# 2022 Dividend/distribution Changes



## londoncalling (Sep 17, 2011)

Here is the link to the 2021 thread.

2021 Dividend/distribution changes | Page 5 | Canadian Money Forum


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## londoncalling (Sep 17, 2011)

CANADIAN UTILITIES LIMITED ELIGIBLE DIVIDENDS (newswire.ca) 

ATCO Ltd. Eligible Dividends (newswire.ca) 

These are barely increases especially in the current inflationary environment. Helps affirm my decision to sell CU at the end of 2021. That being said an increase is better than a cut.


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## KaeJS (Sep 28, 2010)

londoncalling said:


> CANADIAN UTILITIES LIMITED ELIGIBLE DIVIDENDS (newswire.ca)
> 
> ATCO Ltd. Eligible Dividends (newswire.ca)
> 
> These are barely increases especially in the current inflationary environment. Helps affirm my decision to sell CU at the end of 2021. That being said an increase is better than a cut.


I have very small positions in both.
Maybe 1% of my portfolio in each. I had thought about selling, too. But then I thought it was such a small portion of my portfolio, I just treat them more like bond proxies.

But I don't think you're wrong.
Anyway, hey. I'll take the increase, even if it is small.


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## My Own Advisor (Sep 24, 2012)

Ya, dumped CU a number of years ago in favour of keeping and adding more of BEPC, AQN, FTS, EMA.

Utilities are very bond-like for sure.


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## My Own Advisor (Sep 24, 2012)

Anyone own BlackRock? 18% increase. 








Strong Flows, Market Gains in BlackRock's Q4


BlackRock closed out the December quarter with a record $10.010 trillion in managed assets.




www.morningstar.com


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## londoncalling (Sep 17, 2011)

KaeJS said:


> I have very small positions in both.
> Maybe 1% of my portfolio in each. I had thought about selling, too. But then I thought it was such a small portion of my portfolio, I just treat them more like bond proxies.
> 
> But I don't think you're wrong.
> Anyway, hey. I'll take the increase, even if it is small.


My position was less than 1% as well. Totally bond like and a good yield at around 5%. I was overweight utilities and didn't want to trim another position in that sector.


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## KaeJS (Sep 28, 2010)

londoncalling said:


> My position was less than 1% as well. Totally bond like and a good yield at around 5%. I was overweight utilities and didn't want to trim another position in that sector.


I really messed up on Emera.

I bought some about $15 lower than current price. Unfortunately, I didn't buy as much as I wanted back then. Kicking myself for not buying more.


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## londoncalling (Sep 17, 2011)

That's always how it goes. I regret not buying low div high dividend growth stocks when I started DIY. As such I avoided low yield stocks like the Canadian Rails, Alimentation Couche-Tarde etc. I read a ton of articles on how low yield high dividend growth outperforms divdend stocks but I wanted to see that dividend income in my account each quarter. Hindsight is 20-20. We tend to focus on what we should have done but the reality is you've made some good choices over the years and have done well. We can always find a reason to kick ourselves. Be glad you got in $15 lower.


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## Money172375 (Jun 29, 2018)

londoncalling said:


> That's always how it goes. I regret not buying low div high dividend growth stocks when I started DIY. As such I avoided low yield stocks like the Canadian Rails, Alimentation Couche-Tarde etc. I read a ton of articles on how low yield high dividend growth outperforms divdend stocks but I wanted to see that dividend income in my account each quarter. Hindsight is 20-20. We tend to focus on what we should have done but the reality is you've made some good choices over the years and have done well. We can always find a reason to kick ourselves. Be glad you got in $15 lower.


What low div, high growth stocks are worth looking at now? I did a bit of the same.
noight some BAM and OTEX A couple of years ago. Up 70% and 15% respectively.


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## Eder (Feb 16, 2011)

The rails are never a bad idea


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## doctrine (Sep 30, 2011)

Tourmaline increased its regular dividend by 11% from 18 cents to 20 cents, plus a special dividend of $1.25. This is the fourth quarterly increase in a row (4 increases in the last 12 months), and the second special dividend (last $0.75). Also one of the extreme few oil and gas companies to increase (not cut) their dividend in 2022. A newer position for me; largest natural gas producer in Canada with effectively no net debt and commitment to return nearly all free cash to shareholders.


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## Money172375 (Jun 29, 2018)

Metro dividend up 10%.



https://ca.finance.yahoo.com/news/metro-reports-2022-first-quarter-120000100.html


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## londoncalling (Sep 17, 2011)

Eder said:


> The rails are never a bad idea


CN announces new normal course issuer bid for share repurchase and 19 per cent dividend increase (tmx.com) 

Agreed


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## Eder (Feb 16, 2011)

I'll be looking to sell CN and go CP tomorrow.. The new CEO will be a dud and I don't need another TransAlta.


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## Gumball (Dec 22, 2011)

Eder said:


> I'll be looking to sell CN and go CP tomorrow.. The new CEO will be a dud and I don't need another TransAlta.


Can you elaborate on the downfalls of the new CEO? I cant seem to find much info on her and CNR is one of my biggest holdings so I am very much interested


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## Eder (Feb 16, 2011)

She would not be my choice to lead anything but a government program. There were 2 much better candidates to pick, going this route makes me worried...I'm all out this morning. Just my opinion. Swapping now to CP will most likely not hurt me should I be wrong .


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## like_to_retire (Oct 9, 2016)

Eder said:


> She would not be my choice to lead anything but a government program. There were 2 much better candidates to pick, going this route makes me worried...I'm all out this morning. Just my opinion. Swapping now to CP will most likely not hurt me should I be wrong .


I own both CNR and CP, but I don't feel it's such a bad idea to remove the guys that were responsible for the ill advised, and expensive failed takeover attempt of U.S. railway KCS last year?

