Algoma Central Corporation

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are generally fine, but Liquidity Ratio needs improving. The Dividend Payout Ratios (DPR) are currently good. See my spreadsheet on Algoma Central Corporation.

Is it a good company at a reasonable price? This is a small cap stock, so caution is advised. They have done well for their shareholders in the past. At the moment, the testing seems to be saying that the stock price is relatively high. The lone analyst giving it a Strong Buy also gives a 12 month stock price of $19.00 which is below today’s price. I would think a Hold is more advisable.

I do not own this stock of Algoma Central Corporation (TSX-ALC, OTC-AGMJF). I got the name from the internet. The description was that Algoma Central Corporation is a Canadian shipping company. It operates Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes. The company operates its business through six segments that are Domestic Dry-Bulk, Product Tankers, Ocean Self Unloaders, Corporate, Investment Properties, and Global Short Sea Shipping.

When I was updating my spreadsheet, I noticed it is not well followed. There are few places to get any estimates from and mainly I just got EPS estimates from WSJ. This is a small company, but it has mainly done well for its shareholders. See the Total Return section below. Yearly dividend increases occur around 40% of the time over the last 37 years and 80% of the time over the past 10 years.

If you had invested in this company in December 2015, for $1,006.51 you would have bought 91 shares at $11.06 per share. In December 2025, after 10 years you would have received $937.30 in dividends. The stock would be worth $1,719.90. Your total return would have been $2,657.20. This would be a total return of 12.25% per year with 5.50% from capital gain and 6.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.06	$1,006.51	91	10	$937.30	$1,719.90	$2,657.20

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.81%. The 5, 10 and historical dividend yields are moderate at 4.66%, 4.16% and 2.93%. The dividend growth is moderate (8% to 14% ranges) at 9.9% per year over the past 5 years. The last dividend increase was in 2026 and it was for 5%. Dividend increases over the past 10 years have varied from 36% to 0%.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 23% with 5 year coverage too high at 60%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 40%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is good at 34% with 5 year coverage too high at 61%.

Item	Cur	5 Years
EPS	22.66%	60.06%
AEPS	43.24%	39.38%
CFPS	19.05%	38.54%
FCF	34.12%	60.97%

Debt Ratios are generally fine, but Liquidity Ratio needs improving. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.54 and currently good at 0.46. The Liquidity Ratio for 2025 is too low at 0.71 and 0.48 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.26 and currently too low at 0.81. It is only when you add back in current debt that Liquidity Raio is getting decent for 2025 at 1.27 and currently at 1.70. The Debt Ratio for 2025 is good at 2.32 and 2.19 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.76 and 0.76 and currently at 1.84 and 0.84. The Company was in compliance with all of its debt covenants.

Type	Year End	Ratio Curr
Lg Term R	0.54	0.46
Intang/GW	0.01	0.01
Liquidity	0.71	0.48
Liq. + CF	1.26	0.81
Liq. + CF+D	1.27	1.70
Debt Ratio	2.32	2.19
Leverage	1.76	1.84
D/E Ratio	0.76	0.84

The Total Return per year is shown below for years of 5 to 37 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.86%	17.23%	6.31%	10.92%
2015	10	11.07%	12.25%	5.50%	6.41%
2010	15	10.46%	11.84%	6.46%	5.93%
2005	20	10.96%	7.56%	3.84%	4.23%
2000	25	8.67%	15.16%	9.68%	5.15%
1995	30	7.98%	11.50%	7.35%	5.03%
1990	35	12.03%	14.13%	9.50%	4.04%
1988	37	7.25%	10.05%	6.83%	3.48%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.16, 6.45 and 6.74. The corresponding 10 year ratios are 6.91, 8.09 and 9.27. The corresponding historical ratios are 6.91, 8.12 and 9.60. The current ratio is 9.98 based on a stock price of $22.06 and EPS estimate for 2026 of $2.21. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. The P/E Ratios are rather low, but this is common for small cap stocks.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.16, 7.72 and 8.31. The corresponding 10 year ratios are 8.22, 9.66 and 10.78. The corresponding historical ratios are 7.16, 8.82 and 10.52. The current ratio is 9.98 based on a stock price of $22.06 and AEPS estimate for 2026 of $2.21. The current ratio is between the median and the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that this company does not have an AEPS every year.

I get a Graham Price of $35.16. The 10-year low, median, and high median Price/Graham Price Ratios are 0.47, 0.52 and 0.58. The current P/GP Ratio is 0.63 based on a stock price of $22.06. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. The P/GP Ratios are rather low, but this is common for small cap stocks.

I get a 10-year median Price/Book Value per Share Ratio of 0.67. The current P/B Ratio is 0.89 based on a Book Value of $1,008.5M, Book Value per Share of $24.86 and a stock price of $22.06. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.11. The current P/CF Ratio is 5.77 based on Cash Flow for the last 12 months of $155.2M, Cash Flow per Share of $3.83 and a stock price of $22.06. The current ratio is 40% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.93%. The current dividend yield is 3.81% based on dividends of $0.84 and a stock price of $22.06. The current dividend yield is 30% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 4.16%. The current dividend yield is 3.81% based on dividends of $0.84 and a stock price of $22.06. The current dividend yield is 8% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.88. The current ratio is 1.14 based on Revenue for the last 12 months of $781.6M, Revenue per Share of $19.27 and a stock price of $22.06. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably on the expensive side. The 10 year dividend yield test says that the stock price is reasonable, but above the median. This is not confirmed by the P/S Ratio test that says that the stock price is relatively expensive. Most of my testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (1). The consensus would be a Strong Buy. The 12 months stock price consensus is $19.00. The 12 months stock price of $19.00 implies a total loss of 10.06% with 13.87% from a capital loss and 3.81% from dividends based on a current stock price of $22.06. However, a Strong Buy and a 12 month stock price lower than the current stock price does not make much sense.

