Canadian Market Movers: 5 TSX Stocks Making Waves Right Now

Key Highlights:

• Canadian Natural Resources (TSX:CNQ) surges with steady production and appealing dividend yields
• Athabasca Oil (TSX:ATH) rallies on strong returns on capital and a profitable pivot
• Mandalay Resources (TSX:MND) discovers a new high-grade gold domain, boosting its growth runway
• Silvercorp Metals (TSX:SVM) capitalizes on metal price trends and cost efficiencies
• Pulse Seismic (TSX:PSD) leverages its niche seismic library model and stable balance sheet

Canada’s stock market has historically been a hotspot for resource-focused companies, especially in the energy and mining sectors. In 2024 and into early 2025, this trend is intensifying against a backdrop of shifting commodity prices, easing inflation fears, and an ongoing push towards global energy security. Below, we take a deep dive into five trending Canadian stocks that have piqued investor interest. We’ll look at relevant performance metrics, fundamental strengths, fresh corporate developments, and short technical insights to explain why these TSX-listed companies might be worth monitoring in the months ahead.

In this article, we will discuss:

1. Canadian Natural Resources (TSX:CNQ): A large-scale oil and gas producer known for robust dividends and stable earnings.
2. Athabasca Oil (TSX:ATH): An oil sands operator showcasing transformative returns on capital employed.
3. Mandalay Resources (TSX:MND): A mid-tier gold miner with a newly discovered gold domain that could extend its mine life.
4. Silvercorp Metals (TSX:SVM): A mineral exploration and mining enterprise benefiting from ongoing demand for precious metals.
5. Pulse Seismic (TSX:PSD): A niche seismic data provider with a unique, capital-light revenue model.

Whether you’re a long-term value investor or a short-term trader on the lookout for momentum, these names merit attention. Let’s look at their latest developments, performance highlights, and what might be on the horizon.

1. Canadian Natural Resources (TSX:CNQ)

Overview & Fundamentals

Canadian Natural Resources Limited (CNQ) is one of Canada’s largest oil and gas producers, renowned for its balanced mix of natural gas, light oil, heavy crude, and synthetic crude oil. As of its latest trading session, CNQ’s share price hovered around CAD 32.25 at market close, with pre-market updates indicating a modest continuation of positive momentum. The company’s market cap stands at a hefty CAD 68.15 billion.

From a fundamental perspective, CNQ trades at a P/E ratio (TTM) of 13.27, with EPS (TTM) at CAD 2.43. It offers a forward dividend of CAD 1.55 per share, translating to a relatively generous yield of 4.81%—an attractive feature for income investors, especially in volatile markets. Notably, its beta is 1.88, indicating that CNQ’s share price has shown sensitivity to broader market movements, but the scale and diversification of its operations offer significant resilience over the long run.

Recent Performance & Shareholder Returns

Over the last five years, CNQ’s share price has soared by an impressive 120%. However, when factoring in total shareholder returns (TSR), which accounts for dividends reinvested, that figure spikes to a remarkable 194%. This highlights the potency of CNQ’s dividend-paying model in augmenting returns.

Recent data also points to a five-year compound EPS growth of approximately 16% per year. Interestingly, the stock has returned about 17% on an annualized basis over the same period—suggesting that market sentiment towards CNQ has remained broadly in line with its growing earnings profile.

What’s Driving the Trend?

• Steady Production Growth: CNQ benefits from diversified assets across North America and offshore Africa. This production depth stabilizes revenues even if one region encounters operational hiccups.
• Attractive Dividend Profile: With a track record of consistent and growing dividends, the company has solidified itself as a go-to stock for yield-seeking investors in the energy sector.
• Positive Insider Action: Insiders have reportedly made significant share purchases over the last year, often interpreted as a sign of confidence in the company’s future.

Short Technical Analysis

From a technical standpoint, CNQ remains in an uptrend. Recent price movement has climbed from the low CAD 30s to around CAD 32–33 per share, with day’s range data showing minor fluctuations between CAD 32.09 and 32.78. The 52-week range of CAD 29.23 to 41.29 reveals that the stock is trading close to its midpoint. If CNQ can decisively hold above CAD 32, it may attempt to retest higher resistance levels around the CAD 35 mark. Volume indicators suggest steady institutional interest, with average daily volume hovering just above 4 million shares.

2. Athabasca Oil (TSX:ATH)

Overview & Fundamentals

Athabasca Oil Corporation (ATH) has carved a niche in Canada’s oil sands and thermal oil production. Closing recently at CAD 5.45, ATH sports a market cap of CAD 2.88 billion and a PE ratio (TTM) of 13.62, accompanied by EPS (TTM) of CAD 0.40. While the stock dipped modestly by 2.15% in its last session, it remains near the upper zone of its 52-week range between CAD 4.03 and 5.72.

