Strict new mortgage rules that have helped send Canadian home sales to a five-year low are little more than a flesh wound, according to Royal Bank of Canada.
“We had never really believed that this would be a significant impact on our mortgage business," Neil McLaughlin, head of Canadian banking at the country’s second-biggest bank said Thursday on an earnings call. “We’re seeing minor skew to the portfolio, but nothing significant."
McLaughlin reiterated Royal Bank’s earlier guidance of targeting “mid single-digit" mortgage growth even with a housing slowdown and implementation of tougher mortgage qualifying rules by regulators in January. The measures, known as B-20, require borrowers to qualify at the greater of the Bank of Canada’s five-year benchmark rate or 2 percentage points higher than a bank’s offered mortgage rate. The Bank of Canada rate has jumped 35 basis points this year, to 5.34 percent.
Top Canadian Stocks To Watch Right Now: Encana Corporation(ECA)
- [By Ethan Ryder]
Encana (NYSE:ECA) (TSE:ECA) had its target price raised by Morgan Stanley from $16.00 to $20.00 in a research report report published on Wednesday morning. Morgan Stanley currently has a buy rating on the oil and gas company’s stock.
- [By ]
Already, shale companies such as Encana (ECA) , Occidental Petroleum (OXY) and Pioneer Natural Resources (PXD) , among others, are reporting higher cash flows and earnings on higher oil prices. As a result, they are paying down debt, increasing dividends and engaging in buybacks. This is a dramatic improvement in shareholder yield for the group.
- [By Matthew DiLallo]
Today, however, many drillers are setting a high bar for new wells. EOG Resources (NYSE:EOG) has been one of the leaders in disrupting the former way of thinking by establishing a high return hurdle rate for new wells of 30% after-tax at $40 oil. Others followed with similar return-focused approaches, including Encana (NYSE:ECA), which needs locations to achieve a 35% after-tax return at $50 oil to meet its premium hurdle rate.
- [By Joseph Griffin]
These are some of the media stories that may have effected Accern’s scoring:
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Should You Listen to This Stock? Encana Corporation (ECA) moves 51.44% away from One Year Low (nasdaqchronicle.com) Hot Mover of the Day Encana Corporation (NYSE:ECA) (thestockgem.com) Enrapturing Stocks: Encana Corporation, (NYSE: ECA), AmTrust Financial Services, Inc., (NASDAQ: AFSI) (globalexportlines.com) Analysts, Options Traders Love This Lesser-Known Energy Stock (schaeffersresearch.com) Encana Corp (ECA) Expected to Announce Quarterly Sales of $1.12 Billion (americanbankingnews.com)
ECA traded up $0.27 on Thursday, hitting $12.47. 9,071,326 shares of the stock were exchanged, compared to its average volume of 9,380,907. Encana has a 12 month low of $8.01 and a 12 month high of $14.31. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $11.70 billion, a price-to-earnings ratio of 29.00, a P/E/G ratio of 1.98 and a beta of 2.00.
Top Canadian Stocks To Watch Right Now: Chipotle Mexican Grill Inc.(CMG)
- [By The Ticker Tape]
Additional names sold include Starbucks Corporation (NASDAQ: SBUX), Chipotle Mexican Grill (NYSE: CMG), and Frontier Communications Corp. (NASDAQ: FTR).
- [By Chris Lange]
The S&P 500 stock posting the largest daily percentage loss ahead of the close Wednesday was Chipotle Mexican Grill, Inc. (NYSE: CMG) which traded down over 10% at $271.44. The stocks 52-week range is $263.00 to $499.00. Volume was nearly 5 million compared to the daily average volume of 1.1 million.
- [By Motley Fool Staff]
Chipotle Mexican Grill (NYSE:CMG) Q1 2018 Earnings Conference CallApril 25, 2018 4:30 p.m. ET
Prepared Remarks Questions and Answers Call Participants
- [By Douglas A. McIntyre]
Chipotle Mexican Grill Inc. (NYSE: CMG) will close stores as it retrenches. According to Reuters:
Chipotle Mexican Grill Inc said on Wednesday the chain will shut up to 65 underperforming restaurants and revamp its marketing under Chief Executive Officer Brian Niccol, but many questions remain unanswered about what to expect under the new leadership.
- [By Rick Munarriz]
Chipotle Mexican Grill(NYSE:CMG)stock has been rolling like some of its burritos in recent months, and at least one Wall Street pro sees the shares heading even higher. John Staszak at Argus is upgrading shares of the fast-casual pioneer, lifting his rating on the stock from hold to buy.
Top Canadian Stocks To Watch Right Now: Natural Gas(NG)
- [By Money Morning Staff Reports]
Canadian gold mining company NovaGold Resources Inc. (NYSE: NG) shows an even starker change in sentiment. In the last 12 months, the volume of short bets on the stock declined 79%, to 522,400.
- [By Shane Hupp]
JPMorgan Chase set a GBX 870 ($11.80) target price on National Grid (LON:NG) in a research note released on Monday. The brokerage currently has a buy rating on the stock.