There are few entries on Stock Chase for 2025. One analyst says it is cyclical, which is true. Another says there are balance sheet issues. Brian Paradza on Motley Fool says that since the turnaround of 2022, the company has increased dividends and DPR is good. Christopher Liew on Motley Fool says this is a stock to buy and hold forever. The company put out a Press Release about their fourth quarter results for 2025. The company put out a press release via Morningstar about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. It says maybe to dive deeper into reviewing because it lately has some real business momentum. Simply Wall Street has two warnings of has a high level of debt; and dividend of 3.73% is not well covered by free cash flows.

Algoma Central Corp owns and operates a fleet of dry and liquid bulk carriers on the Great Lakes, St. Lawrence Waterway. Its web site is here Algoma Central Corporation.

The last stock I wrote about was about was Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more. The next stock I will write about will be Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI) ... learn more on Wednesday, May 13, 2026 around 5 pm. Tomorrow on my other blog I will write about TransAlta Corp.... learn more on Tuesday, May 12, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Barclays PLC ADR

Sound bite for Twitter is: Dividend Growth Bank. Results of stock price testing is that the stock price is probably expensive. I think it is a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is low with dividend growth resuming. See my spreadsheet on Barclays PLC ADR.

Is it a good company at a reasonable price? This bank may have been in the business a very long time, but it seems to be quite volatile. The stock chart since 1988 shows a big run up to 2002 and then a steep decline. It has not done much since then. However, the stock has been climbing since 2024. Personally, I would not be interested in this stock again. My testing is showing that the stock price is relatively expensive.

I do not own this stock of Barclays PLC ADR (LSE-BARC, NYSE-BCS), but I used to. I bought this stock when Barrett took over in 2000. Barrett used to run Bank of Montreal in Canada. At that time, it was a good dividend paying stock and I thought it would give me some geographical diversifications. I sold it in 2017 as I had lost faith in this bank making me any money. At that time, I had a total return of 1.25% with a capital loss of 4.92% and dividends of 6.17%. I had had the stock for almost 18 years.

When I was updating my spreadsheet, I noticed that this stock BCS, is up 28.56% to the end of 2025 with 26.07% from capital gains and 2.48% from dividends. The stock went up 91.5% in 2025. So far this year it is down by 7.35%. Over the past 12 months, the CEO increased his shares by 4% and one director I follow by 16%. The chairman increased his shares by 0.88%, but then he owns over a 1.9M BARC shares. (Note that there is 4 BARC shares for every BCS share.) Note that ADR shares consist of 4 Barclay PLC shares.)

If you had invested in this company in December 2015, for $1,010.88 you would have bought 78 shares at $12.96 per share. In December 2025, after 10 years you would have received $207.24 in dividends. The stock would be worth $1,985.10. Your total return would have been $2,192.34. This would be a total return of 8.44% per year with 6.98% from capital gain and 1.46% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.96	$1,010.88	78	10	$207.24	$1,985.10	$2,192.34

The current dividend yield is low with dividend growth resuming. The current dividend yield is low (below 2%) at 1.96%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 3.54%, 2.47% and 3.39%. The dividends have grown over the past 4 years at 30%. I used 4 years because dividends were £0 in 2020. Dividends are now 23% higher than what they were in 2019. The last dividend increase was in 2026 and it was for 3.8%. This bank gives out two dividends a year. We will not know what the year end dividend is until nearer to the time it will be paid.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 20%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 3.4% with 5 year coverage at 4.4%. The DPR for 2025 for Free Cash Flow (FCF) is good at 16% with 5 year coverage at 75%. The 5 year coverage is high because of a negative FCF in 2022.

Item	Cur	5 Years
EPS	20.09%	19.78%
CFPS	3.39%	4.42%
FCF	15.85%	75.47%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 8.87 and currently at 9.74. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.74 and currently at 0.74 because this is a more important ratio for a Financial. The Debt Ratio for 2025 is good at 1.05 and 1.05 currently. The Bank Leverage for 2025 is good at 5.1% and currently at 5.1%.

Type	Year End	Ratio Curr
Lg Term R+A	0.74	0.74
Lg Term R	8.87	9.74
Intang/GW	0.14	0.14
Debt Ratio	1.05	1.05
Leverage Bank	5.1%	5.1%

The Total Return per year is shown below for years of 5 to 32 to the end of 2025 in UK£. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	29.74%	29.29%	26.54%	2.74%
2015	10	2.72%	9.61%	7.99%	1.62%
2010	15	4.33%	5.72%	4.07%	1.65%
2005	20	-5.24%	0.46%	-1.25%	1.71%
2000	25	-2.11%	2.13%	-0.37%	2.49%
1995	30	0.90%	9.28%	3.48%	5.80%
1993	32	2.55%	9.61%	3.74%	5.87%

The Total Return per year is shown below for years of 5 to 32 to the end of 2025 in US$ Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	29.58%	28.56%	26.07%	2.48%
2015	10	1.76%	8.44%	6.98%	1.46%
2010	15	3.30%	4.50%	2.92%	1.58%
2005	20	-6.75%	-0.80%	-2.48%	1.68%
2000	25	-2.66%	1.80%	-0.94%	2.73%
1995	30	0.44%	8.77%	2.74%	6.03%
1993	32	2.22%	10.07%	3.41%	6.67%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.21, 5.94 7.80. The corresponding 10 year ratios are 5.07, 7.38 and 9.87. The corresponding historical ratios are 7.72, 9.61 and 11.91. The current ratio is 8.42 based on a stock price of $23.58 and EPS estimate for 2026 of $2.80. This ratio is between the median and high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I get a Graham Price of £7.36. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.53 and 0.66. The current ratio is 0.59 based on a stock price of £4.37. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in UK£.

