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PRECISION DRILLING CORP. $8.76 (Toronto symbol PD; Aggressive Growth Portfolio, Resource sector; Shares outstanding: 292.8 million; Market cap: $2.6 billion; Priceto- sales ratio: 1.2; Dividend yield: 3.2%; TSINetwork Rating: Extra Risk; www.precisiondrilling.com) provides contract drilling services to land-based oil and gas producers, mainly in North America. The company operates 323 rigs.

Falling oil prices have cut drilling activity in Canada and the U.S. by about 50% in the past six months. As a result, Precision’s revenue fell 23.8% in the first quarter of 2015, to $512.1 million from $672.2 million a year earlier. Earnings declined 76.3%, to $24.0 million, or $0.08 a share, from $101.6 million, or $0.35.

The Supreme Court of Canada recently upheld a lower court ruling in an Ontario income tax dispute involving one of Precision’s subsidiaries. As a result, the Ontario government repaid $55 million of the taxes Precision remitted in 2008, along with interest, for a total of $69 million. The cash will help Precision pay for its plan to spend $506 million on capital upgrades in 2015, down 33.0% from $754.9 million in 2014.

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FINNING INTERNATIONAL INC. $25 (Toronto symbol FTT; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 172.4 million; Market cap: $4.3 billion; Price-to-sales ratio: 0.6; Dividend yield: 2.9%; TSINetwork Rating: Above Average; www.finning.com) is the world’s largest dealer of tractors, bulldozers and trucks made by Caterpillar Inc. (New York symbol CAT).

It also sells heavy equipment from other manufacturers. Finning’s clients are mainly in the mining, forest products and construction industries. The company recently paid $230 million for Saskatchewan Caterpillar distributor Kramer Ltd. The deal that will add $275 million to Finning’s annual revenue.

To put these figures in context, Finning’s revenue fell 9.4% in the three months ended March 31, 2015, to $1.5 billion from $1.7 billion a year earlier. That’s mainly because weak prices for copper and other metals hurt mining equipment demand in Canada and South America. Part of Finning’s response to the lower sales has been to exit Uruguay, which accounts for $30 million U.S. of yearly revenue.

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SNC-LAVALIN GROUP INC. $46 (Toronto symbol SNC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 152.1 million; Market cap: $7.0 billion; Price-to-sales ratio: 0.8; Dividend yield: 2.2%; TSINetwork Rating: Average; www.snclavalin.com) fell to $36.24 in March 2015 after the RCMP charged the company and two subsidiaries for using bribes to win construction deals in Libya between 2001 and 2011.

These are the same allegations that prompted SNC to replace its senior executives in 2012 and bring in a new program to enforce ethical practices. The company plans to fight these charges.

Meantime, SNC has continued to win public works contracts, including one for building a new bridge in Montreal and another for a transit line in Toronto. That’s why the stock has recovered to its current level.

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ANDREW PELLER LTD. $17 (Toronto symbol ADW.A; Income Portfolio, Consumer sector; Shares outstanding: 14.3 million; Market cap: $243.1 million; Price-to-sales ratio: 0.8; Dividend yield: 2.6%; TSINetwork Rating: Above Average; www.andrewpeller.com) is a great example of a key part of our three-pronged investing strategy, which is to downplay stocks in the broker/media limelight (the other two are to invest mainly in well-established companies, and spread your money across the five main economic sectors).

Peller is Canada’s second-largest wine producer, after Vincor International, but few brokers cover it due to its relatively small market cap. Even so, it has a long history of rising earnings and dividends.

In its 2015 fiscal year, which ended March 31, 2015, Peller’s sales rose 6.0%, to $315.7 million from $297.8 million in 2014. That’s mainly because it launched several new products, including its skinnygrape spritzers and Panama Jack cocktails.

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FORTIS INC. $36 (Toronto symbol FTS; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 277.5 million; Market cap: $10.0 billion; Price-to-sales ratio: 1.7; Dividend yield 3.8%; TSINetwork Rating: Above Average; www.fortisinc.com) began supplying electricity to St. John’s, Newfoundland, in 1885. The company is now the main power utility in Newfoundland and PEI.

In the past decade, Fortis has used acquisitions to expand to other parts of Canada. In May 2004, it paid $1.5 billion for regulated power companies in Alberta and B.C. In May 2007, it added Terasen (now called Fortis BC Energy), which distributes natural gas to nearly one million customers in B.C. Fortis paid $3.7 billion for this business.

