms of energy, conventional and low carbon, are needed to meet the growing demand while ensuring society has access to affordable, reliable, secure and cleaner energy.
This global energy crisis further heightens the essential role that conventional energy will play for decades to come. But, we also need to meet our global emissions goals across the value chain and leverage existing infrastructure to accelerate investment in low-carbon energy.”
Highlights:
- First quarter GAAP earnings of $1.9 billion or $0.95 per common share, compared with GAAP earnings of $1.9 billion or $0.94 per common share in 2021
- Adjusted earnings of $1.7 billion or $0.84 per common share, compared with $1.6 billion or $0.81 per common share in 2021
- Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA) of $4.1 billion, compared with $3.7 billion in 2021
- Cash provided by operating activities of $2.9 billion, compared with $2.6 billion in 2021
- Distributable cash flow (DCF) of $3.1 billion or $1.52 per common share, compared with $2.8 billion or $1.37 per common share in 2021
- Reaffirmed 2022 full year guidance range for EBITDA of $15.0 billion to $15.6 billion and DCF per share of $5.20 to $5.50
- Placed the 455-kilometre, $0.2 billion East-West Tie Transmission Line into service providing reliable, long-term electricity to Northwest Ontario
- Sanctioned $0.3 billion expansion of the Panhandle Regional Transmission System to meet growing natural gas demand in Southern Ontario; operations to commence in late-2023
- Announced an Open Season for up to a 400 MMcf/d expansion of the B.C. Pipeline System’s T-North section with a 2026 in-service date to meet increasing demand
- Awarded the right to advance the Open Access Wabamun Carbon Hub designed to capture 4 million tonnes of CO2 emissions annually
- Announced Letter of Intent with Humble Midstream LLC to develop blue hydrogen, ammonia and associated carbon capture infrastructure at the Enbridge Ingleside Energy Center near Corpus Christi, Texas on the U.S. Gulf Coast
- Progressing construction of four French offshore renewable projects with combined gross power generation of approximately 1.5 gigawatts (0.3 GW net)
- Advancing capital allocation priorities; on track to achieve Debt to EBITDA of 4.7x or lower by year-end and executed initial share repurchases during the first quarter
Outlook:
On track to achieve 2022 full-year EBITDA and DCF/s guidance
- North American energy critical to meeting global demand
- ENB well-positioned for organic growth
- Growing FCF and financial strength provides capacity
- Disciplined capital investment framework
- ESG leadership a key differentiator
The pipelines continue to be our best performers in 2022. Both ENB-T and TRP-T are having market beating results. With no new pipelines being approved, we like these two going forward as well.
Below is a snapshot of ‘The List’ from last Friday’s close. For a sortable version of ‘The List’, please click on The List menu item.
‘The List’ is not meant to be a template for investors to copy exactly. Rather, its purpose is to provide investment ideas and a real-time illustration of dividend growth investing in action. It is not a ‘Buy List’ nor does it reflect the composition or returns of our Magic Pants Wealth-Builder (CDN) Portfolio. It is only a starting point for our analysis and discussion.
The List (2022)
Last updated by BM on May 6, 2022
*Note: The following graph is wide, you can scroll to the right on your device to see more of the data.
| SYMBOL | COMPANY | YLD | PRICE | YTD % | DIV | YTD % | STREAK |
|---|---|---|---|---|---|---|---|
| AQN-N | Algonquin Power & Utilities | 5.0% | $13.78 | -4.0% | $0.68 | 2.3% | 11 |
| ATD-T | Alimentation Couche-Tard Inc. | 0.8% | $55.21 | 6.0% | $0.44 | 18.1% | 12 |
| BCE-T | Bell Canada | 5.3% | $69.50 | 5.4% | $3.68 | 5.1% | 13 |
| BIP-N | Brookfield Infrastructure Partners | 3.5% | $61.22 | 0.2% | $2.16 | 5.9% | 14 |
| CCL-B-T | CCL Industries | 1.7% | $55.26 | -18.5% | $0.96 | 14.3% | 20 |
| CNR-T | Canadian National Railway | 2.0% | $149.89 | -3.2% | $2.93 | 19.1% | 26 |
| CTC-A-T | Canadian Tire | 3.1% | $169.45 | -7.5% | $5.20 | 10.6% | 11 |
| CU-T | Canadian Utilities Limited | 4.6% | $38.82 | 6.0% | $1.78 | 1.0% | 50 |
| DOL-T | Dollarama Inc. | 0.3% | $70.54 | 11.2% | $0.22 | 9.2% | 11 |
| EMA-T | Emera | 4.3% | $62.11 | -0.8% | $2.65 | 2.9% | 15 |
| ENB-T | Enbridge Inc. | 5.9% | $58.47 | 18.0% | $3.44 | 3.0% | 26 |
| ENGH-T | Enghouse Systems Limited | 2.2% | $32.91 | -28.2% | $0.72 | 16.3% | 15 |
| FNV-N | Franco Nevada | 0.9% | $150.54 | 10.6% | $1.28 | 10.3% | 14 |
| FTS-T | Fortis | 3.4% | $62.93 | 4.1% | $2.14 | 2.9% | 48 |
| IFC-T | Intact Financial | 2.3% | $177.06 | 8.1% | $4.00 | 17.6% | 17 |
| L-T | Loblaws | 1.4% | $111.76 | 8.8% | $1.54 | 12.4% | 10 |
| MGA-N | Magna | 3.0% | $59.79 | -26.7% | $1.80 | 4.7% | 12 |
| MRU-T | Metro | 1.6% | $68.97 | 2.9% | $1.10 | 12.2% | 27 |
| RY-T | Royal Bank of Canada | 3.7% | $129.59 | -5.3% | $4.80 | 11.1% | 11 |
| SJ-T | Stella-Jones Inc. | 2.3% | $34.85 | -14.3% | $0.80 | 11.1% | 17 |
| STN-T | Stantec Inc. | 1.2% | $58.27 | -17.0% | $0.71 | 6.8% | 10 |
| TD-T | TD Bank | 3.8% | $92.97 | -6.4% | $3.56 | 12.7% | 11 |
| TFII-N | TFI International | 1.3% | $84.04 | -24.1% | $1.08 | 12.5% | 11 |
| TIH-T | Toromont Industries | 1.4% | $109.13 | -4.0% | $1.52 | 15.2% | 32 |
| TRP-T | TC Energy Corp. | 5.0% | $71.43 | 19.6% | $3.57 | 4.4% | 21 |
| T-T | Telus | 4.1% | $32.28 | 8.5% | $1.33 | 6.2% | 18 |
| WCN-N | Waste Connections | 0.7% | $126.75 | -5.5% | $0.92 | 8.9% | 12 |
| Averages | 2.8% | -2.1% | 9.5% | 18 |