I get a 10-year median Price/Book Value per Share Ratio of 0.53. The current P/B Ratio is 0.95 based on a Book Value of $86,441M, Book Value per Share of $24.93 and a stock price of $23.58. The current ratio is 80% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I also have a Book Value per Share estimate for 2026 of $26.75. This implies a ratio of 0.88 based on a stock price of $23.58, Book Value per share of $26.75 and Book Value of $92,745M. This ratio is 68% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 1.82. The current ratio is 3.23 based on Cash Flow per Share for 2025 of $7.27, Cash Flow of $25,273M and a stock price of $23.58. The current ratio is 78% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get an historical median dividend yield of 3.39%. The current dividend yield is 1.96% based on dividends of £0.0860 and a stock price of £4.37. The current dividend yield is 42% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in UK£.

I get a 10 year median dividend yield of 2.47%. The current dividend yield is 1.96% based on dividends of £0.0860 and a stock price of £4.37. The current dividend yield is 21% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in UK£.

The 10-year median Price/Sales (Revenue) Ratio is 1.29. The current ratio is 1.96 based on a stock price of $23.58, Revenue estimate for 2026 of $41,796M, and Revenue per Share of $12.06. The current ratio is 52% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

Results of stock price testing is that the stock price is probably expensive. I think it is a Hold. The dividend yield tests are saying this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (4) and Hold (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $29.09 US$ (£5.392) with a high of $33.99 US$ (£6.300) and low of $23.47 US$ (£4.350). The consensus stock price of $29.09 implies a total return of 25.31% with 23.37% from capital gains and 1.94% from dividends.

There are only 2 comments on Stock Chase for 2025. They think that the bank is OK, but it is not like Canadian Banks. There is no Motley Fool articles on this stock as far as I can see. The company put out a press release via Reuters about their annual results for 2025. The company put out a press release via The Globe and Mail about their first quarter of 2026 results.

Noor Ul Ain Rehman of Insider Monkey via Yahoo Finance reviews this company. He says it is one of the best strong buy growth stocks to buy right now. Simply Wall Street via Yahoo Finance reviews this bank and says it is undervalued. They have no warnings out on this bank.

Barclays PLC is a major global banking and financial services company. With 325 years of expertise in banking, and operating through an international network in many countries and regions in Europe, the U.S., Africa & Asia, the company provides a wide range of financial services to individuals, corporations, and institutions. Its web site is here Barclays PLC ADR.

The last stock I wrote about was about was Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more. The next stock I will write about will be Algoma Central Corporation (TSX-ALC, OTC-AGMJF) ... learn more on Monday, May 11, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Canadian Natural Resources

Sound bite for Twitter is: Dividend Growth Resources. Results of stock price testing is that the stock price is probably expensive. I think it is a hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are getting too high in some cases. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Canadian Natural Resources.

Is it a good company at a reasonable price? I am pleased with my investment in this company. I think you have to be careful when you buy, but it has not been as cyclical as other resource stocks. I plan to hold on to the shares I have. It is testing as reasonable but above the median with the 10 year median dividend yield test. But the DPRs are a bit high. I would use caution if buying. It is probably on the expensive side. It may be best to wait until the war is over in the Middle East.

I own this stock of Canadian Natural Resources (TSX-CNQ, NYSE-CNQ). I first bought CNQ in September 2012 because the dividend yield was relatively high. The 5 and 10 year median dividend yields were 0.73% and 0.75%. I got it with a yield of 1.32%. I sold some TransAlta to buy this stock. TransAlta is not doing well lately. In April 2013 I bought more shares of this stock because the yield is now at 1.54%. I bought another 100 shares in 2020 because the yield was 11.63%.

When I was updating my spreadsheet, I noticed I have had this stock for 13 years and I have made several purchases since my initial purchase. My Total Return to date is 19.21% with 16.35% from capital gain and 2.86% from dividends. There were a number of directors selling during the past year. The Chairman sold half his 2025 holdings, however, he has twice the number of shares currently that he had in 2024. The officers I am following all bought shares during the past year.

If you had invested in this company in December 2015, for $1,012.37 you would have bought 67 shares at $15.11 per share. In December 2025, after 10 years you would have received $887.50 in dividends. The stock would be worth $3,114.83. Your total return would have been $4,002.33. This would be a total return of 16.42% per year with 11.89% from capital gain and 4.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.11	$1,012.37	67	10	$887.50	$3,114.83	$4,002.33

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 4.00%. The 5 and 10 median dividend yields are moderate at 4.38% and 4.17%. The historical median dividend yield is low (below 2%) at 1.48%. The dividend growth is good (15% and higher) at 23% per year over the past 5 years. The last dividend increase was in 2026 and it was for 6.4%. This company sometimes has two dividend increases each year.