The company is also buying utilities outside Canada. In June 2013, it paid $1.5 billion U.S. for CH Energy Group, which delivers electricity to 300,000 clients in New York State’s Mid-Hudson River Valley. CH doesn’t own power plants; instead, it buys power from other producers. It also distributes natural gas to 77,000 users.

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Dynavax may have a successful hepatitis drug in the works, but clinical setbacks and high costs make us view it as a high risk investment.

CENOVUS ENERGY $20.58 (Toronto symbol CVE; Shares outstanding: 824.6 million; Market cap: $17.4 billion; TSINetwork Rating: Average; Dividend yield: 5.2%; www.cenovus.com) has temporarily shut down its Foster Creek oil sands project in northern Alberta because forest fires in the area are hindering traffic on the main road to the site.

Cenovus own 50% of Foster Creek, while U.S.-based ConocoPhillips (New York symbol COP) owns the other 50%. In the first quarter of 2015, Cenovus’s share of this project’s output was 68,000 barrels a day, or 31% of the company’s total oil production of 218,000 barrels.

The fires have also forced other oil projects in Alberta to close. In all, these operations account for 9% of the province’s total production. This has pushed up the spot price of Western Canadian crude, which should help Cenovus offset the lost revenue.

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BANK OF NOVA SCOTIA $66.73 (Toronto symbol BNS; Shares outstanding: 1.2 billion; Market cap: $80.4 billion; TSINetwork Rating: Above Average; Dividend yield: 4.1%, www.scotiabank.com) is the third-largest of Canada’s five big banks, with $837.2 billion of assets.

In its fiscal 2015 second quarter, which ended April 30, 2015, Bank of Nova Scotia earned $1.74 billion, or $1.42 a share. That’s up 2.5% from $1.70 billion, or $1.39 a share, a year earlier. Revenue rose 3.7%, to $5.9 billion from $5.7 billion.

The bank set aside $448 million to cover potential bad loans in the latest quarter, up 19.5% from $375 million a year earlier. That’s mainly because it’s loaning more funds to consumers in Canada and Latin America.

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TD BANK $54.90 (Toronto symbol TD; Shares outstanding: 1.8 billion; Market cap: $100.5 billion; TSINetwork Rating: Above Average; Dividend yield: 3.7%; www.td.com) is Canada’s largest bank, with $1.03 trillion of assets. It also operates more branches in the U.S. than Canada (1,302 vs. 1,165) and owns 40.72% of TD Ameritrade (New York symbol AMTD), a leading online brokerage.

Excluding one-time items, TD’s earnings per share rose 4.6% in its fiscal second quarter ended April 30, 2015, to $1.14 from $1.09 a year earlier. Revenue gained 4.4%, to $7.8 billion from $7.4 billion, as low interest rates continue to spur loan demand.

The bank’s loan-loss provisions fell 4.3%, to $375 million from $392 million, because more U.S. credit card customers are repaying their loans on time.

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TORSTAR $6.12 (Toronto symbol TS.B; Shares outstanding: 79.9 million; Market cap: $492.2 million; TSINetwork Rating: Average; Dividend yield: 8.6%; www.torstar.com) reported revenue of $192.3 million in the three months ended March 31, 2015. That was down 9.0% from $211.3 million a year earlier, mainly due to to lower ad revenue across its newspapers.

However, cost cutting, including layoffs, kept its per-share earnings unchanged at $0.02, before one-time items.

The company plans to launch a digital version of The Toronto Star for tablet computers in the fall of 2015. That should help it attract younger readers and spur online ad sales.

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LOBLAW COMPANIES $64.10 (Toronto symbol L; Shares outstanding: 412.6 million; Market cap: $26.0 billion; TSINetwork Rating: Above Average; Dividend yield: 1.6%; www.loblaw.ca) saw its sales jump 37.8% in the three months ended March 28, 2015, to $10.0 billion from $7.3 billion a year earlier.

Shoppers Drug Mart contributed $2.6 billion to the latest quarterly sales. Even so, same-store sales at Loblaw’s supermarkets rose 4.0%, while Shoppers’ same-store sales gained 3.1%.

Earnings per share rose 35.2%, to $0.73 from $0.54, mostly due to successful cost cutting. The strong earnings prompted Loblaw to raise its dividend by 2.0%. The new rate yields 1.6%.

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ISHARES MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND $18.22 (New York symbol ESR; buy or sell through brokers) has 66.4% of its assets invested in Russia, followed by Poland at 26.2%; Hungary, 3.7%; and the Czech Republic, 3.1%.

