5 TSX stocks to watch in October amid market volatility

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  • The stock price of Open Text Corporation closed at C$ 36.83 on September 23, 2022.
  • In Q2 2022, Cenovus's total revenues were C$ 19.2 billion.
  • Toronto-Dominion Bank witnessed a five-year dividend growth of 7.47 per cent.

The focus of every investor remains on the stock's price and movement. Alongside, there are other factors as well that play a major role in deciding on stocks. It is paramount to understand the company's perspective and profit-making strategies. And how high it can grow.

The major sectors for the stock market are Financials Industrials, Energy, materials, etc.

As of September 27, 2022, these sectors had a major stock market holding. It provides a broader benchmark for investors and gives a fair idea of portfolio management. Let us look at the performances of some of the TSX stocks:

  1. Toronto-Dominion Bank (TSX: TD)

Toronto-Dominion Bank operates in business segments, including US and Canadian retail and wholesale banking. It operates with an employee size of 89,464.

With a total market capitalization of C$ 153.8 billion, the bank announced a quarterly dividend of C$ 0.89 and had a dividend yield of 4.22 per cent. The Toronto-Dominion Bank witnessed a five-year dividend growth of 7.47 per cent.

In Q3 2022, the Bank reported a net income (adjusted) of C$ 3.81 billion. Further, the (adjusted) earnings per share (EPS) was C$ 2.09.

The company's net income was reported at C$ 3.2 billion, with a decline of 9.3 per cent as compared to Q3 last year.

Reportedly, as a part of the expansion, the bank plans to build new stores in Charlotte, North Carolina.

  1. Open Text Corporation (TSX: OTEX)

Open Text Corporation was formed out of a project at Canada's University. It facilitates finding, aggregating, and archiving unstructured information such as presentations, documents, and e-mails.

Currently, the total market capitalization of OTEX is C$ 9.9 billion. The company paid a dividend of C$ 0.243 per share on a quarterly basis.

Open Text Corporation's revenue for Q4 2022 was C$ 3.5 billion, up 3.2 per cent YoY. It posted a GAAP-based net income of C$ 397 million, up 27.8 per cent YoY.

  1. Lightspeed Commerce Inc. (TSX: LSPD)

Lightspeed Commerce Inc. has a software platform that assists customers in managing their operations, accepting payments, and growing their businesses.

The total market capitalization for Lightspeed Commerce Inc. is C$ 3.42 billion.

In Q1 2023, Lightspeed Commerce Inc. witnessed an increase of 50 per cent in its total revenue to C$ 173.9 million.

As of June 30, 2022, Lightspeed reported C$ 915 million in unrestricted cash and cash equivalents.

  1. Cenovus Energy Inc. (TSX: CVE)

Cenovus Energy is an oil company that facilitates the production of conventional crude oil, natural gas liquids, and natural gas.

The company had a market valuation of C$ 38.7 billion at the time of writing and it paid a quarterly dividend of C$ 0.105. The earnings per share (EPS) was at C$ 2.1.

For Q2 2022, Cenovus's total revenues were C$ 19.2 billion, while C$ 16.2 billion in Q1 2022. The company said it was driven by higher average commodity prices and sales prices on its products across businesses.

  1. InterRent Real Estate Investment Trust (TSX: IIP.UN)

InterRent Real Estate Investment Trust announced a monthly dividend of C$ 0.029 to its shareholders and reported a five-year dividend growth of 7.85 per cent.

Currently, the total market capitalization of InterRent Real Estate Investment Trust was C$ 1.6 billion.

For the quarter that ended June 30, 2022, the net income for the company was reported at C$ 77.6 million, up C$ 16.5 million from the year-ago quarter.

Bottom Line

In any market, the bull trend makes investors happy, and the bear market does the opposite. Currently, the US stock market is going through a volatile phase, and even seasoned investors are wary of taking any decisions.  

Volatility can be posed by several factors such as economic downturns, government policies etc. Hence, an investor should constantly be in touch with market updates to track the movements and patterns.

Please note, the above content constitutes a very preliminary observation based on the industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.



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