The Dividend Payout Ratios (DPR) are getting too high in some cases. The DPR for 2025 for Earnings per Share (EPS) is good at 45% with 5 year coverage high at 51%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 65% with 5 year coverage at 51%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 34% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 64% with 5 year coverage good at 41%. FCF varies from $8,784M to $7,640M. I am using $7,604M.

Item	Cur	5 Years
EPS	45.06%	50.73%
AEPS	65.49%	51.08%
CFPS	33.53%	28.54%
FCF	63.76%	41.03%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.17 and currently at 0.12. The Liquidity Ratio for 2025 is too low at 0.95 and 0.95 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.22 and currently at 2.78. The Debt Ratio for 2025 is good at 1.93 and 1.93 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.07 and 1.07 and currently at 2.07 and 1.07.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.12
Intang/GW	0.00	0.00
Liquidity	0.95	0.95
Liq. + CF	2.22	2.78
Debt Ratio	1.93	1.93
Leverage	2.07	2.07
D/E Ratio	1.07	1.07

The Total Return per year is shown below for years of 5 to 35 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	23.03%	33.38%	24.90%	8.48%
2015	10	17.65%	16.42%	11.89%	4.53%
2010	15	20.67%	7.63%	5.06%	2.57%
2005	20	20.42%	8.10%	5.98%	2.12%
2000	25	21.92%	11.31%	9.17%	2.14%
1995	30		12.12%	10.23%	1.88%
1990	35		19.13%	16.53%	2.61%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.95, 8.05 and 9.16. The corresponding 10 year ratios are 6.79, 8.01 and 9.22. The corresponding historical ratios are 10.23, 13.56 and 15.70. The current ratio is 12.39 based on a stock price of $62.55 and Earnings per Share estimate for 2026 of $5.05. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. A ratio of 12.39 is not a high P/E Ratio, it is sort of medium.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.87, 10.46 and 12.05. The corresponding 10 year ratios are 9.17, 10.91 and 12.66. The corresponding historical ratios are 9.47, 11.68 and 15.82. The current ratio is 14.15 based on a stock price of $62.55 and Earnings per Share estimate for 2026 of $4.42. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. A ratio of 14.15 is not a high P/E Ratio, it is sort of medium.

I get a Graham Price of $46.04. The 10-year low, median, and high median Price/Graham Price Ratios are 0.81, 1.00 and 1.15. The current ratio is 1.36 based on a stock price 62.55. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This is an important test. The normal range for P/GP Ratios is from 0.80 to 1.20. So a ratio of 1.36 is on the high side.

I get a 10-year median Price/Book Value per Share Ratio of 1.55. The current ratio is 2.93 based on a stock price of $62.55, Book Value of $44,366M and Book Value per Share of $21.31. The current ratio is 90% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $23.42. This implies a ratio of 2.67 with a stock price of $62.55 and a Book Value of $45,751M. This ratio is 73% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.20. The current ratio is 6.54 based Cash Flow per Share estimate for 2026 of $9.56. The current ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that analysts expect the CFPS to increase by some 38% in 2026 as compared to 2025.

I get an historical median dividend yield of 1.48%. The current dividend yield is 4.00% based on dividends of $2.50 and a stock price of $62.55. The current yield is 170% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. Dividend yield started out below 1% and has moved higher ever since.

I get an historical median dividend yield of 4.17%. The current dividend yield is 4.00% based on dividends of $2.50 and a stock price of $62.55. The current yield is 4% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.04. The current P/S Ratio is 2.78 based on Revenue estimate for 2026 of $41,511M, Revenue per Share of $22.54 and a stock price of $62.55. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. I think it is a hold. The 10 year dividend yield test says it is reasonable but above the median. This is not confirmed by the P/S Ratio test that says it is expensive. Almost all the testing is showing that the stock price is relatively expensive. I think it is a hold.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (3), Hold (10) and Underperform (2). The consensus is a Buy. The 12 month stock price consensus is $70.35 with a high of $90.00 and a low of $55.00. The consensus stock price of $70.35 implies a total return of 16.47% with 12.47% from capital gains and 4.00% from dividends based on a current stock price of $62.55.

Analysts on Stock Chase are a fan of this company, but some think that the price of oil and this company is too high. Robin Brown on Motley Fool thinks this stock is a must-hold for dividends. Daniel Da Costa on Motley Fool thinks this is the stock to hold for the long term. The company put out a press release via TMX Newsfile about their fourth quarter of 2025.

Zacks via Yahoo Finance says that CNQ is a Strong Buy. Simply Wall Street via Yahoo Finance thinks this stock maybe undervalued. Simply Wall Street has three warnings out on my stock of earnings are forecast to decline by an average of 8% per year for the next 3 years; significant insider selling over the past 3 months; and large one-off items impacting financial results. For this last item, the AEPS is important.

Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada. The company also has smaller offshore production operations in the North Sea and Africa. Its web site is here Canadian Natural Resources.

The last stock I wrote about was about was South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more. The next stock I will write about will be Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more on Friday, May 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy May 2026.... learn more on Thursday, May 7, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

South Bow Corp

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios are mostly fine, but debt is too high. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is good with no current dividend growth, but analysts expect growth in the future. See my spreadsheet on South Bow Corp.

Is it a good company at a reasonable price? The analysts’ recommendations go from Strong Buy to Sell and everything in between. Personally, I plan to hold on to this stock at this present time and see how things go. The stock price has only gone up since it was spun off. The US$ stock price went up 17% in 2025 and another 27% so far in 2026. Revenue is down 5% in 2025 and is expected to only rise 0.5% in 2026. AEPS went up 7% in 2025 (after falling 24% in 2024) and is expected to drop 8% in 2026. The dividends have not changed since this stock was spun off. It may be time to watch and see where this stock goes before buying.

