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  • Pierre Fournier

Prof. Fournier Press Review: March 21 – March 25

Agenda: Enbridge, Morgan Stanley, TC Energy, Novatek, Postmedia.

Increased profits for Enbridge. Enbridge Pipelines announced a 3% increase in profits for its last quarter. According to Enbridge's press release, the company mentioned that its profit has amounted to more than 1.8 billion dollars. In contrast, for the same quarter a year earlier, its profits were 1.75 billion dollars, indicating a 14% increase. Enbridge also announced that it would move forward with an investment of more than $350 million in Texas. The objective of this investment is to meet the growing US demand for natural gas, specifically for the Northeast geographic region. The company is also rewarding its shareholders with an increase in its quarterly dividend.

Excellent quarter for Morgan Stanley bank. Morgan Stanley, one of the largest banks in the United States, announced that its results for the last quarter had exceeded financial analysts' expectations. Indeed, Morgan Stanley recorded a profit up 10% for the same period a year earlier. According to Morgan Stanley's press release, most of the bank's divisions contributed to this increase in profits. Still, the divisions in charge of wealth management stood out, particularly with a 9% increase in income. It is essential to mention that revenue from the stock exchange division also did well, with a 12% increase.

Dividend increase for TC Energy. The Canadian company TC Energy, specializing in the field of pipelines for the transport of oil and natural gas, mentions that for the last quarter, its profit was $ 1 billion, which is higher than the profit declared for the same quarter a year earlier. According to the TC Energy press release, the company also announced excellent news for its shareholders by increasing its dividend. Among the factors that justify this increase in profit is the reopening of economies in North America and the cold winter in Canada and in the Northeastern United States, which have contributed to the rise in energy demand. These excellent financial results for TC Energy are above analysts' expectations.

Increased profits for Novatek from Russia. The company of the Russian Novatek, one of the most critical natural gas producers for Russia, announced that for its most recent quarter, its profit had multiplied by more than 500% compared to the same quarter a year earlier. According to PortNews Russia, last year, the profit was 60 billion roubles, while for this quarter, it has increased by more than 400 billion roubles. The exponential increase in energy prices over the past year is one of the most important factors explaining this increase in profits for Novatek. Moreover, most European countries have recorded this very rapid increase in energy prices. It is an essential factor in explaining the very rapid rise in inflation worldwide.

Acquisition for the Postmedia group. The Ontario company of the city of Toronto announced an acquisition plan. Indeed, Postmedia will be purchasing all the newspapers belonging to the Irving family from the province of New Brunswick. According to The Atlantic News, following this transaction, Postmedia will own the Telegraph-Journal and the Daily Gleaner of Fredericton. This transaction involves a cash amount and a block of shares, amounting to $16.1 million. Before this acquisition, Postmedia Group already owned more than 115 brands across multiple prints and online platforms. The Irving group will no longer be present in the media sector following this transaction.


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