TC Energy Stock (NYSE:TRP), Trade Ideas

TC Energy

TC Energy operates natural gas, oil, and power generation assets in Canada and the United States. The firm operates more than 60,000 miles of oil and gas pipelines, more than 650 billion cubic feet of natural gas storage, and about 4,300 megawatts of electric power.

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TC Energy Alberta gas pipeline ruptures and catches fire. No injuries, but affected section shut down. CER monitors.

What&#39;s Going On With TC Energy Shares Today?

Asset Sales

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General

BlackRock shares are trading lower on Thursday. The company, alongside Singaporean sovereign wealth fund GIC Pte, is reportedly considering selling a U.K. gas pipeline network valued at around $2 billion.

Why BlackRock Shares Are Falling Today

GDDY

TC Energy reportedly plans to lay off workers to integrate natural gas pipeline units. No specifics given. Recently sold a unit for $1.14B and raised dividend.

TC Energy&#39;s Strategic Shift Reportedly Leads To Layoffs: Calgary And Houston Employees Bear The Brunt

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TC ENERGY 1ST PFD SER 3 by TC Energy Corp.

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3R PETE OLEO E GAS U/ADR by 3R PETE OLEO E GAS S A

TC ENERGY CP CUM PFD 7 by TC Energy Corp.

TC ENERGY CORP PFD SER 9 by TC Energy Corp.

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TC Energy Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) shares are trading higher today. The company disclosed that its NGTL gas pipeline system in Alberta ruptured and caught fire on&nbsp;<a target="_blank" href="https://www.tcenergy.com/newsroom/statements/Yellowhead-county/" rel="noreferrer noopener">Tuesday</a>.
The fire occurred in a remote location which is around 40 kilometres northwest of Edson, Alta in Yellowhead County.
As per Reuters, Canadian broadcaster Global News said &#8220;there was a plume of flames and smoke visible from many kilometres away.&#8221;
Canada Energy Regulator (CER) said that they are sending inspectors to the area to monitor and oversee the company&#8217;s response and determine the impact of the incident.
TC Energy said in the statement, &#8220;An initial ignition of natural gas at the rupture site is now extinguished. We are working to support Alberta Wildfire in their response to contain a secondary fire.&#8221;
The company confirmed that there were no injuries and stated that they have isolated and shut down affected section of the pipeline.
Notably, NGTL is TC Energy&#8217;s natural gas gathering and transportation system that transports gas produced in the Western Canadian Sedimentary Basin (WCSB) to markets in Canada and U.S.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37529189/tc-energys-strategic-shift-reportedly-leads-to-layoffs-calgary-and-houston-employees-bear-the-br" rel="noreferrer noopener">TC Energy&#8217;s Strategic Shift Reportedly Leads To Layoffs: Calgary And Houston Employees Bear The Brunt</a>
Investors can gain exposure to the stock via&nbsp;VanEck Energy Income ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EINC#NYSE">EINC</a>) and&nbsp;IPath Select MLP ETN&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/ATMP#BATS">ATMP</a>).
Price Action: TRP shares are up 0.11% at $35.23 premarket on the last check Wednesday.
FIREMEN Photo by Four Oaks on Shutterstock

What's Going On With TC Energy Shares Today?

TC Energy Corp Says There Are No Reported Injuries Related To Incident Involving The NGTL Natural Gas System In Yellowhead County; Affected Section Of Pipeline Has Been Isolated And Shut Down, No Reported Injuries

Management

TC Energy Appoints Sean O'Donnell As Executive Vice-President And Chief Financial Officer

PRGT is a wholly owned subsidiary of TC Energy and the developer of a natural gas pipeline project in British Columbia and potential delivery corridor that would further unlock Canada as a secure, affordable and sustainable source of LNG.&nbsp;&nbsp;Initial proceeds from the transaction are not expected to be material to TC Energy, with the potential to receive additional payments contingent upon the project achieving final investment decision and commercial operation.

