5 TSX blue-chip stocks to watch amid market uncertainty

September 16, 2022 08:55 AM EDT | By Mridul Gogoi
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  • Brookfield Asset Management Inc. paid a dividend of US$ 0.14.
  • Shopify Inc. has a market cap of US$ 56.9 billion.
  • Canadian Pacific Railway posted a Q2 2022 revenue of C$ 2 billion. 

Blue-chip stocks have always enticed investors. However, the current market situation is different. Some of the blue-chip stocks include- Brookfield Asset Management Inc. (TSX: BAM.A), Shopify Inc. (TSX: SHOP), Canadian Pacific Railway Limited (TSX: CP), Bank of Nova Scotia (TSX: BNS), Enbridge Inc. (TSX: ENB), etc.

This year has seen some biggest market routs in years. So, even blue-chip stocks weren’t spared.

Here, we take a look at five blue-chip stocks picked by Kalkine Media®:

Brookfield Asset Management Inc. (TSX: BAM.A)

Brookfield Asset Management owns major assets in commercial property, power, infrastructure, etc. most of its revenue is generated from private equity and has operations in the US, Canada, Brazil, and Australia.

The US$ 104.3 billion company Brookfield Asset distributes a quarterly dividend of US$ 0.14. It is slated to be paid later this month, on September 29.

Brookfield Asset said it had US$ 111 billion cash and capital available for investment in the second quarter of fiscal 2022. Brookfield invested and committed US$ 36 billion of capital during the quarter to new investments.

The company generated US$ 1.47 billion in net income and US$ 1.2 billion in cash flow for Q2 2022.

The diluted net income per share was US$ 0.34 compared to US$ 0.49 in the same period in 2021.

Shopify Inc. (TSX: SHOP)

Shopify primarily operates two segments of businesses-subscription and merchant solutions. Its merchant segment allows merchants to conduct e-commerce on a host of platforms.

Shopify has a market cap of US$ 56.9 billion company. The SHOP stock has increased by over 8.35 per cent in the current quarter while growing over six per cent over the past month.

Shopify achieved a second quarter 2022 revenue of US$ 1.3 billion, a 16 per cent year-over-year (YoY) growth.

It mentioned that due to the growth of GMV (Gross Merchandise Volume) and an uptick in merchant solutions, the company registered merchant solutions revenue of US$ 928.6 million, an 18 per cent surge YoY.

Relative to December 31, 2021, with US$ 7.77 billion, Shopify reported cash and other securities to the tune of US$ 6.95 billion at the end of June 30, 2022. It posted an adjusted net loss of US$ 38.5 million for the second quarter of 2022.

Canadian Pacific Railway Limited (TSX: CP)

Canadian Pacific has operations in Canada and the US. It is a small Class I railroad regarding revenue and route miles. Besides regular shipments of grains, energy products, chemicals, etc., it also carries a diverse range of merchandise.

Headquartered in Calgary, Canadian Pacific has a market cap of C$ 93.3 billion. The company distributed a quarterly dividend of C$ 0.19. The next payable date is October 31, 2022.

While the CP stock increased by 15.56 YoY, it surged by 11.53 in the latest quarter.

In its second-quarter results of fiscal 2022, Canadian Pacific Railway posted diluted earnings per share (EPS) of C$ 0.82, and its core adjusted diluted EPS was C$ 0.95.

The revenue reported in Q2 2022 was C$ 2.2 billion. It was a seven per cent increase from the corresponding quarter of 2021 at C$ 2.05 billion.

Market cap of BAM.A, SHOP, CP, BNS, ENBSource: ©Kalkine Media®; © Canva via

Bank of Nova Scotia (TSX: BNS)

Bank of Nova Scotia is an international financial services provider with its headquarters in Toronto, Canada. It has five business segments, offering a range of services and financial products.

The C$ 85.001 billion market capitalization company announced a quarterly C$ 1.03 per share dividend. The next payable date of the dividend is October 27, 2022.

Bank of Nova Scotia said its net income in the third quarter of fiscal 2022 was C$ 2,594 million. It was a 2.04 per cent increase from C$ 2,542 million in the third quarter of 2021.

It also reported an increase in earnings per share (diluted) at C$ 2.09 in Q3 2022, compared to C$ 1.99 in Q3 2021. The bank said that the growth of four per cent EPS was driven by strong credit quality, growth of loan books across the businesses, and resilient customers.

As per Refinitiv, BNS stock had a Relative Strength Index of 34.60 on September 16, 2022. According to some analysts, this range shows the volatility of the stock.

Enbridge Inc. (TSX: ENB)

Enbridge Inc. is a Canadian multinational pipeline company based in Calgary, Alberta. Its pipelines transport natural gas, crude oil, and much more throughout Canada and the US.

Enbridge distributes a quarterly dividend of C$ 0.86. The ENB stock showed a growth trajectory of 12.01 per cent YTD.

The company announced C$ 3.6 billion of new projects secured in the second quarter of 2022.

Enbridge’s Q2 2022 GAAP earnings were C$ 0.5 billion or C$ 0.22 per common share, compared to C$ 1.4 billion or C$ 0.69 in Q2 2021.

It reported adjusted earnings of C$ 1.4 billion or C$ 0.67 per common share in the second quarter of 2022, relative to C$ 1.4 billion or C$ 0.67 per common share in the year-ago quarter.

Bottom line

The above-discussed stocks may have shown promising results, but investing in a volatile market is nothing short of gambling, as past performances can’t indicate similar future results. Investors should do their analysis thoroughly before picking stocks for their portfolios. Macroeconomic headwinds, the fastest inflation in decades, and interest rate hikes have brought pessimism to the market, affecting results.

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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