The new CEO is coming from TC Energy at present, but she served as an executive at CP Rail for 27 years. I understand she is highly regarded, and to me would offer some real insight for CN because of that past experience at a rival company.

ltr


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## Money172375 (Jun 29, 2018)

AT&T opts for WarnerMedia spinoff in Discovery merger, cuts dividend


AT&T Inc said on Tuesday it will spin off WarnerMedia in a $43 billion transaction to merge its media properties with Discovery Inc and also cut its dividend by nearly half.




www.reuters.com


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## Money172375 (Jun 29, 2018)

Imperial oil div. Up 26%.









Imperial Oil raises dividend amid Q4 profit, higher revenues


Imperial Oil Ltd. has raised its dividend as it reported a fourth-quarter profit compared with a loss a year ago tied to a billion-dollar non-cash charge.




calgary.ctvnews.ca


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## londoncalling (Sep 17, 2011)

Brookfield Infrastructure Reports 2021 Year-End Results (tmx.com)

"The Board of Directors has declared a quarterly distribution in the amount of $0.54 per unit, payable on March 31, 2022 to unitholders of record as at the close of business on February 28, 2022. This distribution represents a 6% increase compared to the prior year."


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## londoncalling (Sep 17, 2011)

Q4 2021 Press release (bce.ca)

Today's announcement resulted in a 5.1%, or $0.18 per share, increase in the BCE annual common share dividend to $3.68. this falls in line with previous increases 2021 @ 5.11%, 2020 @ 5.05% and 2019 @ 4.97%.


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## londoncalling (Sep 17, 2011)

Equitable Announces Agreement to Acquire Concentra Bank and Concurrent $200 Million Bought Deal Offering of... (tmx.com) 

This news was released in advance of earnings release which was supposed to be Feb 17th. The title in the link doesn't state the dividend increase or its amount which can be found in the release.


*Acquisition made from a position of strength as Equitable reports record Q4 and 2021 performance, 51% common share dividend increase*


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## londoncalling (Sep 17, 2011)

Q4 - 2021 - Quarterly Reports - Financials - Invest - Cameco


*50% increase to 2022 dividend announced:* As a result of our deliberate actions and conservative financial management we have been and continue to be resilient. With a strong balance sheet, improving fundamentals for our business, a growing contract portfolio, and our decision to prepare McArthur River/Key Lake to be operationally ready, we have line of sight to a significant improvement in our future earnings and cash flow. Therefore, for 2022, we are increasing our annual dividend. An annual dividend of $0.12 per common share has been declared, payable on December 15, 2022 to shareholders of record on November 30, 2022.

Shareholders will have to wait to the end of the year for this one.


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## londoncalling (Sep 17, 2011)

Brookfield considers spinoff of asset management unit - MarketWatch 

Brookfield said it's increasing its quarterly dividend by 8% to 14 cents a share, payable March 31 to shareholders of record as at the close of business on Feb. 28.


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## Gator13 (Jan 5, 2020)

TC Energy increased their annual dividend from $3.48 to $3.60.


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## londoncalling (Sep 17, 2011)

Nutrien Increases Dividend and Announces Intent to Launch a New Share Repurchase Program (tmx.com)

Board of Directors (“Board”) declared a quarterly dividend of US$0.48 per share payable on April 14, 2022, to shareholders of record on March 31, 2022. This represents a four percent increase from the prior dividend declared on November 1, 2021 and equates to an annualized dividend of US$1.92 per share.


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## doctrine (Sep 30, 2011)

Whitecap Resources recently increased its dividend 33%, from $0.27 to $0.36 a year. Year over year, their dividend is up 110% and now yields about 3.5%.

Of course, Whitecap used to pay 6.25 cents a share monthly instead of 3 cents, but with current oil prices they actually could pay their pre-2015 dividend now and even increase it. Pretty good company that survived 3 major oil bear markets without causing permanent shareholder equity destruction. 

New 4 year high today.


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## doctrine (Sep 30, 2011)

CNQ increased its dividend 28% from .5875 to 0.75 a share. 21 years in a row they increased their dividend, through 5 major oil bear markets (2002, 2008, 2014, 2018, 2020). The dividend is 100% higher than pre-COVID, and CNQ is the only major oil company in the world trading at all time highs, including well above 2008.


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## londoncalling (Sep 17, 2011)

WM Announces Cash Dividend | Business Wire 

Although it doesn't state it is an increase I believe the previous quarter's dividend payout was 57.5 cents a share.


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## londoncalling (Sep 17, 2011)

Aecon reports year-end 2021 results 

Thought I posted this yesterday on the announcement

"Aecon’s Board of Directors approved an increase to the quarterly dividend to 18.5 cents per share from 17.5 cents per share previously. The first increased dividend will be paid on April 4, 2022 to shareholders of record on March 25, 2022."


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## milhouse (Nov 16, 2016)

Parkland (PKI) increasing annual dividend payments by 5.3% from $1.235/share to $1.30/share and switching to quarterly payment schedule starting in Q2.

Parkland Q4 news release


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## londoncalling (Sep 17, 2011)

NFI Group 

Reflecting supply chain disruption, announced a reduction of quarterly dividend, to $0.0531 per Share, with an opportunity for a subsequent increase based on improved financial performance in 2023.


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## londoncalling (Sep 17, 2011)

Boyd Group Services Inc. Reports Fourth Quarter and Full Year 2021 Results (tmx.com)

Increased quarterly dividends by 2.1% in November 2021 , bringing dividends to an annualized amount of C$0.58 per share from C$0.56 per share

Great earnings report. The dividend increase is small potatos compared to the rest of the results. Stock up 12.5% on a generally down day.


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## newfoundlander61 (Feb 6, 2011)

TMX Money

Question on this type of announcement, do investors buy a stock like this on the announcement and make a few grand with both dividends say in a TFSA and sell shortly after for profit or does the stock share price usually adjust accordingly so in reality your no further ahead.


