Why is Aecon stock surging today?

Investors are driving Aecon Group Inc. stock higher on Thursday after the company secured two massive nuclear contracts with Ontario Power Generation, pushing the shares to a new 52-week high. The C$1.7 billion Retube, Feeder and Boiler Replacement project for Unit 5 and the C$1.3 billion Turbine Generator Replacement project were awarded through joint ventures with AtkinsRéalis and Siemens Energy, respectively.

This significant contract award, valued at approximately C$3 billion, has generated strong investor confidence. Additionally, today marks the ex-dividend date for Aecon's quarterly cash dividend of CAD $0.1925 per share, which will be paid on October 2, 2026. Management's recent approval of a Normal Course Issuer Bid to repurchase up to 5% of its common shares further signals confidence in the stock's underlying value.

Strong Q2 2026 results, including record revenue and a backlog of CAD 10.5 billion, have also contributed to the positive momentum. With a supportive broader market environment and sector peers benefiting from the same nuclear contracts, Aecon shares have risen to their highest level in over a year, reflecting growing expectations for the company's long-term growth.