Return on Capital & Growth Narrative

An essential highlight for Athabasca Oil has been its robust Return on Capital Employed (ROCE)—currently around 19%. Importantly, the company achieved positive earnings in recent quarters, turning from unprofitable to profitable, fueling investor enthusiasm. Analysts underscore that it has maintained this return without significantly increasing its capital base, illustrating efficient capital allocation.

The stock has returned 868% over the last five years, a testament to Athabasca’s successful operational turnaround and improved oil prices over much of that period.

Why the Optimism?

• ROCE Momentum: The jump to 19% ROCE places ATH in a desirable bracket within the broader Oil & Gas industry, overshadowing the sector’s median of roughly 9–10%.
• Profitability Gains: Having just pivoted into profitability, the company’s potential to reinvest excess free cash flow remains a draw for growth-oriented investors.
• Higher Production & Commodity Prices: With oil prices holding at decent levels, Athabasca’s near-term prospects look stable, buttressed by healthy margins.

Short Technical Analysis

Technically, ATH’s stock made a steady climb throughout 2024. The day’s range of CAD 5.37 to 5.70 indicates short-term volatility. A break above CAD 5.70 could signal momentum toward a new 52-week high. However, short-term traders might watch for support around the CAD 5.00 mark. The stock’s beta (5Y monthly) of 1.99 shows it’s more volatile than the broader market, which can benefit traders looking to capitalize on larger price swings.

3. Mandalay Resources (TSX:MND)

Overview & Fundamentals

Mandalay Resources Corporation (MND), with a market cap around CAD 375 million, is a diversified miner producing gold, silver, and antimony from operations in Sweden and Australia. Recent news spotlighting new gold vein discoveries at its Björkdal mine in Sweden has invigorated the share price, which now trades near CAD 4.00. The company’s P/E ratio (TTM) is about 8.89, with EPS (TTM) at CAD 0.45, suggesting a relatively low valuation multiple compared to many of its small-cap mining peers.

New Discovery at Björkdal

In its December 2024 update, Mandalay announced the “North Zone Below Marble” discovery—roughly 200 meters north of its current underground operations. Early drilling has identified at least 18 mineralized veins over a 400-meter strike length and 250-meter vertical depth. Importantly, some high-grade intercepts included:

• 178.9 g/t gold over 1.15 m
• 39.6 g/t gold over 3.90 m

This discovery could extend Björkdal’s mine life and significantly enhance Mandalay’s long-term production profile. A maiden Mineral Resource estimate for this new domain is expected in early 2025.

Additional Exploration Success

• Main Zone Infill Drilling: Continues to show consistent, higher-grade veining, confirming Eastern Extension potential.
• Aurora Zone: Drilling discovered wide gold-bearing veins at depth and to the east, with intercepts of 3.4 g/t over 7.4 m, potentially supporting bulk tonnage extraction.

Why Investors are Paying Attention

• Resource Expansion: Ongoing discoveries can dramatically raise the company’s asset valuations, which historically has correlated with higher share prices for junior and mid-tier mining companies.
• Strong Financial Health: Mandalay’s short-term assets exceed its liabilities, and it has generated significant operating cash flow to cover debt obligations.
• High Production Growth: Mandalay’s output rose substantially in the last two years, bolstering earnings.

Short Technical Analysis

MND has advanced from under CAD 2.00 in early 2024 to around CAD 4.00 by January 2025, riding a wave of exploration-driven optimism. The stock’s 52-week range of CAD 1.38 to 4.85 suggests there is still room to revisit its recent high of CAD 4.85. If the stock maintains support above CAD 3.90–4.00, the uptrend could remain intact, making the next resistance near CAD 4.50. Trading volume is somewhat thin, so daily fluctuations can be pronounced.

4. Silvercorp Metals (TSX:SVM)

Overview & Fundamentals

Silvercorp Metals is a polymetallic miner primarily focused on silver, lead, and zinc with operations in China and, via recent acquisitions, exploration assets in Ecuador. It trades around CAD 4.36 and carries a market cap of CAD 948.57 million, with a P/E ratio (TTM) of about 10.38. This multiple is relatively modest for a precious metals producer, reflecting both the cyclical nature of silver prices and investor caution regarding geopolitical risks.

The company offers a small forward dividend yield of 0.82%. Analysts have noted that Silvercorp’s Zacks Rank #1 rating (as referenced by some market commentators) indicates momentum in earnings estimates, a marker of potential share price growth if silver maintains or increases its price levels.

Recent Developments

1. El Domo Project in Ecuador: Silvercorp, now owning local subsidiary Curimining S.A. in partnership with Salazar Resources, is forging ahead with the El Domo Project. The target is to bring this asset into production by the second half of 2026.
2. Cost and Process Optimization: The company is refining the design of its Tailing Storage Facilities and reevaluating open-pit mining strategies, which may lead to better cost control and expanded resource estimates.
3. Conservative Valuation: A P/E below 11 can be attractive for value-focused investors, especially in the metals space where operational efficiency can quickly boost margins.

