Shares of Canadian Natural Resources fell about 7% over 12 days, dropping from C$72.35 to C$67.29. Over the same period, the company reported record adjusted funds flow of C$6.9 billion, more than doubling from a year earlier. Free cash flow was nearly C$3 billion. The company returned about C$2.4 billion to shareholders through dividends and buybacks during the quarter while keeping its quarterly dividend at C$0.63 per share.

TC Energy shares have fallen 14.4% over the past three months, lifting the dividend yield to nearly 4.2%. The company announced a $560 million sale of its Guadalajara-Manzanillo Pipeline in Mexico, with the deal expected to close in the first half of 2027. After the sale, TC Energy will still operate a 3,300-kilometer pipeline network in Mexico that transports nearly 8.7 billion cubic feet of natural gas per day.

South Bow generated US$175 million in second-quarter distributable cash flow and paid US$104 million in dividends, implying a payout ratio of about 59%. After stronger-than-expected first-half results, management raised its 2026 distributable cash flow guidance to roughly US$665 million. Based on the current dividend, that would translate to a full-year payout ratio of about 63%. The stock’s dividend yield is roughly 5.8%, with cash flow coverage described as ample.

Telus cut its quarterly dividend 55% in July to $0.19 per share and reset its payout target to 45%–60% of free cash flow, scrapping its dividend-growth model. The company says the change could save about $2.7 billion through 2028, with much of it earmarked for debt reduction. In the second quarter, mobile network revenue rose 1% to $1.7 billion and free cash flow increased 2% to $545 million. At a share price of $12.20, the new $0.75 annualized dividend implies a yield of about 6.1%.

Canada’s S&P/TSX Composite Index rose 203 points to 36,009 on Tuesday, its highest close in nine sessions. Aecon Group surged more than 8% after winning nearly C$3 billion in contracts tied to the Pickering Nuclear Generating Station Refurbishment Project, while CAE climbed more than 5%. Strength in crude oil and copper supported the market, though weaker precious metals and uncertainty around Canadian potash exports to the U.S. capped gains.

Canada has rolled out a national nuclear energy strategy that aims to double uranium exports by 2035 and plans to review foreign-investment access rules for uranium mining by 2027 to broaden funding channels. Cameco expects average annual uranium deliveries of more than 28 million pounds between 2026 and 2030. The company says its core mines should continue to run at low cost and generate strong cash flow to meet capital spending needs.

Telus slashed its quarterly dividend 55% to $0.1875 per share from $0.4184, taking the annual payout down to $0.75. The company also reduced its free cash flow outlook to about $1.8 billion and lowered its payout ratio target range to 45%–60% from 60%–75%. Telus expects the reset to save about $2.7 billion in cumulative cash through 2028, with the funds prioritized for debt reduction. In the second quarter, it recorded a $2.1 billion non-cash impairment charge.

CAE reported fiscal 2027 first-quarter results showing defence revenue rose 8.3% year over year to $531.8 million and adjusted defence operating income increased 9.1% to $50.5 million, with a defence backlog of about $10.7 billion. Total revenue increased 6.8% to $1.2 billion, while free cash flow was $104 million. The company said its net debt-to-adjusted EBITDA ratio fell to 2.3 times.

Canada plans to double liquefied natural gas exports to 50 million tonnes by 2030, positioning pipeline operator TC Energy as a key beneficiary. The company sanctioned about $3 billion of new growth projects in the first half of 2026. Second-quarter comparable EBITDA rose 12% year over year to $2.9 billion, and TC Energy forecasts North American natural gas demand will increase by roughly 51 billion cubic feet per day between 2025 and 2035.