Annual ranking highlights top-performing stocks' roles in energy security and electrification, and a shift from growth to value investing
Toronto, Ontario - Newsfile Corp. - September 10, 2024 - Toronto Stock Exchange (TSX) today announced its sixth annual TSX30®, a ranking of the top 30 performing companies based on dividend-adjusted share price performance over a three-year period. The 2024 list underscores how these companies are driving advancements in sectors such as energy, electrification, and critical minerals, while delivering strong investor returns and shaping Canada's economy.Topping the 2024 TSX30 is Hammond Power Solutions Inc. (TSX:HPS.A), a company that enables electrification through its broad range of dry-type transformers, power quality products, and related magnetics, with a dividend-adjusted share price that has increased 928% over the past three years. Collectively, TSX30 companies represent over $380 billion in market capitalization, having added an impressive $210 billion during that period — nearly a quarter of a trillion dollars in value creation — while achieving an average dividend-adjusted share price appreciation of 234%.
"This year's TSX30 reflects the leadership and innovation of Canadian companies as Canada transitions to a cleaner energy future," said Loui Anastasopoulos, CEO, Toronto Stock Exchange. "These top performers are shaping the future of Canada's economy and ensuring our strengths in energy and mining align with the emerging technology sector to keep Canada competitive on the global stage."
Adrian Thomas, CEO, Hammond Power Solutions, added, "Being named the top company in the 2024 TSX30 underscores both our commitment to driving progress in the energy sector and our team's ability to adapt and thrive in dynamic markets. We are proud to play a role in the energy transition space and strive to meet the evolving needs of a changing world."
Sector leadership: Interconnected industries driving growth
The 2024 ranking is dominated by three sectors - Oil & Gas, Industrial Products & Services, and Mining - accounting for 25 of the 30 companies on the list. This strong representation reflects the interconnected nature of these industries and their continued contributions to Canada's economic prosperity, particularly as Canada navigates energy security in the current environment and the transition to cleaner sources of energy.
Energy: Balancing security and innovation
Energy companies feature prominently on the 2024 TSX30, representing over half of the issuers. Amid global geopolitical tensions, these companies play an important role in ensuring a reliable energy supply. Athabasca Oil Corp. (TSX: ATH), for example, is a notable contributor to current energy needs while reducing the carbon intensity of its operations through transformational technologies.
Industrials and mining: Supporting the energy transition
The Industrial Products & Services sector, which includes companies like Hammond Power Solutions, can provide support and infrastructure for energy transition and electrification projects. The Mining sector is also growing, driven by demand for critical minerals needed for electric vehicles (EVs), batteries, and low-carbon and renewable energy. Half of this year's TSX30 mining companies focus on base metals crucial for these technologies. Cameco Corporation (TSX: CCO), a uranium production company and a pure-play investment in the growing demand for nuclear energy, has seen renewed interest, underscoring the importance of critical minerals in the shift to a low-carbon economy.
Technology: Catalyst for navigating energy transition
Technology companies are a driving force behind the growth across energy and related industrial sectors. Celestica Inc. (TSX: CLS), a company that offers solutions for grid stability and EV infrastructure, ranked second in the 2024 TSX30. Celestica's 706% dividend-adjusted share price increase emphasizes the importance of technology in helping navigate the transition to a lower-carbon future.
Investor trends: A shift towards value investing
The 2024 TSX30 indicates a changing investor focus from growth investing to value investing, with a preference for companies with positive cash flow and a history of consistent dividends. Nearly two-thirds (63%) of the 30 companies paid dividends, averaging a 2.8% yield. This is significantly higher compared to the eight dividend-paying companies on the 2021 TSX30, which had an average yield a full percentage point lower. This trend reflects the appeal of stable, cash-generating companies in a volatile market.
Other highlights from the 2024 ranking include:
- Graduations from TSX Venture Exchange (TSXV) to TSX: Nine of this year's TSX30 companies graduated from TSXV, showcasing how this unique two-tiered ecosystem can nurture emerging businesses in growing their market capitalization and investor exposure.
- Representation on leading indices: 17 of the companies are included on either the S&P/TSX Composite Index* or S&P/TSX 60 Index*, enhancing their visibility among investors globally.
