Latest Reports Market Movers on HudBay Minerals, Encana, Penn West Petroleum, and CI Financial

NEW YORK, NY / ACCESSWIRE / November 4, 2016 / The TSX fell to a three-week low Thursday as the energy sector fell on weak oil prices. The S&P/TSX Composite Index declined 0.08 percent to close at 14,583.42, while the S&P/TSX Venture Composite Index posted a decline of 1.19 percent to close at 760.96. The 0.66 percent decline by the Energy sector offset gains of 0.27 percent and 1.01 percent by the Energy and Materials sectors.

U.S. crude for December declined 1.5 percent to settle at US$44.66, marking the fifth consecutive losing session Thursday. The U.S. Energy Information Administration on Wednesday reported U.S. crude inventories increased by a record 14.4 million barrels for the week ended October 28th, which is far more than increase of 1 million barrels analysts had expected.

U.S. Federal reserve kept rates unchanged on Wednesday, but signaled rate hike likely in December if there is “some further evidence” of meeting their objectives. The Federal Open Market Committee did give a nod to increasing inflation but noted that it is still below of target 2 per cent.

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HudBay Minerals Inc. (TSX: HBM)

Get Your Up-To-Date HudBay Minerals Research Report at www.rdinvesting.com/company/HBM.

HudBay Minerals’ shares spiked 6.57 percent to close at C$6.00 a share Thursday. The stock traded between C$5.86 and C$6.06 on volume of 4.29 million shares traded. The company reported earnings of $33.6 million or $0.14 per share for the third quarter of 2016, compared with a loss of $11.8 million or $0.05 per share in the third quarter of 2015. The Company has reported production in the third quarter, which consisted of 45,937 tonnes of copper, 31,606 tonnes of zinc, 29,865 ounces of gold and 1,043,791 ounces of silver. Post July 1, 2015, Hudbay shifted to reporting in U.S. dollars currency from Canadian dollars currency for all its financial reports. Shares of HudBay Minerals have gained approximately 13.0 percent year-to-date and up roughly 14.7 percent in the past month.

Encana Corp. (TSX: ECA)

Get Your Up-To-Date Encana Research Report at www.rdinvesting.com/company/ECA.

Encana’s shares increased 5.60 percent to close at C$13.19 a share Thursday. The stock traded between C$13.00 and C$13.66 on volume of 8.21 million shares traded. The company reported a surprise profit of $317 million backed by steep fall in cost for the third quarter of 2016, compared to a loss of $1.2 billion for the third quarter of 2015. Total expenses for the quarter fell to $600 million compared to $3.14 billion reported in same quarter last year. Encana’s reported revenue of $979 million is 25 per cent down from revenue of $1.3 billion reported in third quarter of last year, but it managed to beat analyst’s expectation of $718.3 million. Encana’s four core assets, Permian, Eagle Ford, Duvernay and Montney, contributed 242,800 barrels of oil equivalent per day, which is over 70 percent of the total production of 338,000 boe/d reported in the third quarter of 2016. Shares of Encana have gained approximately 87.6 percent year-to-date and are down roughly 5.8 percent in the past month.

Penn West Petroleum Ltd. (TSX: PWT)

Get Your Up-To-Date Penn West Petroleum Research Report at www.rdinvesting.com/company/PWT.

Penn West Petroleum’s shares jumped 4.41 percent to close at C$2.13 a share Thursday. The stock traded between C$2.01 and C$2.15 on volume of 1.62 million shares traded. The company reported a net loss of C$232 million for the third quarter of 2016, compared to a net loss of C$764 million in the third quarter of 2015. Penn West Petroleum closed several asset dispositions totaling C$1.4 billion year to date, proceed from which applied against repayment of long-term debt. The company has total of C$443 million of long term debt on its books as of Sep 30, 2016 as compared to total long-term debt of C$1.7 billion reported at the end of 2015. Production nearly halved to average of 41,233 barrels of oil equivalent per day in the third quarter of 2016 as compared to average 82,198 barrels of oil equivalent per day in third quarter of 2015. Shares of Penn West Petroleum have gained approximately 82.1 percent year-to-date, but have fallen roughly 12.4 percent in the past month.

CI Financial Corp. (TSX: CIX)

Get Your Up-To-Date CI Financial Research Report at www.rdinvesting.com/company/CIX.

CI Financial’s shares gained 4.58 percent to close at C$24.66 a share Thursday. The stock traded between C$23.78 and C$24.92 on volume of 2.36 million shares traded. The company reported a net income of C$136.8 million for third quarter of 2016, an increase of 6.0 percent when compared to the previous quarter and a decline of 4.0 percent when compared to the third quarter of 2015. The company has reported total assets under management of C$112.5 billion as on third quarter of this year as compared to those of C$105.3 billion reported in same quarter last year. Shares of CI Financial have fallen approximately 19.4 percent year-to-date and are down roughly 1.4 percent in the past month.

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