- [By Stephan Byrd]
Wells Fargo & Company MN lowered its stake in shares of NovaGold Resources Inc. (NYSEAMERICAN:NG) (TSE:NG) by 5.1% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,071,600 shares of the mining company’s stock after selling 57,571 shares during the period. Wells Fargo & Company MN’s holdings in NovaGold Resources were worth $4,640,000 as of its most recent SEC filing.
- [By Money Morning News Team]
Canadian gold mining company NovaGold Resources Inc. (NYSE: NG) shows an even starker change in sentiment. In the last six months, the volume of short bets on the stock declined 32.75%, from 19.05 million shares to 12.81 million.
Top Canadian Stocks To Watch Right Now: NEW GOLD INC.(NGD)
- [By Lisa Levin]
Check out these big penny stock gainers and losers
Check-Cap Ltd. (NASDAQ: CHEK) fell 23.3 percent to $9.87 in pre-market trading after declining 13.45 percent on Wednesday.
SunCoke Energy Partners, L.P. (NYSE: SXCP) fell 12.8 percent to $16.00 in pre-market trading after reporting Q1 results.
Briggs & Stratton Corporation (NYSE: BGG) fell 11 percent to $17.55 in pre-market trading after the company posted mixed Q3 results and lowered its FY18 guidance.
New Gold Inc. (NYSE: NGD) fell 8.4 percent to $2.30 in pre-market trading following downbeat Q1 results.
Quality Care Properties, Inc. (NYSE: QCP) fell 8.2 percent to $20.85 in pre-market trading. Welltower announced plans to acquire QCP for $20.75 per share in cash.
China Customer Relations Centers Inc. (NASDAQ: CCRC) shares fell 7.5 percent to $17.25 in pre-market trading after climbing 18.73 percent on Wednesday.
Nokia Corporation (NYSE: NOK) shares fell 5.7 percent to $5.58 in pre-market trading after reporting Q1 results.
eBay Inc. (NASDAQ: EBAY) fell 5.6 percent to $38.66 in pre-market trading following Q1 results.
- [By Paul Ausick]
New Gold Inc. (NYSEAMERICAN: NGD) dropped about 3.8% Thursday to post a new 52-week low of $2.28. Shares closed at $2.37 on Wednesday and the stock’s 52-week high is $4.25. Volume was about 15% below the daily average of around 5.9 million shares. The company had no specific news.
- [By Lisa Levin] Gainers
ARMO BioSciences, Inc. (NASDAQ: ARMO) shares rose 67.5 percent to $49.96 in pre-market trading after Eli Lilly and Company (NYSE: LLY) announced plans to acquire ARMO BioSciences for $50 per share.
Turtle Beach Corporation (NASDAQ: HEAR) rose 62.8 percent to $11.30 in pre-market trading after the company reported Q1 results and raised its FY18 outlook.
vTv Therapeutics Inc. (NASDAQ: VTVT) rose 23.4 percent to $2.11 in pre-market trading following announcement that the company will pre-specify new subgroup with the FDA and report Phase 3 Part B results in June.
Resonant Inc. (NASDAQ: RESN) rose 19.1 percent to $5.00 in pre-market trading after reporting Q1 results.
RXi Pharmaceuticals Corporation (NASDAQ: RXII) rose 17.7 percent to $2.39 in pre-market trading following Q1 results.
Clean Energy Fuels Corp. (NASDAQ: CLNE) rose 15.2 percent to $2.20 in pre-market trading after French company Total announced plans to acquire 25 percent stake in Clean Energy Fuels for $83.4 million.
Everspin Technologies, Inc. (NASDAQ: MRAM) rose 14.6 percent to $8.50 in pre-market trading after the company reported strong results for its first quarter.
Carvana Co. (NYSE: CVNA) shares rose 11 percent to $27.50 in pre-market trading after reporting upbeat Q1 sales.
Sunrun Inc. (NASDAQ: RUN) rose 8.9 percent to $10.70 in pre-market trading following upbeat quarterly earnings.
MediciNova, Inc. (NASDAQ: MNOV) rose 8.1 percent to $11.35 in pre-market trading after the company announced opening of Investigational New Drug Application for MN-166 (ibudilast) in glioblastoma.
New Gold Inc. (NYSE: NGD) shares rose 7.7 percent to $2.65 in pre-market trading after the company reported that its President and CEO Hannes Portmann left the company. The company named Raymond Threlkeld as successor.
Otter Tail Corporation (NASDAQ: OTTR) shares rose 7.4 percent to $46.60 in the pre-market trading session.
Himax Technologies, Inc. (NASDAQ: HIMX) shares rose
- [By Paul Ausick]
New Gold Inc. (NYSEAMERICAN: NGD) dropped about 2.9% Monday to post a new 52-week low of $2.35. Shares closed at $2.42 on Friday and the stock’s 52-week high is $4.25. Volume was about 10% below the daily average of around 5.8 million shares. The gold mining company had no news.
- [By Paul Ausick]
New Gold Inc. (NYSEAMERICAN: NGD) dropped about 1.9% Tuesday to post a new 52-week low of $2.09. Shares closed at $2.13 on Monday and the stock’s 52-week high is $4.25. The junior gold miner had no specific news.