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## Money172375 (Jun 29, 2018)

newfoundlander61 said:


> TMX Money
> 
> Question on this type of announcement, do investors buy a stock like this on the announcement and make a few grand with both dividends say in a TFSA and sell shortly after for profit or does the stock share price usually adjust accordingly so in reality your no further ahead.


Wait for it…….wait for it….


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## londoncalling (Sep 17, 2011)

newfoundlander61 said:


> TMX Money
> 
> Question on this type of announcement, do investors buy a stock like this on the announcement and make a few grand with both dividends say in a TFSA and sell shortly after for profit or does the stock share price usually adjust accordingly so in reality your no further ahead.


I realize your question was more general but if you use this announcement as an example you can see what happened in the last month which covers the announcement and record date. This news is easy to price as the amounts and timelines are known. It's near impossible to turn a quick profit but the announcement of dividend increases in conjunction with a special dividend usually means the company is flush with cash. A financially sound company will tend to draw attention from other investors. I haven't looked closely at WTE.

Westshore Terminals Investment Corporation (WTE) | TSX Stock Price | TMX Money


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## doctrine (Sep 30, 2011)

newfoundlander61 said:


> TMX Money
> 
> Question on this type of announcement, do investors buy a stock like this on the announcement and make a few grand with both dividends say in a TFSA and sell shortly after for profit or does the stock share price usually adjust accordingly so in reality your no further ahead.


WTE fell almost exactly by $1.50 on the ex-dividend date. WTE pays these special dividends all the time as the company has little interest in growing outside of their terminal in Vancouver and so just pays out its excess cash. So no chance to game the stock. In general though, I would say special dividends are generally positive and bring positive attention to a stock, especially if their underlying business is good and the stock is undervalued. Sometimes the stock price bump up on the announcement is more than the special dividend, but you would have to be in the stock prior to the announcement.

However, in this case, a few days after ex-dividend, WTE proceeded to jump to a new 52 week high, perhaps more connected to the long term outlook. Owning a major export terminal in Canada is a pretty profitable business these days, especially when commodity prices are high and your clients are flush with cash, and your competition is being widely sanctioned.


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## londoncalling (Sep 17, 2011)

Johnson & Johnson Announces Dividend Increase of 6.6% | Johnson & Johnson (jnj.com)

"Johnson & Johnson today announced that its Board of Directors has declared a 6.6% increase in the quarterly dividend, from $1.06 per share to $1.13 per share."


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## doctrine (Sep 30, 2011)

Cenovus tripled its dividend, from 3.5 cents to 10.5 cents a share. They are now going to return 50% of FCF to shareholders until their debt reaches $4B, likely 3 quarters from now, and then they are going to return 100% of FCF. If they do, it would be a shareholder yield of 20%+ at current prices. Most of it will be share buybacks. $4B debt in a few quarters - who remembers when they paid $14 billion debt + $3B shares for ConocoPhillips's oil sands projects. Plus another $6-7B of Husky debt. Poof, gone.

This is only the beginning of a massive return of capital from oil and gas. 100% of FCF likely early next year. Wow.









Cenovus triples its dividend after profit soars sevenfold on high oil prices


Cenovus Energy Inc. said it will triple its dividend after high crude prices helped the oil major post a sevenfold increase in profit




financialpost.com


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## gardner (Feb 13, 2014)

doctrine said:


> it would be a shareholder yield of 20%+ at current prices.


Interesting. I am still WAY underwater after holding Husky for too long prior to the Cenovus deal and would not be doing very well on a yield to book basis -- but CVE has been doing well recently so I will wait and see.


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## londoncalling (Sep 17, 2011)

Loblaw hikes dividend by 11% as Canadians dining in boost profit (msn.com)


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## londoncalling (Sep 17, 2011)

Western Forest Products Inc. Increases Dividend (tmx.com) 

"An increase of 25% in the quarterly dividend. Western confirms that a quarterly dividend of $0.0125 per share will be paid with respect to the Company's second fiscal quarter of 2022 to shareholders of record as at the close of business on Friday, May 27, 2022 and payable on Friday, June 17, 2022."


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## Birder (9 mo ago)

__





TMX Money







money.tmx.com





*Quarterly dividend increased to $0.3386 per share, up 7.1 per cent over the prior year, representing our twenty-second increase since 2011 *


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## doctrine (Sep 30, 2011)

Flurry of oil and gas company dividend increases:

Enerplus 30% dividend increase, will complete 10% buyback this summer: Enerplus Announces a 30% Dividend Increase Effective with the June 2022 Dividend Payment

ARC resources 20% increase, will also complete a 10% buyback: ARC Resources Ltd. Reports Strong First Quarter 2022 Results and a 20 Per Cent Increase to Its Dividend

Tourmaline $1.50 special dividend, announces specials for next 2 quarters; yielding close to 10% on special+regular dividend: TOURMALINE DELIVERS RECORD CASH FLOW AND FREE CASH FLOW IN Q1 2022 AND ANNOUNCES SPECIAL DIVIDEND


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## AltaRed (Jun 8, 2009)

Not to distract specifically in this thread on O&G cash flow windfalls, but it would be wise for O&G to declare special dividends once a year rather than increase their quarterly dividend payout practices too far. It would be even better to action a 3 prong approach to cash flow windfalls, i.e. share buybacks, debt reduction and special dividends in some ratio. 

A company usually wants to carry some debt which carries a lower cost of capital than equity but a number of successful O&G companies have carried zero net debt on their balance sheets from time to time. I would applaud companies for taking debt down to very low levels such that D/E ratios are under 0.2 and even as low as 0.1.