The fund’s top holdings are Gazprom (Russia: gas utility), 13.4%; Lukoil (Russia: oil), 10.2%; Magnit PJSC (Russia: retailing), 5.7%; MMC Norilsk Nickel (Russia: mining), 4.2%; Sberbank (Russia: bank), 4.0%; and Novatek (Russia: natural gas), 4.0%. The iShares MSCI Emerging Markets Eastern Europe Index Fund’s expense ratio is 0.67%.

The fund’s concentration in Russia adds considerable risk. The country’s currency, the ruble, is near record lows against the U.S. dollar. This comes in the wake of falling oil prices, Western sanctions after Russia’s takeover of Crimea and the country’s continued threats against the rest of Ukraine.

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ISHARES MSCI BRAZIL INDEX FUND $33.27 (New York symbol EWZ; buy or sell through brokers) is an ETF that’s designed to track the Brazilian stock market.

Its top holdings are Cia Itau Unibanco Holding (banking), 9.6%; AmBev SA (beer and beverages), 8.8%; Petrobras (oil and gas), 8.7%; Banco Brandesco SA, 7.1%; Vale do Rio Doce (mining), 5.3%; BRF SA (food), 4.2%; and Cielo SA (payment processing), 3.8%.

The ETF was launched on July 10, 2000. It has a 0.62% expense ratio.

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ISHARES MSCI CHILE INVESTABLE MARKET INDEX FUND $40.22 (New York symbol ECH; buy or sell through brokers) is an ETF that aims to track the MSCI Chile Investable Market Index, which consists of stocks that mainly trade on the Santiago Stock Exchange.

The fund’s top holdings are S.A.C.I. Falabella (retail), 10.9%; Enersis SA (electricity), 9.9%; Empresas Copec SA (conglomerate), 7.6%; Empresa Nacional de Electricidad (electricity), 7.1%; Banco Santander Chile (banking), 5.0%; Empresas CMPC (pulp and paper), 4.9%; Cencosud SA (retailer), 4.6%; Banco de Chile, 4.5%; Colbun SA (utility), 4.1%; and LATAM Airlines, 3.9%.

The fund’s industry breakdown consists of Utilities, 28.6%; Financials, 18.0%; Consumer Discretionary, 12.9%; Materials, 11.0%; Consumer Staples, 9.3%; Energy, 8.0%; Industrials, 7.0%; Telecommunications, 2.3%; and Information Technology, 2.2%.

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ISHARES MSCI GERMANY FUND $29.74 (New York symbol EWG; buy or sell through brokers) tracks the stocks in the MSCI Germany Index.

This index aims to replicate 85% of the market capitalization of the German stock market. The remaining 15% is unavailable for investment, partly due to limitations on foreign ownership.

The ETF’s top holdings are Bayer (diversified chemicals), 9.8%; Daimler (autos), 7.5%; BASF (chemicals), 7.1%; Siemens (engineering conglomerate), 6.9%; SAP (software), 6.1%; Allianz (insurance), 6.0%; Deutsche Telekom, 4.5%; Deutsche Bank AG, 3.5%; Volkswagen AG, 3.3%; and BMW AG, 3.1%.

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ISHARES MSCI SOUTH KOREA INDEX FUND $56.70 (New York symbol EWY; buy or sell through brokers) aims to track the MSCI Korea Index.

The ETF’s top holdings are Samsung Electronics, 19.8%; SK Hynix Semiconductor, 4.6%; Hyundai Motor, 3.9%; Shinhan Financial, 2.8%; Naver (Internet), 2.7%; Posco (steel), 2.5%; KB Financial, 2.5%; Hyundai Mobis (auto parts), 2.4%; AmorePacifi

c (cosmetics), 2.0%; and Kia Motors, 2.0%. The fund’s industry breakdown is as follows: Information Technology, 36.1%; Consumer Discretionary, 15.7%; Financials, 14.0%; Industrials, 11.6%; Materials, 7.8%; Consumer Staples, 7.6%; Utilities, 2.1%; Energy, 1.8%; Telecommunication Services, 1.2%; and Health Care, 1.0%.

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ISHARES MSCI EMERGING MARKETS INDEX FUND $40.91 (New York symbol EEM; buy or sell through brokers) aims to track the MSCI Emerging Markets Index. The fund’s geographic breakdown includes China, 24.8%; South Korea, 14.6%; Taiwan, 12.9%; South Africa, 7.4%; Brazil, 7.2%; India, 7.0%; Mexico, 4.6%; Russia, 3.9%; Malaysia, 3.3%; Indonesia, 2.5%; Thailand, 2.1%; and Turkey, 1.5%.

