TopPicks from Michael Sprung, president, Sprung Investment Management
Michael Sprung, president at Sprung Investment Management, discusses his top picks: Royal Bank of Canada, Suncor Energy, and Fortis.The Royal Bank is Canada's largest bank by market capitalization with dominant domestic banking, insurance, wealth operations and global capital markets businesses. It is a G-SIB universal bank with a scale that is advantageous in mass-market banking.
Suncor has recently announced the acquisition of Teck Resource's interest in the Fort Hills oil sands project for one billion dollars. This purchase will increase Suncor's interest in the project from 54.1 per cent to 75.4 per cent. The remaining 24.6 per cent is currently owned by TotalEnergies EP Canada Ltd. Over time, management estimates that greater control will allow better optimization of the Fort Hills operations. At current levels, the stock is attractively priced and yields 4.
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