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## doctrine (Sep 30, 2011)

AltaRed said:


> Not to distract specifically in this thread on O&G cash flow windfalls, but it would be wise for O&G to declare special dividends once a year rather than increase their quarterly dividend payout practices too far. It would be even better to action a 3 prong approach to cash flow windfalls, i.e. share buybacks, debt reduction and special dividends in some ratio.
> 
> A company usually wants to carry some debt which carries a lower cost of capital than equity but a number of successful O&G companies have carried zero net debt on their balance sheets from time to time. I would applaud companies for taking debt down to very low levels such that D/E ratios are under 0.2 and even as low as 0.1.


Yes, I'm looking for a balance too and have a healthy memory of the income trust days and pre-2014 companies with unsustainable dividends (CPG anyone?), and my investments are in the lower debt oil and gas companies that are still lowering debt, while having a healthy dividend, and making a level of share buybacks or specials. Most are aligning their regular dividend payment to supporting their business at $50 WTI or so. Tourmaline is the lowest debt company by far, nearly debt-free and at a 0.1 D/E ratio already, it is quite remarkable to see Canada's largest natural gas producer in such a strong financial position - only $166M of bank debt vs > $4B of annual cash flow.


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## londoncalling (Sep 17, 2011)

Suncor Energy quarterly profit jumps more than three-fold (msn.com) 

Suncor Energy boosted its quarterly dividend by 12% to a record 47 Canadian cents per share.


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## londoncalling (Sep 17, 2011)

https://money.tmx.com/en/quote/AQN/news ... 1596059275

6% increase from Algonquin (AQN) from 0.171 to 0.1808 USD


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## doctrine (Sep 30, 2011)

Crescent Point Energy increased its dividend by 40% to $0.065 per share. 





__





TMX Money







money.tmx.com





CPG already increased their dividend by 50% two quarters ago. Of course, they used to pay $0.23 a month vs $0.26 a year. But the company is in a much better financial position than 2014, with similar production, but 40% less debt and dropping rapidly, and paying 87% less in dividends.


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## londoncalling (Sep 17, 2011)

Canadian Bank earnings week. 

Bank Of Nova Scotia Posts Earnings Beat, Raises Dividend 3% - The Globe and Mail 

BMO Financial Group Increases Common Share Dividend by 6 cents from the prior quarter, up 31 per cent from the prior year (yahoo.com)


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## Money172375 (Jun 29, 2018)

Royal increases dividend 7%.



https://ca.finance.yahoo.com/news/royal-bank-posts-earnings-beat-131500496.html


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## Money172375 (Jun 29, 2018)

CIBC increases dividend 3%.



https://ca.finance.yahoo.com/news/cibc-latest-bank-raise-quarterly-130900598.html


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## londoncalling (Sep 17, 2011)

Baystreet.ca - Royal Bank Posts Earnings Beat, Raises Dividend 7%


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## Birder (9 mo ago)

National Bank increases its common share dividend by 5 cents, up 6% from previous quarter


/CNW/ - National Bank of Canada's (TSX: NA) Board of Directors announces an increase of 5 cents per common share to $0.92 per common share for the quarter...




www.newswire.ca


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## londoncalling (Sep 17, 2011)

CWB declares dividends in May 2022 (tmx.com) 

Quarterly dividend is up one cent , or 3%, from the dividends declared last quarter and one year ago. Current yield at 4%.

4 of the big 5 raised. Laurentian Bank to release earnings next week


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## KaeJS (Sep 28, 2010)

londoncalling said:


> CWB declares dividends in May 2022 (tmx.com)
> 
> Quarterly dividend is up one cent , or 3%, from the dividends declared last quarter and one year ago. Current yield at 4%.
> 
> 4 of the big 5 raised. Laurentian Bank to release earnings next week


So disappointed in those CWB earnings...

I feel the company is cheap at $30, but I'm reluctant to add more. Where was the growth? Oil has been high... Alberta should be doing well...

I don't know. I'm conflicted. I feel like they messed that one up pretty badly. Revenue was trash. And then because revenue was trash they raised dividend 1 cent? Come on...


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## londoncalling (Sep 17, 2011)

I understand where you are coming from on the revenue side. I promised myself coming into bank earnings season, I would add to the one that disappointed with results. I bought a little bit today and perhaps I should have waited for $29 range. I may be wrong but I think it will take a bit of time for the gains the oil companies made to get to the bankers. The people I know in that industry are skeptical as to how sustained the energy run will be.


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## londoncalling (Sep 17, 2011)

CORRECTION -- Laurentian Bank of Canada Announces Increased Common Share Dividend (tmx.com)

An increase of $0.01 a quarter


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## londoncalling (Sep 17, 2011)

FedEx Announces Actions to Enhance Stockholder Value and Updates to Board Governance (tmx.com)

"the FedEx Board of Directors declared a quarterly cash dividend of $1.15 per share on its common stock. This represents a $0.40 per share, or 53 percent, increase from the previous dividend of $0.75. The dividend is payable on July 11, 2022, to stockholders of record as of the close of business on June 27, 2022.


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## gardner (Feb 13, 2014)

Empire raises their dividend 10%, stock price drops 8%



https://www.empireco.ca/wp-content/uploads/2022/06/Empire-Q4-F22-News-Release-SEDAR.pdf





> The Company declared a quarterly dividend of $0.165 per share on both the Non-Voting Class A shares (“Class
> A shares”) and the Class B common shares that will be payable on July 29, 2022 to shareholders of record on
> July 15, 2022, an increase in the annualized dividend rate of 10%.


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## londoncalling (Sep 17, 2011)

Deleted. Duplicate post on Empire.


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## KaeJS (Sep 28, 2010)

gardner said:


> Empire raises their dividend 10%, stock price drops 8%
> 
> 
> 
> https://www.empireco.ca/wp-content/uploads/2022/06/Empire-Q4-F22-News-Release-SEDAR.pdf


"Same-store sales excluding fuel decreased by 2.5% compared to COVID-elevated sales levels last year"

I suspect this is the reason for the drop.


