21:37:37 EDT Thu 02 May 2024
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TC Energy Corp
Symbol TRP
Shares Issued 1,029,475,538
Close 2023-08-08 C$ 48.54
Market Cap C$ 49,970,742,615
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Globe's Berman recommends betting on TC Energy

2023-08-08 07:47 ET - In the News

The Globe and Mail reports in its Saturday edition that TC Energy is a frustrating stock for investors: It has slumped more than 30 per cent over the past 14 months amid concerns about high debt levels, asset sales and now the uncertainties surrounding a coming spinoff of its oil pipelines. The Globe's David Berman writes that the argument, however, for sticking around is compelling. He says the worst may be over for the company, giving investors a dividend yield that has been hovering at about 8 per cent of late, after a couple of tough years. The U.S. government cancelled its Keystone XL pipeline project in 2021. Its Coastal GasLink pipeline in British Columbia has suffered tremendous cost overruns, adding more stress to its balance sheet. Odlum Brown analyst Cory O'Krainetz says, "We share investors' disappointment and regret holding the stock through this turbulent time, but we do not believe it is the right time to sell the shares." Mr. Berman notes the company has a "gargantuan" dividend and that its stock is trading at a cheap price. Mr. Berman says TC Energy is in a rut, but it is doing something about it while signalling that the dividend is solid. He says betting on a recovery could be a good move.

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