Canada Stocks Close Higher; Focus On Energy Cos Encana, Enbridge and Talisman

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Canada stocks closed higher on Wednesday, most sectors were up with Info Tech and Metal and Mining capping gains.

It was a busy day for results and news involving TSX and TSXV listed stocks, particularly those in the Energy sector. Chief among them, Encana Corp. (ECA.TO, ECA) said it will double its oil output with a US3.1 billion purchase of shale lands from Freeport-McMoRan Copper & Gold Inc. ( FCX ). Standard & Poor's Ratings Services on Wednesday said that Encana's (BBB/Stable/--) announced US$3.1 billion acquisition of liquids-focused assets from Freeport-McMoRan Oil & Gas ( FCX ) has not immediately affected its ratings and outlook on the company. Encana shares touched a day high $26.08, which took it to just shy of a 52 week high $26.16.

For its part, Talisman Energy (TLM.TO, TLM) turned to a first quarter profit, compared with a loss in the year earlier period, as oil and natural gas liquids production in North America jumped 45%.

Enbridge (ENB, ENB.TO) Wednesday said On an adjusted basis, quarterly net earnings were C$492 million or C$0.60 per diluted share, versus C$488 million or C$0.62 per diluted share, a year earlier. The average analyst estimate was for adjusted diluted EPS of C$0.57. The North American energy company said it is on track to meet its full-year 2014 adjusted earnings per share guidance range of $1.84 to $2.04 per share. The Capital IQ consensus is for C$1.96. Furthermore, the board of directors approved an increase in the quarterly dividend to $0.35000 from $0.3169, payable on June 1 to shareholders of record on May 15.

According to Reuters, Enbridge also said on Wednesday its Flanagan South and Seaway expansion projects in the United States aimed at more than doubling capacity to Gulf Coast refineries were on track to begin operating in the next few months.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: FCX

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