I own this stock of South Bow Corp (TSX-SOBO, NYSE-SOBO). I got this stock because it was a spin-off of TC Energy on October 3, 2024.

When I was updating my spreadsheet, I noticed that this stock has doubled in price since 3 October 2024 when it was spin-off from TC Energy Corp. Over the past 3 years Revenue is down a bit (.95%), EPS and AEPS are down (3% and 19%), Net Income is up a bit (2%), but the stock price is up 23%. They have a lot of debt.

If you had invested in this company in October 2024, for $1,003.05 in CDN$ you would have bought 34 shares at $29.79 per share. In December 2025, after 1 years and 2 months you would have received $94.18 in dividends. The stock would be worth $1,124.57. Your total return would have been $1,218.75. This would be a total return of 29.02% per year with 20.97% from capital gain and 8.05% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$29.79	$1,012.86	34	1	$94.18	$1,124.57	$1,218.75

The current dividend yield is good with no current dividend growth, but analysts expect growth in the future. The current dividend yield is good (5% to 6% ranges) at 5.71%. We only have another yield and that is for 2025 as dividends started in 2025 and that yield is 7.28%, a yield 14% above the current yield. There is really not much testing to be done here. Analysts do expect slight dividend growth in the future.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 97% and this year’s expected DPR of 105%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 102% and this year’s expected DPR of 105%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 58% and this year’s expected DPR of 62%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Free Cash Flow (FCF) is too high at 72% and this year’s expected DPR of 69%. DPR is expected to go lower in 2027 and 2028. FCF for 2025 varies from $596M to $753M. I am using $570M. The DPR for Distributable Cash Flow for 2025 is fine at 59% and this year it is expected to also be 59% and then go up slightly in 2027 and 2028.

Item	Cur	This Yr
EPS	96.62%	105%
AEPS	101.52%	105%
CFPS	58.09%	62%
FCF	72.98%	69%
DCF	58.67%	59%

Debt Ratios are mostly fine, but debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.01 and currently better at 0.87, but a lot of analysts like to see this at 0.50 or lower. The Liquidity Ratio for 2025 is good at 1.50 and 1.50 currently. The Debt Ratio for 2025 is low at 1.32 and 1.32 currently. I like to see this ratio at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.13 and 3.13 and currently at 4.13 and 3.13. I like to see these ratios below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	1.01	0.87
Intang/GW	0.00	0.00
Liquidity	1.50	1.50
Liq. + CF	1.52	1.48
Debt Ratio	1.32	1.32
Leverage	4.13	4.13
D/E Ratio	3.13	3.13

The Total Return per year is shown below for 2 years to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.	US$
2020	2	0.00%	16.18%	12.18%	4.00%	16.18%

The 2-year low, median, and high median Price/Earnings per Share Ratios are 11.54, 13.08 and 14.62. The current P/E Ratio is 18.42 based on a Stock Price of $35.01 and EPS estimate for 2026 of $1.90. This ratio is higher than the high 2 year median P/E Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 2-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 12.54, 14.16 and 15.79. The current P/AEPS Ratio is 19.24 based on a Stock Price of $35.01 and AEPS estimate for 2026 of $1.82. This ratio is higher than the high 2 year median P/AEPS Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have Adjusted Funds from Operations (AFFO) data. The 2-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 6.90, 7.80 and 8.70. The current P/AFFO Ratio is 10.64 based on a Stock Price of $35.01 and AFFO estimate for 2026 of $3.29. This ratio is higher than the high 2 year median P/AFFO Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a Graham Price of $32.41. The 2-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.05 and 1.18. The current ratio is 1.47 based on a stock price of $47.68. This ratio is higher than the high 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 2-year median Price/Book Value per Share Ratio of 1.95. The current P/B Ratio is 2.69 based on a Book Value of $2,709M, Book Value per Share of $13.01 and a stock price of $35.01. The current P/B Ratio is 38% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have a Book Value per Share estimate for 2026 of $13.18. This implies a ratio of 2.66 based on a Book Value per Share of $13.18, Book Value of $2,745M and a stock price of $35.01. This ratio is 36% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 2-year median Price/Cash Flow per Share Ratio of 8.49. The current ratio is 10.91 based on Cash Flow per Share estimate for 2026 of $3.21, Cash Flow of $668.5M and a stock price of $35.01. The current ratio is 29% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I get a 1 year median dividend yield of 7.86%. The current dividend yield is 5.71% based on dividends of $2.00 and a stock price of $35.01. The current dividend yield is 27% below the 1 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

The 2-year median Price/Sales (Revenue) Ratio is 2.39. The current P/S Ratio is 3.65 based on Revenue estimate for 2026 of $1,996M, Revenue per Share of $9.58 and a stock price of $35.01. The current ratio is 53% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

Results of stock price testing is that the stock price is relatively expensive. Basically, the testing is showing that the stock price has gone up faster than other growth. Analysts’ recommendations are all over the place.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (9), Underperform (2) and Sell (4). The consensus would be a Hold. The 12 months consensus is $42.60 ($31.08 US$) with a high of $50.31 ($36.71 US$) and low of $22.89 ($16.70 US$). The 12 month consensus stock price of $42.60 implies a total loss of 4.91% with 10.66% from capital loss and 5.75% from dividends based on a current stock price of $47.68.

