Investing.com -- Canadian energy stocks are set to command attention on the TSX this week as analyst upgrades and tariff-related headlines drive trading activity, while major banks draw scrutiny over buybacks, earnings prospects and strategic moves.
Volume Surge: Energy Steals the Show
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Canadian Natural Resources Limited (Canadian Natural Resources Limited), Suncor Energy Inc (Suncor Energy Inc), and Enbridge Inc (Enbridge Inc) led TSX trading volume, powered by U.S. tariff headlines and sector upgrades.
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Morgan Stanley's upgrade for Suncor Energy Inc (citing an 11% free cash flow yield and exposure to refining margins) and strong trading in Canadian Natural Resources Limited and Enbridge Inc signal institutional conviction.
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Read more (Aug 30, 2026)
Financials: Buybacks, Upgrades, and Restructuring
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Bank of Montreal (Bank of Montreal) launches a 25M share buyback program starting September 8—roughly 3.6% of its float—hinting at confidence in future earnings. Read more (Aug 24, 2026)
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Royal Bank of Canada (Royal Bank of Canada) consolidates its transaction banking operations, cementing its dominance in Canadian payments. Read more (Aug 24, 2026)
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The Bank of Nova Scotia (The Bank of Nova Scotia) earned an analyst upgrade to 'Buy'—shares are up 49% over the past year, with a fresh upside to fair value. Read more (Aug 24, 2026)
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The Toronto-Dominion Bank (The TorontoDominion Bank) faces an earnings test after a recent 6% pullback; consensus expects 11.4% EPS growth. Read more (Aug 25, 2026)
Analyst Target Trends: Where the Upside Is
| Ticker |
Price |
Analyst Target Mean |
Analyst Target High |
Upside (Target) |
Analyst Rec |
|---|---|---|---|---|---|
| Canadian Natural Resources Limited |
$50.45 |
$52.02 |
$65.07 |
3.1% |
Buy |
| Suncor Energy Inc |
$67.34 |
$75.73 |
$85.31 |
12.5% |
Strong Buy |
| Enbridge Inc |
$50.12 |
$57.70 |
$62.18 |
15.1% |
Buy |
| Bank of Montreal |
$175.51 |
$184.05 |
$213.28 |
4.9% |
Buy |
| Royal Bank of Canada |
$210.73 |
$217.51 |
$234.24 |
3.2% |
Buy |
| The Bank of Nova Scotia |
$93.73 |
$96.05 |
$109.89 |
2.5% |
Buy |
| The TorontoDominion Bank |
$121.63 |
$129.57 |
$141.70 |
6.5% |
Buy |
Take: Energy names show the most upside and analyst conviction, but banks are making strategic moves to defend market share.
Sector Movers & Special Situations
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Alimentation Couche-Tard Inc (Alimentation CoucheTard Inc) launches its largest acquisition bid, targeting Żabka Group in Poland. Read more (Aug 25, 2026)
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Brookfield Asset Management (BAM) was downgraded but still holds a fair value upside. Read more (Sep 2, 2026)
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Wheaton Precious Metals Corp (Wheaton Precious Metals Corp): Board shakeup as two mining veterans are nominated for directorships. Read more (Sep 1, 2026)
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Thomson Reuters Corporation (Thomson Reuters Corporation) responded to a cybersecurity incident, keeping operations stable. Read more (Sep 2, 2026)
What to Watch Next
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Energy sector volatility: Tariffs and upgrades are fueling outsized moves—expect continued activity.
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Bank buybacks and earnings: Bank of Montreal and The TorontoDominion Bank are in the spotlight for capital returns and profit forecasts.
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Strategic M&A: Alimentation CoucheTard Inc's Żabka bid could reshape its global profile.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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