Making sense of the markets this week: May 8 + MORE May 6th

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Gas prices hit record highs across the country – CBC News

– news.google.ca

Gas prices hit record highs across the country CBC NewsGas prices surge across Canada… again | ‘You almost want to cry’ says one driver CTV NewsBusiness Report: Gas to hit new high as stock markets crash CityNewsGas prices reach new record in Toronto | CTV News CTV News TorontoGas price leaps up, heating oil and diesel tumble CBC.ca

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Making sense of the markets this week: May 8

– moneysense.ca

Million Dollar Journey editor and Canadian Financial Summit founder Kyle Prevost shares financial headlines and offers context for Canadian investors.

Canadian dividend darlings chugging along

Canadian dividend investors had something to love and something to be cautiously optimistic about in recent earnings news. Energy giant Cenovus (CVE) made headlines when it announced a tripling of its base dividend to $0.42 per share, as well as a long-term commitment to stock buybacks and special dividends. This came on the back of a 700% increase in profits over Q1 2021.

Cenovus president and CEO Alex Pourbaix reported to shareholders that:

“After rapidly deleveraging our balance sheet, we are now able to provide a much clearer picture of how we will position Cenovus for the longer term—as a leader in delivering total shareholder returns.”

Clearly, Cenovus is trying to regain its dividend bonafides after suspending its dividend at the beginning of the pandemic. If oil prices stay elevated, Canada’s energy behemoths should be able to pay down debt, shore up balance sheets, and reward shareholders all at the same time…

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