Analyst on Stock Chase do not like to this stock. They say it is a slow grower with a juicy yield but meager prospects for growth. Daniel Da Costa on Motley Fool says it has a sustainable dividend yield and stability and a good stock to buy in this environment. Brian Paradza on Motley Fool says to buy this stock for its passive income. The company put out a press release via Global Newswire about its fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance review this stock and think that it is better to buy stock in profitable companies like South Bow.

South Bow Corp is a energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like crude oil, across Canadian provinces, U.S. states, and Gulf coasts. Its web site is here South Bow Corp.

The last stock I wrote about was about was Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more. The next stock I will write about will be Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more on Wednesday, May 6, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks May 2026.... learn more on Tuesday, May 5, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Pembina Pipelines Corp

First of all, I have to raise some more money in the LIF accounts for withdrawals. I like to have cash, plus expected dividends, in my RIF and LIF accounts to pay for with my withdrawals over the next five years. This is so I do not have to sell into a bear market. Generally, bear markets do not last more than 3 years, but just to be sure, I use a 5 year measure. So today, I sold my shares in Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF) as this stock has not done much for quite some time now.

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is showing this stock as relatively expensive. Debt Ratios are fine, but it would be nice to have a better Liquidity Ratio. The Dividend Payout Ratios (DPR) are fine based on AFFO and CFPS. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Pembina Pipelines Corp.

Is it a good company at a reasonable price? I still like this stock and I plan to continue to hold the shares that I have. I know analysts are giving it a strong buy but I wonder about that as they do not expect it to go much higher over the next year. If you buy stocks, you should always buy them over time (over a few years) and in different months. The TSX chart shows that this stock is at an all-time peak. My testing is suggesting that the stock price is relatively expensive.

I own this stock of Pembina Pipelines Corp (TSX-PPL, NYSE-PBA). In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%. When I purchased this stock, it was an Income Trust company.

When I was updating my spreadsheet, I noticed I have had this stock for 24 years and I have made purchases over the years of 2004 to 2020 and I have a total return of 15.88% with 7.87% from capital gains and 8.01% from dividends. Not much happen in 2025, but so far this year the stock is up 21%. I noticed that all the officers I am following bought shares over the past year. None of the directors I am following bought any.

The company did not have a particularly good year. Revenue was up 5%, but EPS was down 11%, AEPS down 11%, AFFO down 14%, FFO down 1%, but Cash Flow up 3%. Next year expectations are Revenue was up 2%, with EPS was up 8%, AEPS up 3%, AFFO up 0.4%, but FFO down 8%, and Cash Flow down 7%.

If you had invested in this company in December 2015, for $1,0025.10 you would have bought 34 shares at $30.15 per share. In December 2025, after 10 years you would have received $825.61 in dividends. The stock would be worth $1,1777.86. Your total return would have been $2,603.47. This would be a total return of 11.95% per year with 5.66% from capital gain and 6.29% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.15	$1,025.10	34	10	$825.61	$1,777.86	$2,603.47

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.50%. The 5, 10 and historical median dividend yields are good (5% to 6%) at 5.57%, 5.33%, and 6.86%. The dividend growth is low (below 8% per year) at 2.4% per year. The last dividend increase was in 2025 and it was for 2.9%.

The Dividend Payout Ratios (DPR) are fine based on AFFO and CFPS. The DPR for 2025 for Earnings per Share (EPS) is too high at 106% with 5 year coverage at 84%. Analysts expect the DPR to be 99% in 2026 and fall to 85% in 2027. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 96% with 5 year coverage at 98%. Analysts expect the DPR to be 94% in 2026 and fall to 90% in 2027. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 57% with 5 year coverage at 53%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 41% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 71% with 5 year coverage at 68%. FCF varies from $2,300M to $2,517M and I am using $2,300M.

Item	Cur	5 Years
EPS	106.02%	84.28%
AEPS	96.89%	97.91%
AFFO	57.43%	53.05%
CFPS	40.63%	39.72%
FCF	71.22%	68.38%

Debt Ratios are fine, but it would be nice to have a better Liquidity Ratio. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.40 and currently at 0.34. The Liquidity Ratio for 2025 is far too low at 0.61 and 0.61 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.41 and currently at 1.29. I prefer this ratio to be at 1.50 or higher. The Debt Ratio for 2025 is good at 1.89 and 1.89 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.12 and 1.12 and currently at 2.12 and 1.12.

Type	Year End	Ratio Curr
Lg Term R	0.40	0.34
Intang/GW	0.21	0.17
Liquidity	0.61	0.61
Liq. + CF	1.41	1.29
Debt Ratio	1.89	1.89
Leverage	2.12	2.12
D/E Ratio	1.12	1.12