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## londoncalling (Sep 17, 2011)

Crescent Point Increases Quarterly Dividend, Provides Updated Return of Capital Framework and Releases Sust... (tmx.com) 

"The Company's Board of Directors has approved and declared a third quarter 2022 base dividend increase to $0.08 per share to be paid on October 3, 2022 to shareholders of record on September 15, 2022. This equates to an annualized base dividend of $0.32 per share, representing an increase of over 20 percent from the prior level and marking Crescent Point's fourth dividend increase in less than one year. The Company's dividend policy and payout ratio are based on its framework which targets dividend sustainability at lower commodity prices, allows for flexibility in its capital allocation process and provides the potential to grow the base dividend over time.

Given continued improvement in Crescent Point's financial position and outlook, the Company is seeking to further increase its current return of capital offering. On a quarterly basis and beginning in third quarter 2022, Crescent Point will target the return of up to 50 percent of its discretionary excess cash flow to shareholders. Discretionary excess cash flow is calculated as excess cash flow less base dividends."


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## londoncalling (Sep 17, 2011)

TOURMALINE DELIVERS RECORD CASH FLOW AND FREE CASH FLOW IN Q2 2022, DECLARES SPECIAL DIVIDEND AND ANNOUNCES... (tmx.com) 

"Second quarter 2022 free cash flow was a record $1.1 billion ( $3.25 per diluted share) enabling the Company to declare a special dividend of $2.00 per common share to be paid August 12, 2022 to shareholders of record on August 5, 2022 . Tourmaline's trailing 12-months of distributed dividends now total $6.28 per share (inclusive of this August 2022 special dividend), an implied 9% trailing yield (6) ."


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## peterk (May 16, 2010)

^ I don't really understand the appeal of special dividends. Why do this vs. stock buy back? The special dividend is just flung off cash and impacts market cap one time, and then it's all over. What's the benefit?

Retiring shares however permanently reduces future quarterly dividend obligations (or gives future dividend growth for "free" without increasing the $ amount) and implies upward pressure on share price.


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## fireseeker (Jul 24, 2017)

peterk said:


> ^ I don't really understand the appeal of special dividends. Why do this vs. stock buy back? The special dividend is just flung off cash and impacts market cap one time, and then it's all over. What's the benefit?
> 
> Retiring shares however permanently reduces future quarterly dividend obligations (or gives future dividend growth for "free" without increasing the $ amount) and implies upward pressure on share price.


The share price has gone from $13 to $78 in the last two years. Perhaps not the best time to be buying back shares.
Debt has already been dramatically reduced. Asset purchases are likely to be expensive. And still the company is awash in cash. 
Special dividends seem like a responsible way of handling the windfall.


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## AltaRed (Jun 8, 2009)

It is only efficient to buy back shares when the share price is less than that associated with the intrinsic value of the firm.


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## londoncalling (Sep 17, 2011)

Special dividends make sense for commodity stocks. It will help support share price better longer term. Many dividend investors fear cuts like the plague and bog dividend increases will likely be met with cuts down the road. I agree with @fireseeker in that buy backs make sense when the the share price warrants buying. My issue with buybacks is they often occur at inopportune times (high prices) and rarely are they fully exercised. They in turn become a news media event. In theory they are wonderful. In reality they don't always achieve what we think they will.


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## londoncalling (Sep 17, 2011)

Speaking of which. Canadian Natural Resources Limited Announces Special Dividend (tmx.com) 

the Board of Directors has declared a special cash dividend on its common shares of C$1.50 (one dollar and fifty cents) per common share. The dividend will be payable on August 31, 2022 to shareholders of record at the close of business on August 23, 2022.

The Board of Directors will continue to review incremental returns to shareholders going forward as part of the Company's free cash flow allocation policy. As per the policy, free cash flow is defined as adjusted funds flow less base capital expenditures and dividends, including special dividends. The Company targets to allocate 50% of this free cash flow to share repurchases and 50% to the balance sheet, less any strategic growth capital / acquisitions. 

Share price down 2% on the day mostly due to oil falling below $90 this week for the first time since the invasion of Ukraine. Other oil companies price dropped between 4 and 6%


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## Retiredguy (Jul 24, 2013)

BPF.un


On August 4, 2022, the trustees of the Fund declared a distribution for the period of July 1, 2022 to July 31, 2022 of $0.100 per unit of the Fund, which will be payable on August 31, 2022 to unitholders of the Fund ("*Unitholders*") of record on August 21, 2022. *This is an increase of $0.015 per Unit, or 17.6%, from the previous monthly distribution rate of $0.085 per Unit.*


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## londoncalling (Sep 17, 2011)

I thought I had posted shortly after the earnings report a few weeks back.

Jamieson Wellness Inc. Reports Second Quarter 2022 Financial Results (tmx.com) 

The board of directors of the Company authorized a 2.0 cent or a 13.33% increase in the quarterly dividend and declared a cash dividend for the second quarter of 2022 of $0.17 per common share, or approximately $7.1 million in the aggregate. The dividend will be paid on September 15, 2022 to all common shareholders of record at the close of business on August 31, 2022.


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## Birder (9 mo ago)

TMX Money

"On September 22, 2022 the Board of Directors of Emera Inc. (TSX: EMA) approved an increase in the annual common share dividend to $2.76 from $2.65 per common share and extended its dividend growth rate target of four to five per cent through 2025."


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## londoncalling (Sep 17, 2011)

Emera Approves Increase in Common Dividend (tmx.com) 

"On September 22, 2022 the Board of Directors of Emera Inc. (TSX: EMA) approved an increase in the annual common share dividend to $2.76 from $2.65 per common share and extended its dividend growth rate target of four to five per cent through 2025."

