21:33:26 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



TC Energy Corp
Symbol TRP
Shares Issued 939,915,574
Close 2020-08-13 C$ 64.79
Market Cap C$ 60,897,130,039
Recent Sedar Documents

Globe says Enbridge preferred over TC Energy at Citi

2020-08-14 07:40 ET - In the News

See In the News (C-ENB) Enbridge Inc

The Globe and Mail reports in its Friday, Aug. 14, edition that Citi analyst Timm Schneider upgraded Enbridge to "buy" from "neutral" and named it his top Canadian pick, taking the place of TC Energy. The Globe's David Leeder writes in the Eye On Equities column that Mr. Schneider raised his target for Enbridge shares to $50 from $46, which is $1.82 under the consensus. Mr. Schneider says in a note: "We prefer ENB here as favorable valuation and a confluence of relative tailwinds makes this a core Energy Infrastructure holding. Timing and likelihood of major projects (L3R and KXL) at ENB and TRP remain debated and are enough to swing relative valuation. However our focus here has been to look 'through' these contingencies (note: we are modeling L3R and KXL at ENB and TRP) to the 'right' EV/EBITDA, and also compare valuation on a DDM and forward P/E basis. We come away with the view that ENB looks modestly more attractive here even assuming a P/E discount and lower terminal growth, and are upgrading ENB." Maintaining a "buy" rating for TC Energy, Mr. Schneider hiked his share target by $3 to $72. Analysts on average target the shares at $72.30. Mr. Schneider says "overweight" Enbridge, but not TC Energy.

© 2024 Canjex Publishing Ltd. All rights reserved.