Why Silvercorp Stands Out

• Rising Metals Demand: Silver has multiple industrial applications (solar panels, electronics), suggesting strong demand outlook amid global electrification trends.
• Cost Discipline: Silvercorp has a proven track record of producing metals at relatively low all-in sustaining costs (AISC), supporting profitability.
• Exploration Upside: Projects like El Domo and a pipeline of early-stage properties could spark future production growth.

Short Technical Analysis

SVM is trading near the midpoint of its 52-week range of CAD 3.01 to 7.34. After a brief dip under CAD 4.00 in 2024, the stock showed signs of recovery. A push above the CAD 4.50 resistance may pave the way for a test of the CAD 5.00 mark. Given silver’s cyclical price, SVM often tracks commodity sentiment, so technical traders should keep an eye on daily silver price movements for correlation.

5. Pulse Seismic (TSX:PSD)

Overview & Fundamentals

Pulse Seismic is a specialized company managing a seismic data library for the energy sector across Western Canada. The firm’s market cap stands at around CAD 120 million. Its business model involves licensing the same seismic data multiple times to various oil and gas operators, creating an asset-light and high-margin approach once initial costs are recouped.

Pulse Seismic has reported revenue of CAD 2.7 million in Q3 2024, down from CAD 5.1 million in the same period a year earlier. This variability is partially due to the cyclical nature of seismic data demand. However, Pulse maintains a debt-free balance sheet and has about CAD 7.5 million in cash.

Dividend & Earnings Outlook

• Dividend Yield: The company offers an annualized dividend of around CAD 0.06 per share, near a 2.5–4.7% yield range (depending on the reference period and payout schedules).
• Earnings Projections: Analysts forecast a slight improvement in adjusted earnings per share from CAD 0.04 in 2023 to CAD 0.05 in 2024, but caution remains due to the cyclical nature of the oil and gas exploration budgets.

Why It’s Trending

• Niche Competitive Advantage: Pulse Seismic operates in a market segment where seismic data is often cheaper to license than to acquire anew, giving Pulse an advantage with its existing, extensive data library.
• Potential for Upside: Any uptick in upstream exploration activity could lead to a surge in licensing requests, translating into high-margin revenue.
• Strong Balance Sheet: Debt-free status and manageable operating costs cushion the company against cyclical downturns.

Short Technical Analysis

PSD trades around CAD 2.35, with a 52-week range of CAD 1.85 to 2.59. A consistent ability to stay above the CAD 2.00 level suggests a base of support. Technical traders might look for volume spikes in tandem with announcements of significant licensing deals, as these can drive quick price appreciation. Momentum above CAD 2.40 could indicate a test of the year high near CAD 2.60.

Why These Stocks Merit Attention

1. Sector Tailwinds: Energy and mining remain cornerstones of the Canadian economy. Any upward movement in commodity prices has a multiplier effect on these stocks.
2. Dividend and Growth Balance: Companies like CNQ combine stable dividends with growth potential, appealing to a broad investor base.
3. Operational Efficiency: Athabasca Oil and Mandalay Resources demonstrate improved returns on capital and successful exploration, respectively—signals of operational efficiency that can drive long-term shareholder value.
4. Specialized Niches: Silvercorp’s foray into new growth areas (El Domo in Ecuador) and Pulse Seismic’s unique data model illustrate how specialized operations can create outsized returns when the sector cycle turns favorable.

Key Risks to Consider

• Commodity Price Volatility: Both energy and metals companies can be heavily impacted by swings in global prices.
• Regulatory & Environmental Factors: Projects like open-pit mines and oil sands can face stringent regulations or community pushback.
• Execution Risk: Exploration success for Mandalay Resources or expansion plans for Silvercorp rely on successfully transitioning discoveries into profitable mining operations.
• Macroeconomic Changes: Shifts in interest rates or broader stock market volatility could affect investor sentiment toward capital-intensive resource projects.

Final Thoughts

Each of these five Canadian stocks—Canadian Natural Resources (CNQ), Athabasca Oil (ATH), Mandalay Resources (MND), Silvercorp Metals (SVM), and Pulse Seismic (PSD)—carries a distinct value proposition. CNQ offers scale and steady dividends, ATH is capitalizing on robust ROCE and newly found profitability, MND is unlocking fresh gold resources at Björkdal, SVM has an attractive valuation with new projects in the pipeline, and PSD remains a unique data play in a traditionally capital-heavy sector.

For investors, the allure lies in the combination of firm-specific catalysts and broader tailwinds. Monitoring commodity price trends, drilling and exploration updates, production guidance, and quarterly earnings reports will be crucial to gauging whether these upward trajectories can be sustained. While not without risk, these TSX-listed names show enough promise—through better balance sheets, strategic expansion, and stable dividends—to warrant a spot on any watchlist looking for Canadian market movers with growth and income potential.