This increase is in line with the historic approx. 4% a year increase since 2018


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## londoncalling (Sep 17, 2011)

Duplicate post


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## KaeJS (Sep 28, 2010)

londoncalling said:


> This increase is in line with the historic approx. 4% a year increase since 2018


Thank you for posting.
I'll take the extra divs.


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## Birder (9 mo ago)

Fortis Inc. Announces Quarterly Dividend Increase Marking 49 Consecutive Years of Increases

ST. JOHN'S, Newfoundland and Labrador, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) declared a common share dividend of $0.565 per share on the issued and outstanding fully paid common shares of the Corporation, representing an approximate *6% increase* in the quarterly dividend, payable on December 1, 2022 to the common Shareholders of Record at the close of business on November 17, 2022, marking 49 consecutive years of increased dividends.


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## londoncalling (Sep 17, 2011)

Starbucks Announces Increase in Quarterly Cash Dividend (tmx.com)

An increase of about 8%


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## KaeJS (Sep 28, 2010)

Birder said:


> Fortis Inc. Announces Quarterly Dividend Increase Marking 49 Consecutive Years of Increases
> 
> ST. JOHN'S, Newfoundland and Labrador, Sept. 28, 2022 (GLOBE NEWSWIRE) -- The Board of Directors of Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS) declared a common share dividend of $0.565 per share on the issued and outstanding fully paid common shares of the Corporation, representing an approximate *6% increase* in the quarterly dividend, payable on December 1, 2022 to the common Shareholders of Record at the close of business on November 17, 2022, marking 49 consecutive years of increased dividends.


Beautiful!


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## londoncalling (Sep 17, 2011)

Did a quick check of my portfolio. Of 42 positions that I own 30 have raised in 2022. Oddly enough most of the ones that haven't raised this year are US holdings. I also have 4 ADRs which have variable dividend payouts. Knowing that my income is growing takes some of the sting out this year's return. I am still negative on the year but am outperforming the index. Of course, its total return that matters but when the markets drop 20 percent or more these dividends help total return.


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## londoncalling (Sep 17, 2011)

Cardinal Energy Ltd. Announces New Dividend Rate for October (tmx.com) 

I believe that is a 20% increase with a yield over 8%


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## Birder (9 mo ago)

McDONALD'S RAISES QUARTERLY CASH DIVIDEND BY 10%

Lovin' it!


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## londoncalling (Sep 17, 2011)

crescent_point_declares_quarterly_and_special_dividend_-_october_26_2022_-_final.pdf (crescentpointenergy.com)

A special cash dividend of CDN $0.035 per share based on Crescent Point’s third quarter 2022 financial results will be paid on November 14, 2022 to shareholders of record on November 4, 2022. The base dividend amount of CDN $0.08 per share will be paid on January 3, 2023 to shareholders of record on December 15, 2022.


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## Beaver101 (Nov 14, 2011)

^ Do energy companies normally pay "special" dividends? This is a first I heard of one that does...interesting.


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## fireseeker (Jul 24, 2017)

Beaver101 said:


> ^ Do energy companies normally pay "special" dividends? This is a first I heard of one that does...interesting.


Tourmaline has paid out three special dividends this year alone. Total = $4.75. (Not counting regular dividends.)


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## AltaRed (Jun 8, 2009)

A number of companies, especially in volatile commodities, have done this. They do that when there is far more cash available than they can put to good use in building the business. They do a 'special' dividend as a 'one off' in case commodity prices crater in the months ahead and that excess cash flow dries up. No one wants to increase a normal dividend significantly and then have to cut it a year later. Its an ingenious way to reward shareholders with their good fortune.


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## doctrine (Sep 30, 2011)

Beaver101 said:


> ^ Do energy companies normally pay "special" dividends? This is a first I heard of one that does...interesting.


CNQ also paid out a $1.50 special dividend in August, in addition to it's $0.75 quarterly dividend. Much more coming in the next 9-12 months from oil companies.


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## Covariance (Oct 20, 2020)

These energy producers are really in a sweet spot.


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## Raggedy Dandy (Mar 12, 2020)

5% increase for ABBV



AbbVie Reports Third-Quarter 2022 Financial Results | AbbVie News Center


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## londoncalling (Sep 17, 2011)

Canadian Natural Resources - News Releases (cnrl.com) 

"Board of Directors has approved a 13% increase to its quarterly dividend on its common shares to C$0.85 (eighty five cents) per common share. The dividend will be payable on January 5, 2023 to shareholders of record at the close of business on December 16, 2022. Canadian Natural's growing and sustainable dividend demonstrates the confidence that the Board of Directors has in the sustainability of our business model, the strength of our balance sheet and the Company’s diverse, long life low decline asset base. This increase represents the continuation of the Company’s leading track record of 23 consecutive years of dividend increases, with a compound annual growth rate of approximately 21% over that period of time."


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## AltaRed (Jun 8, 2009)

This company is a star in the oilsands patch. The management team is excellent. I owned CRNL for awhile but believed I exited sometime in 2015 as the down draft in commodities took hold. I should have re-visited again after the pandemic BUT by then, I'd sworn off ALL commodities.


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## doctrine (Sep 30, 2011)

TOU raised its dividend by 11% from $0.225 to $0.25 quarterly in addition to a $2.25 special.

ARX raised its dividend by 25%, from $0.12 to $0.15 quarterly. 

Enerplus increased its dividend by 10%, to $0.055 US per quarter.

IMO increased their dividend by the most in their history, by 29% to 44 cents a share.

CVE declared a 11.5 cent special dividend but no increase to their regular.

+CNQ increase listed above.

Except TOU, all these companies have all bought back 8-15% or more of their shares in the last 12+ months too.