- Consistent performers: 14 of the 2024 TSX30 companies have appeared in previous TSX30 rankings (since 2019), with their collective dividend-adjusted share prices up 210% and market capitalization rising 147% during that time.
For detailed results and further information about the ranking methodology, visit www.tsx.com/tsx30.
The 2024 TSX30 ranking:
| Ranking | Company Name | Ticker | Three-year dividend-adjusted share price performance |
| 1 | Hammond Power Solutions Inc. | HPS.A | 928% |
| 2 | Celestica Inc. | CLS | 706% |
| 3 | Athabasca Oil Corporation | ATH | 429% |
| 4 | CES Energy Solutions Corp. | CEU | 335% |
| 5 | TerraVest Industries Inc. | TVK | 289% |
| 6 | NuVista Energy Ltd. | NVA | 257% |
| 7 | Bird Construction Inc. | BDT | 245% |
| 8 | MEG Energy Corp. | MEG | 226% |
| 9 | Secure Energy Services Inc. | SES | 216% |
| 10 | International Petroleum Corporation | IPCO | 215% |
| 11 | China Gold International Resources Corp. Ltd. | CGG | 208% |
| 12 | Fairfax Financial Holdings Limited | FFH | 202% |
| 13 | Bombardier Inc. | BBD.B | 200% |
| 14 | Cameco Corporation | CCO | 186% |
| 15 | Computer Modelling Group Ltd. | CMG | 184% |
| 16 | Mattr Corp. | MATR | 183% |
| 17 | Imperial Oil Limited | IMO | 167% |
| 18 | ARC Resources Ltd. | ARX | 154% |
| 19 | Canadian Natural Resources Limited | CNQ | 152% |
| 20 | PHX Energy Services Corp. | PHX | 152% |
| 21 | Filo Corp. | FIL | 144% |
| 22 | Obsidian Energy Ltd. | OBE | 142% |
| 23 | Cenovus Energy Inc. | CVE | 141% |
| 24 | Teck Resources Limited | TECK.B | 140% |
| 25 | Olympia Financial Group Inc. | OLY | 139% |
| 26 | Vitalhub Corp. | VHI | 136% |
| 27 | Dynacor Group Inc. | DNG | 136% |
| 28 | Spartan Delta Corp. | SDE | 135% |
| 29 | Cardinal Energy Ltd. | CJ | 134% |
| 30 | Alamos Gold Inc. | AGI | 134% |
Source: All data is sourced from TSX/TSXV Market Intelligence Group analysis. Based on historical dividend-adjusted share prices from S&P Capital IQ as at June 30, 2024.
*The S&P/TSX Composite Index and the S&P/TSX 60 Index (the "Indices") are the products of S&P Dow Jones Indices LLC ("SPDJI") and TSX Inc. ("TSX"). Standard and Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and TSX® is a registered trademark of TSX. SPDJI, Dow Jones, S&P and TSX do not sponsor, endorse, sell or promote any products based on the Indices and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the Indices or any data related thereto.
About TMX Group (TSX: X)
TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, TMX Trayport and TMX VettaFi, which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London, Singapore and Vienna. For more information about TMX Group, visit www.tmx.com. Follow TMX Group on X: @TMXGroup.
Copyright © 2024 TSX Inc. All rights reserved. Do not copy, distribute, sell or modify this press release without TSX Inc.'s prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this article, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This article is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The information provided is not an invitation to purchase securities listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group and its affiliated companies do not endorse or recommend any securities referenced in this publication. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, TSX Venture Exchange, TSXV, The Future is Yours to See., and Voir le futur. Réaliser l'avenir. are the trademarks of TSX Inc. All other trademarks used in this article are the property of their respective owners.
For more information on the 2024 TSX30 program, please contact:
Cecely Roy
Senior Consultant
Hill & Knowlton
647-800-5883
cecely.roy@hillandknowlton.com
For more information on TMX Group, please contact:
Catherine Kee
Head of Media Relations
TMX Group
416-671-1704
catherine.kee@tmx.com
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source: TMX Group Limited
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