The Total Return per year is shown below for years of 5 to 28 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.36%	18.87%	11.68%	7.19%
2015	10	4.64%	11.95%	5.66%	6.29%
2010	15	3.89%	12.71%	6.07%	6.64%
2005	20	5.00%	13.25%	6.12%	7.13%
2000	25	4.40%	16.95%	7.49%	9.46%
1997	28	5.94%	19.97%	8.07%	11.90%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.01, 17.56 and 20.10. The corresponding 10 year ratios are 15.32, 18.01 and 20.47. The corresponding historical ratios are 18.38, 20.36 and 23.05. The current ratio is 22.08 based on a stock price of $63.16 and EPS estimate for 2026 of $2.86. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) Data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.36, 18.45, 20.19. The corresponding 10 year ratios are 16.08, 18.48 and 20.52. The corresponding historical ratios are 16.80, 18.50 and 20.84. The current ratio is 21.05 based on a stock price of $63.16 and AEPS estimate for 2026 of $3.00. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) Data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 7.99, 9.24 and 10.58. The corresponding 10 year ratios are 9.51, 9.79 and 11.35. The corresponding historical ratios are 7.99, 924 and 10.58. The current ratio is 12.81 based on a stock price of $63.16 and AFFO estimate for 2026 of $4.93. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (AFFO) Data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 8.03, 9.17 and 10.14. The corresponding 10 year ratios are 8.20, 9.30 and 10.49. The corresponding historical ratios are 9.20, 10.84 and 12.99. The current ratio is 12.15 based on a stock price of $63.16 and FFO estimate for 2026 of $5.20. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $41.80. The 10-year low, median, and high median Price/Graham Price Ratios are 1.07, 1.22 and 1.41. The current ratio is 1.51 based on a stock price of $63.16. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.68. The current ratio is 2.44 based on a stock price of $63.16, Book Value of $15,042M, and Book Value per share of $25.89. The current ratio is 45% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share Ratio for 2026 of $25.75. This analyst calculates the Book Value differently than I do and, in this case, the 10 year P/B Ratio is 1.54. The ratio for a Book Value per Share of $25.75 is 2.45 with a stock price of $63.16 and Book Value of $14,961M. This ratio is 59% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.49. The current P/CF Ratio is 12.01 based on Cash Flow per Share estimate for 2026 of $5.26, Cash Flow of $3,056M and a stock price of $63.16. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 6.86%. The current ratio is 4.50% based on a stock price of $63.16 and dividends of $2.84. The current dividend is 34% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust with a high dividend yield because income trust can pay higher dividends than corporations.

I get a 10 year median dividend yield of 5.33%. The current ratio is 4.50% based on a stock price of $63.16 and dividends of $2.84. The current dividend is 16% below the 10 yar median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This stock became a corporation in 2009, more than 10 years ago.

The 10-year median Price/Sales (Revenue) Ratio is 3.17. The current ratio is 4.61 based on Revenue estimate for 2026 of $7,967M, Revenue per Share of $13.71 and a stock price of $63.16. The current P/S Ratio is 45% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is showing this stock as relatively expensive. The 10 year dividend yield testing is saying that the stock price is relatively expensive. The P/S Ratio test confirms this. All the rest of my testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (6), Hold (6) and Sell (1). The consensus is a Strong Buy. The 12 months stock price consensus is $62.94 with a high of $69.00 and low of $52.00. The 12 month stock price consensus of $62.94 implies a total return of 4.15% with a 0.35% capital loss and 4.15% from dividends based on a current stock price of $63.16. A strong buy does not really go with a lower stock price in 12 months’ time.

The are two Buys, a Top Pick and Partial Buy on Stock chase for 2026. The analysts like this stock and one calls it a pure-play pipeline infrastructure stock. Jitendra Parashar on Motley Fool says this stock has a strong dividend and solid fundamentals. Robin Brown on Motley Fool says to buy this stock because of Canada’s infrastructure spending boom.. The company put out an Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it is undervalued. Simply Wall Street has two warnings of Has a high level of debt; and dividend of 4.6% is not well covered by earnings.

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its operations include transmission pipelines, oil and gas gathering, fractionation, storage, and natural gas liquid exports. It also has a joint venture through the Cedar LNG export terminal. Its web site is here Pembina Pipelines Corp.

The last stock I wrote about was about was Barrick Mining Corp (TSX-ABX, NYSE-B) ... learn more. The next stock I will write about will be South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more on Monday, May 4, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Barrick Mining Corp

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Barrick Mining Corp.

Is it a good company at a reasonable price? If you look at the chart for this stock, it is off its recent high. This is a positive for buying. It is mining gold and gold prices have shot up. It is a resource stock and resource stocks have a tendency to be cyclical. I never have much in resource stocks because of this. I have resource stocks in my portfolio to keep track of them because they are important in Canada. It is quite possible a Buy.

I own this stock of Barrick Mining Corp (TSX-ABX, NYSE-B). I bought some of this stock in April 2013 because its stock price had fallen hard. I believed the market over reacted. I just bought 100 shares as I am living off my portfolio and do not have much to invest. I bought another 100 shares in 2016. However, this is a resource stock and I only buy resource stocks so I pay attention to that aspect of the TSX. I plan to have only a small stack in any resource stock.

When I was updating my spreadsheet, I noticed I have had this stock for 13 years and I have a total return of 12.94% per year with 11.58% from capital gains and 1.36% from dividends. The company raised their dividend payments by 140% in 2026. They had a very good year in 2025 and stock went up 168% in 2025, but so far this year it is down by around 8%. It is interesting that the CEO increased the number of shares he owns but a most of insider decreased theirs, but some did keep what they had.

If you had invested in this company in December 2015, for $1,003.52 you would have bought 98 shares at $10.24 per share. In December 2025, after 10 years you would have received $504.81in dividends. The stock would be worth $5,859.42. Your total return would have been $6,364.23. This would be a total return of 21.22% per year with 19.30% from capital gain and 1.92% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.24	$1,003.52	98	10	$504.81	$5,859.42	$6,364.23

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 4.24%. The 5 year median dividend yield is moderate at 2.27%. The 10 year and historical median dividend yield is low (below 2%) at 1.525 and 1.27%. The dividends have increased at a moderate rate (8% to 14% per year) over the past 5 years at 11.1%. The last dividend increase was in 2026 and it was for 140%. Dividend have gone up and down over the years and the changes for the past 5 years to 2025 are 55.00%, 16.13%, 80.56%, -38.46%, 0.00%, and 31.25%. Dividends are paid in US$ and the company issues its financial statements in US$.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 18% with 5 year coverage at 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 22% with 5 year coverage at 47%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is good at 22% with 5 year coverage at 42%. With the big increase in dividends for 2026, DPR for EPS is expected to be 44% and for AEPS 44%. FCF for 2025 varies from $3,890M to $5,760M. I am using $3,890M.