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## dubmac (Jan 9, 2011)

Telus raised the dividend up around $02.35 per share. slow and steady. great inflation protection








Telus raises quarterly dividend as it reports $551-million third-quarter profit


Telus says it will now pay a quarterly dividend of 35.11 cents per share, up from 32.74 cents per share




www.theglobeandmail.com


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## londoncalling (Sep 17, 2011)

dubmac said:


> Telus raised the dividend up around $02.35 per share. slow and steady. great inflation protection
> 
> 
> 
> ...



*Quarterly dividend increased to $0.3511, an increase of 7.2 per cent over the same period last year, representing a yield of approximately 5 per cent at current share price, supported by leading Adjusted EBITDA growth and significant expected cash flow expansion beginning in 2023*


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## londoncalling (Sep 17, 2011)

TransAlta Reports Third Quarter 2022 Results, Increases 2022 Financial Guidance, and Announces a 10% Common... (tmx.com) 


Increased annual common share dividend by 10% to $0.22 per year effective Jan. 1, 2023 , representing the fourth consecutive annual increase


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## londoncalling (Sep 17, 2011)

Corby Spirit and Wine Limited reports its fiscal 2023 first quarter results for the period ended September ... (tmx.com)

Dividend cut, from 0.24 to 0.22


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## hboy54 (Sep 16, 2016)

Peyto Exploration and Development PEY increases monthly dividend 120% from $0.05 to $0.11.





__





Peyto - News Updates







www.peyto.com


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## Retiredguy (Jul 24, 2013)

​
November 15, 2022​*Suncor Energy increases quarterly dividend by 11% to $0.52 per common share*​​​


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## peterk (May 16, 2010)

^ Remember too that Suncor is buying back 10%+ stock per year right now. So these 10%+ dividend increases are "free". i.e. approximately the same dollars spent on dividend distributions even though the $/share is getting increased.


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## londoncalling (Sep 17, 2011)

Diversified Royalty Corp. Completes Acquisition of US-Based Stratus Building Solutions Trademarks and Confi... (tmx.com)

"DIV’s annual dividend will increase from 23.5 cents per share to 24.0 cents per share effective January 1, 2023 as previously announced."


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## londoncalling (Sep 17, 2011)

ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS SECOND QUARTER OF FISCAL YEAR 2023 (tmx.com) 


27.3% increase of the quarterly dividend, from CA 11.0¢ per share, bringing it to CA 14.0¢ per share.
Certainly regret not chasing this one up from $45 to the $50 range in March. Looking for an opportunity to get this one at a P/E of 14 eventually. Often overpriced, ATD does go on sale every so often but one has to act quick.


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## KaeJS (Sep 28, 2010)

londoncalling said:


> ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS SECOND QUARTER OF FISCAL YEAR 2023 (tmx.com)
> 
> 
> 27.3% increase of the quarterly dividend, from CA 11.0¢ per share, bringing it to CA 14.0¢ per share.
> Certainly regret not chasing this one up from $45 to the $50 range in March. Looking for an opportunity to get this one at a P/E of 14 eventually. Often overpriced, ATD does go on sale every so often but one has to act quick.


I regret not buying more than I did in the the 30s...


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## Gumball (Dec 22, 2011)

Guys, not a divi increase but im my eyes almost as good.. sharebuybacks... any apetite to start a similar thread "2022 ShareBuybacks" ???? Feel free to remove this post if you dont want it here...


National Bank of Canada (OTCPK:NTIOF) has announced a normal course issuer bid to purchase for cancellation up to 7M of its common shares that represents ~2.1% of its 336,736,305 issued and outstanding common shares as at Nov. 28, 2022.
The bid will begin on or around Dec. 12, 2022 and will end at the latest on or around Dec. 11, 2023.


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## Money172375 (Jun 29, 2018)

ENB up 3.2%



https://ca.finance.yahoo.com/news/enbridge-raising-quarterly-dividend-releases-125942059.html








Enbridge Announces 2023 Financial Guidance and Dividend Increase


/PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today its 2023 financial guidance and an annualized common share...




www.prnewswire.com




.


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## like_to_retire (Oct 9, 2016)

Gumball said:


> Guys, not a divi increase but in my eyes almost as good


But National Bank (NA) also increased its dividend by 5%.

_"MONTREAL, Nov. 30, 2022 /CNW Telbec/ - National Bank of Canada's (TSX: NA) Board of Directors announced an increase of 5 cents per common share to $0.97 per common share for the quarter ending January 31, 2023. This dividend is payable on February 1, 2023, to common shareholders of record on December 26, 2022."_

ltr


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## dubmac (Jan 9, 2011)

RY increased the dividend 3% up 4 cents per share.


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## londoncalling (Sep 17, 2011)

Gumball said:


> Guys, not a divi increase but im my eyes almost as good.. sharebuybacks... any apetite to start a similar thread "2022 ShareBuybacks" ???? Feel free to remove this post if you dont want it here...
> 
> 
> National Bank of Canada (OTCPK:NTIOF) has announced a normal course issuer bid to purchase for cancellation up to 7M of its common shares that represents ~2.1% of its 336,736,305 issued and outstanding common shares as at Nov. 28, 2022.
> The bid will begin on or around Dec. 12, 2022 and will end at the latest on or around Dec. 11, 2023.


I would be in favour of @Gumball's post being removed to start a new thread on buybacks. I would post any announcements that I am aware of. I would also be interested in updates as to how many shares were purchased and at what price.


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## londoncalling (Sep 17, 2011)

Perhaps I should have saved this for the 2023 thread but I am sure I would forget in a month's time.

Enbridge Announces 2023 Financial Guidance and Dividend Increase (tmx.com) 

an annualized common share dividend increase from $3.44 to $3.55 per share, or 3.2%, effective March 1, 2023.


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## Money172375 (Jun 29, 2018)

BMO, TD and CIBC all announced increases today.