TC Energy Enters Agreement To Sell Prince Rupert Gas Transmission Entities To Nisga'a Nation And Western LNG; No Terms Disclosed

BlackRock, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BLK#NYSE">BLK</a>) shares are&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37574722/remote-work-is-boosting-labor-market-participation-economic-growth-acknowledges-blackrocks-rick-" rel="noreferrer noopener">trading lower on Thursday</a>.&nbsp;
The company, alongside Singaporean sovereign wealth fund GIC Pte, is reportedly considering selling a U.K. gas pipeline network valued at around $2 billion, Bloomberg&nbsp;<a target="_blank" href="https://www.bloomberg.com/news/articles/2024-03-14/blackrock-gic-said-to-consider-sale-of-uk-cats-pipeline-owner?cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_medium=social&amp;utm_source=twitter&amp;utm_content=business&amp;sref=TBDibEcD" rel="noreferrer noopener">reported</a>, citing people familiar with the matter.
The owners, in collaboration with investment bank Jefferies Financial Group Inc., are seeking potential buyers for Kellas Midstream, the report read.
The company possesses a pipeline network, encompassing the 404-kilometer (251-mile) Central Area Transmission System, facilitating the transportation of gas from the North Sea to the U.K.
Infrastructure funds and financial investors are anticipated to show interest in the business, seeking exposure to the sector.
A formal sale process has not yet commenced, and discussions are at an early stage, according to sources, Bloomberg added.&nbsp;
The owners may opt to retain the asset if suitable buyers are not found, the report stated.
In 2019, a BlackRock infrastructure fund and GIC acquired Kellas from Antin Infrastructure Partners.
Recently, BlackRock and Morgan Stanley investment funds agreed to purchase&nbsp;TC Energy Corporation&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) Portland Natural Gas Transmission System<a target="_blank" href="https://www.benzinga.com//node/37529189" rel="noreferrer noopener">&nbsp;for approximately $1.14 billion.</a>
Price Action:&nbsp;BLK shares are trading lower by 2.87% to $802.26 on the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TC Energy Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) reportedly plans to lay off some of its workers as part of its previously disclosed strategy to integrate its natural gas pipeline units.
The workforce reductions will mainly impact people working in Calgary and Houston, Reuters reported.
The company did not specify the number of employees to be laid off. As per the report, the company&#8217;s principal operating unit, TCPL, had 2,635 employees in Calgary and 837 in Houston as of December 31.
Recently, the company stated its plan to sell Portland Natural Gas System for $1.14 billion to improve its&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37457356/tc-energy-on-the-move-asset-sale-paves-way-for-debt-reduction" rel="noreferrer noopener">balance sheet and reduce debt</a>.
Last month, TC Energy reported fourth-quarter FY23 results above estimates and&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37182474/tc-energy-heats-up-q4-sizzles-dividend-boosted" rel="noreferrer noopener">raised its quarterly dividend</a>.
In USD, Adjusted EPS of $0.99 beat the consensus of $0.83, and sales of $3.11 billion exceeded the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">estimate of $3.03 billion</a>.
Price Action: TRP shares closed higher by 0.30% at $40.04 on Wednesday.

TC Energy's Strategic Shift Reportedly Leads To Layoffs: Calgary And Houston Employees Bear The Brunt

