Hillcrest Energy Technologies. (CSE: HEAT)
From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future.
On Tuesday, the Toronto Stock Exchange (TSX) released its list of the top 30 stocks with the best dividend-adjusted price performance over the past three years, known as the TSX30 (data as of June 30, 2024). Over the past three years, the total market capitalization of TSX30 stocks has more than doubled, and the 2024 list is dominated by three sectors: oil and gas, industrial products and services, and mining (totaling 25 stocks).
Let’s take a look at the specific data. Over the past three years, the average dividend-adjusted price increase for TSX30 stocks was 234%, with the highest increases in technology (342%), industrial products and services (319%), oil and gas (196%), financials (171%), and mining (158%). The market capitalization of these stocks grew 123% (CAD 210 billion) to CAD 380 billion. Nine companies graduated from the TSX Venture Exchange to the TSX.
Additionally, stocks on the 2024 TSX30 list must meet the following criteria: they must be listed on the TSX as of June 30, 2024; have been listed for at least three years on the TSX; have a closing price of no less than CAD 0.50 as of June 30, 2021; and have a market capitalization of no less than CAD 75 million.
TSX CEO Loui Anastasopoulos remarked that the vast majority of TSX30 stocks are participants in Canada’s energy transition, making energy transition the main theme of the 2024 TSX30. Furthermore, more than half of the mining companies focus on essential base metals critical to electric vehicles, batteries, and low-carbon renewable energy.
Electrification is a major theme. For example, the top-ranked Hammond Power Solutions Inc. (TSX: HPS.A) is North America’s largest manufacturer of dry-type transformers, serving industries such as oil and gas, mining, data centers, and wind power, with a 928% increase in dividend-adjusted stock price over the past three years. Celestica, ranked second, is a technology company providing grid stability solutions for electric vehicle infrastructure (+706%), and Cameco, the world’s largest uranium producer, is ranked 14th.
However, energy transition is still in its early stages, and energy security and reliability remain among the world’s top concerns, which is why investors remain keen on traditional oil and gas companies. For example, the energy sector comprises 16 companies, accounting for more than half. Athabasca Oil, ranked third on the TSX30, saw a stock price increase of 429%, along with strong performance from other energy stocks like NuVista Energy and MEG Energy.
Finally, Anastasopoulos noted that investors now prefer value over growth; specifically, 63% of TSX30 stocks in 2024 pay dividends with an average yield of 2.8%, well above previous years.
| Rank | Ticker | Company Name | Price Performance | Market Cap (June 30, 2021) | Market Cap (June 30, 2024) | Sector | Headquarters |
| 1 | HPS.A | Hammond Power Solutions Inc. | 928% | 103,183,095 | 1,017,527,310 | Industrial Products & Services | Ontario |
| 2 | CLS | Celestica Inc. | 706% | 1,065,187,846 | 9,290,479,810 | Technology | Ontario |
| 3 | ATH | Athabasca Oil Corporation | 429% | 520,061,883 | 2,872,803,566 | Oil & Gas | Alberta |
| 4 | CEU | CES Energy Solutions Corp. | 335% | 491,078,726 | 1,810,825,447 | Industrial Products & Services | Alberta |
| 5 | TVK | TerraVest Industries Inc. | 289% | 349,995,688 | 1,409,758,592 | Industrial Products & Services | Alberta |
| 6 | NVA | NuVista Energy Ltd. | 257% | 899,058,785 | 2,926,216,087 | Oil & Gas | Alberta |
| 7 | BDT | Bird Construction Inc. | 245% | 468,333,743 | 1,445,380,999 | Industrial Products & Services | Ontario |
| 8 | MEG | MEG Energy Corp. | 226% | 2,750,718,762 | 7,927,743,205 | Oil & Gas | Alberta |
| 9 | SES | Secure Energy Services Inc. | 216% | 674,219,350 | 3,186,242,542 | Industrial Products & Services | Alberta |
| 10 | IPCO | International Petroleum Corporation | 215% | 893,364,430 | 2,251,223,972 | Oil & Gas | British Columbia |
| 11 | CGG | China Gold International Resources Corp. | 208% | 1,316,093,660 | 3,559,795,502 | Mining | China |
| 12 | FFH | Fairfax Financial Holdings Limited | 202% | 14,669,682,012 | 36,626,850,754 | Financial Services | Ontario |
| 13 | BBD.B | Bombardier Inc. | 200% | 2,489,891,261 | 7,675,760,276 | Industrial Products & Services | Quebec |
| 14 | CCO | Cameco Corporation | 186% | 9,448,005,640 | 29,285,157,528 | Mining | Saskatchewan |
| 15 | CMG | Computer Modelling Group Ltd. | 184% | 410,261,986 | 1,074,160,031 | Technology | Alberta |
| 16 | MATR | Mattr Corp. | 183% | 416,498,143 | 1,109,744,421 | Industrial Products & Services | Ontario |
| 17 | IMO | Imperial Oil Limited | 167% | 27,208,070,014 | 49,982,856,984 | Oil & Gas | Alberta |
| 18 | ARX | ARC Resources Ltd. | 154% | 7,635,851,169 | 14,585,906,852 | Oil & Gas | Alberta |
| 19 | CNQ | Canadian Natural Resources Limited | 152% | 53,324,480,790 | 103,831,851,862 | Oil & Gas | Alberta |
| 20 | PHX | PHX Energy Services Corp. | 152% | 225,748,540 | 428,318,995 | Industrial Products & Services | Alberta |
| 21 | FIL | Filo Corp. | 144% | 1,163,198,510 | 3,285,262,657 | Mining | British Columbia |
| 22 | OBE | Obsidian Energy Ltd. | 142% | 314,821,259 | 780,778,271 | Oil & Gas | Alberta |
| 23 | CVE | Cenovus Energy Inc. | 141% | 23,926,581,026 | 49,998,537,254 | Oil & Gas | Alberta |
| 24 | TECK.B | Teck Resources Limited | 140% | 14,956,825,561 | 33,490,373,479 | Mining | British Columbia |
| 25 | OLY | Olympia Financial Group Inc. | 139% | 113,121,855 | 224,968,353 | Financial Services | Alberta |
| 26 | VHI | Vitalhub Corp. | 136% | 113,844,112 | 377,107,328 | Technology | Ontario |
| 27 | DNG | Dynacor Group Inc. | 136% | 95,627,480 | 191,983,869 | Mining | Quebec |
| 28 | SDE | Spartan Delta Corp. | 135% | 351,280,725 | 698,001,404 | Oil & Gas | Alberta |
| 29 | CJ | Cardinal Energy Ltd. | 134% | 506,427,719 | 1,069,760,833 | Oil & Gas | Alberta |
| 30 | AGI | Alamos Gold Inc. | 134% | 3,719,620,265 | 8,559,896,064 | Mining | Ontario |