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## londoncalling (Sep 17, 2011)

BMO Financial Group Increases Common Share Dividend by 4 cents from the prior quarter, up 8 per cent from t... (tmx.com) 

Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that its Board of Directors declared a quarterly dividend of $1.43 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2023 ("Q1 2023 Dividend"), a 4 cent , or 3 per cent, increase from the prior quarter, up 8 per cent from the prior year.


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## londoncalling (Sep 17, 2011)

TD BANK GROUP DECLARES DIVIDENDS (tmx.com) 

The Toronto-Dominion Bank (the "Bank") today announced that a dividend in an amount of ninety-six cents ( 96 cents ) per fully paid common share in the capital stock of the Bank has been declared for the quarter ending January 31, 2023 , payable on and after January 31, 2023 , to shareholders of record at the close of business on January 6 , 2023.

Not shown in the link but I believe the previous dividend was 89 cents. If that is the case an increase of 7.8%


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## londoncalling (Sep 17, 2011)

CIBC Increases Dividends for the Quarter Ending January 31, 2023 (tmx.com) 

CIBC (TSX: CM) (NYSE: CM) announced today that its Board of Directors declared a dividend of $0.85 per share on common shares for the quarter ending January 31, 2023 , an increase of two cents from the previous quarter. This dividend is payable on January 27, 2023 to shareholders of record at the close of business on December 28, 2022 . 

Increase of 2.4%


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## cainvest (May 1, 2013)

AltaGas (ALA) is raising its dividend by six per cent.

The energy infrastructure company says it will pay a quarterly dividend of 28 cents per share, up from 26.5 cents per share.


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## londoncalling (Sep 17, 2011)

Brookfield Announces 2023 Dividend for the Manager and Corporation (tmx.com)


Beginning in the first quarter of 2023:

the Corporation is expected to pay a quarterly dividend of $0.07 per Corporation class A limited voting share (representing $0.28 per annum) and;


the Manager is expected to pay a quarterly dividend of $0.32 per Manager class A limited voting share.
Combined, and assuming Corporation shareholders retain their Manager shares received in the Arrangement, the Corporation’s quarterly dividend of $0.07 per share and the Manager’s quarterly dividend of $0.32 per share (equivalent to $0.08 per share held today, adjusted for the shares being distributed to the public), would equate to $0.15 per current Class A share; representing a 7% increase.
Brookfield shareholders of record at November 30, 2022 will receive the previously declared fourth quarter 2022 dividend of $0.14 on December 30, 2022.


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## londoncalling (Sep 17, 2011)

Crescent Point Acquires Kaybob Duvernay Assets and Increases Base Dividend by 25% (tmx.com) 


Increasing first quarter 2023 base dividend by 25 percent to $0.10 per share, or $0.40 per share annually.


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## londoncalling (Sep 17, 2011)

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES DISTRIBUTION INCREASE AND SPECIAL CASH DISTRIBUTION


Boston Pizza Royalties Income Fund (the " Fund ") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.102 per unit for November 2022 (the " November 2022 Distribution "). This is an increase of $0.002 per unit, or 2%, from the previous monthly rate of $0.100 per unit. On an...




www.bpincomefund.com





an increase of $0.002 per unit, or 2%, from the previous monthly rate of $0.100 per unit. On an annualized basis, the new monthly distribution rate equates to $1.224 per unit compared to $1.200 per unit for the previous monthly distribution rate. The Fund also announced today a special one-time cash distribution to unitholders of $0.085 per unit (the "*Special Distribution*"). Both the November 2022 Distribution and the Special Distribution will be paid on December 30, 2022 to unitholders of record at the close of business on December 21, 2022.


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## londoncalling (Sep 17, 2011)

WHITECAP RESOURCES INC. ACCELERATES RETURN OF CAPITAL WITH $419 MILLION IN DISPOSITIONS AND A 32% DIVIDEND ... (tmx.com)

yield at around 6%. Looks like WCP is looking to capture the attention of income investors with this huge increase.

Added: The company did sell off some non core assets as well. I am not a fan of selling assets to raise dividends. I have no issue with asset sales for debt repayment and sharebuybacks. They have over $1 billion debt on the books. I would have preferred a smaller increase and debt repayment. I will add that they are ahead of schedule on their repayment plan. Curious if others think this is a good move for WCP.


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## Covariance (Oct 20, 2020)

londoncalling said:


> WHITECAP RESOURCES INC. ACCELERATES RETURN OF CAPITAL WITH $419 MILLION IN DISPOSITIONS AND A 32% DIVIDEND ... (tmx.com)
> 
> yield at around 6%. Looks like WCP is looking to capture the attention of income investors with this huge increase.
> 
> Added: The company did sell off some non core assets as well. I am not a fan of selling assets to raise dividends. I have no issue with asset sales for debt repayment and sharebuybacks. They have over $1 billion debt on the books. I would have preferred a smaller increase and debt repayment. I will add that they are ahead of schedule on their repayment plan. Curious if others think this is a good move for WCP.


I think they had to follow through given the expectation they set.


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## londoncalling (Sep 17, 2011)

Bird Construction Inc. Announces 10% Dividend Increase on Strong Outlook for 2023 (tmx.com)

Share price up 8% this morning on the announcement. I swapped BDT for Aecon earlier this year. So far that is looking to be a bad decision. The rationale was that BDT had not raised its dividend for quite some time and the share price was stagnant. In hindsight it was just a long period of consolidation ;P


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## londoncalling (Sep 17, 2011)

NFI provides update on credit facilities amendments and financing support from the Government of Manitoba a... (tmx.com) 

NFI’s Board of Directors have made the decision to suspend the payment of dividends given credit agreement constraints and to support the Company’s focus on improving its liquidity and financial position. 

IMO elimination of the dividend is prudent but long overdue.


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## My Own Advisor (Sep 24, 2012)

Covariance said:


> I think they had to follow through given the expectation they set.


LOVE IT.

Enjoy me some $WCP.


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