Its top holdings are Samsung Electronics (South Korea), 3.2%; Taiwan Semiconductor (computer chips), 2.9%; Tencent Holdings (China: Internet), 2.6%; China Mobile, 2.0%; China Construction Bank, 1.8%; Industrial & Commercial Bank of China, 1.6%; Naspers (South Africa: media and Internet), 1.4%; Hon Hai Precision Industry (Taiwan), 1.0%; and Ping An Insurance of China, 1.0%.

Its industry breakdown includes Financials, 28.1%; Information Technology, 19.0%; Consumer Discretionary, 9.3%; Consumer Staples, 8.0%; Energy, 7.8%; Telecommunication Services, 7.3%; Materials, 7.0%; and Industrials, 6.8%.

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PENGROWTH ENERGY $3.26 (Toronto symbol PGF; Shares outstanding: 534.6 million; Market cap: $1.8 billion; TSINetwork Rating: Average; Dividend: 7.4%; www.pengrowth.com) has started up its Lindbergh oil sands project in Alberta, which should produce 16,000 barrels a day by the end of 2015. Excluding Lindbergh, Pengrowth produced 69,334 barrels of oil equivalent a day in the first quarter of 2015.

As well, for the remainder of 2015, the company has hedged 78% of its oil production at $93.87 (Canadian) a barrel, well above today’s price of $60.16 U.S. It has also hedged 57% of its gas output at $3.72 (Canadian) per thousand cubic feet, compared to the current price of $2.94 U.S. The company’s hedges were worth $354.3 million as of March 31, 2015.

Pengrowth is still a buy.

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INNERGEX RENEWABLE ENERGY $11.65 (Toronto symbol INE; Shares outstanding: 101.1 million; Market cap: $1.2 billion; TSINetwork Rating: Extra Risk; Dividend yield 5.3%; www.innergex.com) operates 26 hydroelectric plants, six wind farms and one solar power facility in Quebec, Ontario, B.C. and Idaho. The company gets 73% of its power from hydroelectric plants. Wind supplies 26% and solar generates 1%.

In contrast to Algonquin, Innergex is growing slowly, mostly by building its own hydroelectric and wind facilities, rather than through acquisitions. Right now, the company has five projects under construction.

But like Algonquin, Innergex makes sure it has firm long-term power-purchase contracts in place before it starts building new plants.

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ALGONQUIN POWER & UTILITIES CORP. $9.58 (Toronto symbol AQN; Shares outstanding: 238.9 million; Market cap: $2.3 billion; TSINetwork Rating: Extra Risk; Dividend yield: 4.9%; www.algonquinpower.com) has nearly tripled in size over the past three years through acquisitions. It plans to expand further with more purchases.

The company’s regulated utility businesses now provide water, electricity and natural gas to over 489,000 customers, up sharply from 120,000 three years ago. In addition, its hydroelectric, thermal energy, solar and wind facilities generate 1,150 megawatts, up from 460.

Emera (Toronto symbol EMA), a recommendation of The Successful Investor, our conservative growth advisory, owns 21.0% of Algonquin.

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CRESCENT POINT ENERGY CORP. $28.03 (Toronto symbol CPG; Shares outstanding: 449.5 million; Market cap: $12.9 billion; TSINetwork Rating: Extra Risk; Dividend yield: 9.9%; www.crescentpointenergy.com) produces oil and natural gas in Western Canada, with a focus on its Bakken light oil development in southeastern Saskatchewan.

The company is now buying heavily indebted Legacy Oil + Gas (Toronto symbol LEG) for $563 million plus the assumption of $967 million in debt. Activist investors put a lot of pressure on Legacy to complete a deal.

The move will add about 22,000 barrels of oil a day to Crescent Point’s current output of 150,000 barrels. About 15,000 barrels of Legacy’s output is in Crescent Point’s core Bakken area.

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IMPERIAL OIL $49.32 (Toronto symbol IMO; Shares outstanding: 847.6 million; Market cap: $41.9 billion; TSINetwork Rating: Average; Dividend yield: 1.1%; www.imperialoil.ca) is a major integrated oil company with oil sands projects in Alberta and conventional oil and gas operations across Western Canada. It also operates three refineries and 1,700 Esso gas stations.

Oil prices hit a high of $147 U.S. a barrel in July 2008, but then plummeted to a low of $32 in December 2008 as the recession took hold. Prices climbed back to over $100 in 2010, and remained near there until mid-2014 when oil plunged from $110 to less than half that price by the end of the year. Oil is now at $60 a barrel.

Strong oil prices for most of 2014 let Imperial report cash flow of $5.3 billion, or $6.26 a share. This year, low oil prices will likely push cash flow down by more than half, to $2.6 billion, or $3.02 a share.

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