Item	Cur	5 Years
EPS	17.92%	48.57%
AEPS	21.69%	47.21%
CFPS	8.90%	16.12%
FCF	22.88%	42.06%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.06 and currently at 0.07. The Liquidity Ratio for 2025 is good at 2.93 and 2.93 currently. The Debt Ratio for 2025 is good at 3.29 and 3.29 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.94 and 0.59 and currently at 1.94 and 0.59.

Type	Year End	Ratio Curr
Lg Term R	0.06	0.07
Intang/GW	0.04	0.05
Liquidity	2.93	2.93
Liq. + CF	4.88	4.91
Debt Ratio	3.29	3.29
Leverage	1.94	1.94
D/E Ratio	0.59	0.59

The Total Return per year is shown below for years of 5 to 39 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	12.76%	17.84%	15.57%	2.27%
2014	10	14.01%	21.22%	19.30%	1.92%
2009	15	3.35%	1.66%	0.79%	0.86%
2004	20	5.29%	4.15%	3.11%	1.04%
1999	25	3.03%	4.73%	3.61%	1.11%
1994	30	5.06%	2.55%	1.71%	0.84%
1989	35	7.92%	5.76%	4.53%	1.23%
1986	39	11.14%	10.84%	8.33%	2.51%

The Total Return per year is shown below for years of 5 to 39 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	11.11%	16.05%	13.84%	2.21%
2014	10	14.13%	21.43%	19.42%	2.01%
2009	15	1.18%	-0.50%	-1.32%	0.82%
2004	20	4.44%	3.37%	2.26%	1.12%
1999	25	3.54%	5.32%	3.99%	1.33%
1994	30	5.04%	2.61%	1.69%	0.92%
1989	35	7.63%	5.26%	4.04%	1.22%
1986	39	10.99%	10.93%	8.38%	2.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.35, 18.54 and 21.73. The corresponding 10 year ratios are 11.73, 16.00 and 19.55. The corresponding historical ratios are 10.64, 13.73 and 16.82. The current ratio is 10.18 based on a stock price of $38.45 and EPS estimate for 2026 of $3.78. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.09, 18.22 and 21.35. The corresponding 10 year ratios are 15.99, 21.33 and 26.91. The corresponding historical ratios are 14.20, 20.33 and 26.88. The current ratio is 10.42 based on a stock price of $38.45 and AEPS estimate for 2026 of $3.69. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $49.50. The 10-year low, median, and high median Price/Graham Price Ratios are 0.93, 1.32 and 1.67. The current ratio is 1.06 based on a stock price of $52.58. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.67. The current ratio is 2.43 based on a stock price of $38.45, Book Value of $36,399M and Book Value per Share of $21.61. The current ratio is 45% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I also have Book Value per Share Estimate for 2026 of $18.30. This will give a P/B Ratio of 2.10 with a Book Value of $30,659M and a stock price of $38.45. This ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. This test showing the stock price as expensive is a bit worrying showing the stock price as expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.02. The current ratio is 6.62 based on Cash Flow estimate for 2026 of $5.80, Cash Flow of $9,724M and a stock price of $38.45. This current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 1.27%. The current dividend yield is 4.37% based on dividends of $1.68 and a stock price of $38.45. The current dividend yield is 224% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.52%. The current dividend yield is 4.37% based on dividends of $1.68 and a stock price of $38.45. The current dividend yield is 187% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 2.78. The current ratio is 2.93 based on Revenue estimate for 2026 of $22,022M, Revenue per Share of $13.14 and a stock price of $38.45. The current ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably reasonable. The Dividend Yield testing is saying that the stock price is relatively cheap. However, the dividends have been increased by 140% in 2026. The P/S Ratio test says that the stock price is reasonable, but above the median. I think it is worrisome that P/B Ratio test is showing that the stock price is relatively expensive. A number of tests are showing that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (11), Buy (7), Hold (2), Underperform (1), and Sell (1). The consensus is a Buy. The 12 month stock price consensus is $72.20 ($52.88 US$) with a high of $94.26 ($69.04 US$) and low of $30.58 ($22.40 US$). The 12 month consensus price of $72.20 implies a total return of 41.67% with 37.31% from capital gains and 4.36% from dividends based on a current stock price of $52.58 CDN$.

There are 3 entries for 2026 on Stock Chase. One is a Top Pick and the other two are Watch. One Watch said that stock price already reflects the good times. Puja Tayal on Motley Fool says both gold and copper could generate wealth in the long term. Joey Frenette on Motley Fool says there is more growth ahead for the company. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance gives the bull and bear case for this company.

Based in Toronto, Barrick is one of the world's largest gold miners. It operates mines in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its web site is here Barrick Mining Corp.

The last stock I wrote about was about was Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF) ... learn more. The next stock I will write about will be Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more on Friday, May 1, 2025 around 5 pm. Tomorrow on my other blog I will write about Pesorama, Capital Compounders.... learn more on Thursday, April 30, 2026 around 5 pm.

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