TC Energy Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) and its partner Northern New England Investment Company, Inc. (a subsidiary of Énergir L.P.) disclosed the sale of its Portland Natural Gas Transmission System (PNGTS) for a gross&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/03/g37450697/tc-energy-announces-sale-of-portland-natural-gas-transmission-system" rel="noreferrer noopener">purchase price of $1.14 billion</a>.
Notably, the companies penned a purchase and sale agreement with BlackRock through a fund managed by its Diversified Infrastructure business and investment funds managed by Morgan Stanley Infrastructure Partners.
The selling price comprises the assumption of $250 million of outstanding Senior Notes held at PNGTS, and the transaction implies a valuation of approximately 11.0x reported 2023 comparable EBITDA.
PNGTS is a 475-kilometer (295-mile) FERC-regulated transporter of natural gas serving the upper New England and Atlantic Canada markets.&nbsp;
The cash proceeds will be split pro-rata according to the current PNGTS ownership interests (TC Energy 61.7%, Énergir 38.3%) and paid at deal closure, upon the fulfillment of certain customary adjustments.&nbsp;
As part of the transaction, the buyer will assume the outstanding Senior Notes held at PNGTS and currently consolidated on TC Energy&#8217;s balance sheet.&nbsp;
The deal is expected to close in mid-2024, subject to the receipt of regulatory approvals and customary closing conditions.
François Poirier, TC Energy&#8217;s President and Chief Executive Officer, said, &#8220;Today&#8217;s announcement represents continued progress toward achieving our 2024 strategic priority of enhancing our balance sheet strength by delivering approximately $3 billion in asset divestitures.&#8221;
&#8220;We are committed to reaching our 4.75 times debt-to-EBITDA upper limit by year-end and expect to have further asset divestiture announcements through the year. This sale of a non-core asset at a strong valuation is a unique opportunity to support our capital rotation and deleveraging priorities while continuing to meet the needs of the communities PNGTS serves.&#8221;
TC Energy said its 2024 financial guidance and growth outlook through&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">2026 remain unchanged.</a>
Last month, TC Energy&nbsp;reported fourth-quarter FY23 results above estimates&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/37182474/tc-energy-heats-up-q4-sizzles-dividend-boosted" rel="noreferrer noopener">and boosted its dividend</a>.
Price Action: TRP shares are trading higher by 0.15% at $39.81 premarket on the last check Monday.

Guidance

TC Energy On The Move: Asset Sale Paves Way For Debt Reduction

Commodities

TC Energy And Its Partner Northern New England Investment Company, A Subsidiary Of Énergir Will Sell Portland Natural Gas Transmission System To Blackrock, For $1.14B, Implying Valuation Of Approximately 11.0 Times Reported 2023 Comparable EBITDA

TC Energy Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) shares are trading higher after the company reported fourth-quarter results above estimates and<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/g37176385/tc-energy-reports-record-2023-operating-and-financial-results-driven-by-solid-execution" rel="noreferrer noopener">&nbsp;raised its quarterly dividend</a>.
In USD, Adjusted EPS of $0.99 beat the consensus of $0.83, and sales of $3.11 billion exceeded the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">estimate of $3.03 billion</a>.
Segmented earnings improved to C$2.3 billion from a loss of C$(1.0) billion a year ago.
The Calgary, Canada-based company&#8217;s comparable EBITDA rose to C$3.1 billion from C$2.7 billion.&nbsp;
U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1.225 billion (vs. C$1.141 billion a year ago), and Canadian Natural Gas Pipelines&#8217; comparable EBITDA rose to C$1.034 billion from C$768 million a year ago.
NGTL System deliveries averaged 14.5 Bcf/d, broadly flat Y/Y, and U.S. Natural Gas Pipelines deliveries averaged 2.8 Bcf/d, up 16% Y/Y.
Capital spending was C$2.99 billion compared to C$3.14 billion a year ago. In 2023, the company has placed around C$5.3 billion of projects on budget, including various expansion projects on its NGTL System.
Dividend: TC Energy&#8217;s Board of Directors approved a 3.2% increase in the quarterly dividend per share to C$0.96 for the quarter ending March 31, 2024, payable on April 30, 2024, to shareholders of record&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/g37176444/tc-energy-declares-quarterly-dividends" rel="noreferrer noopener">as of March 28, 2024</a>.
FY24 Outlook: TC Energy expects comparable EBITDA of C$11.2 billion to C$11.5 billion, which remains consistent with its November 2023 Investor Day.
The outlook reflects growth related to increased comparable EBITDA from the NGTL System due to the advancement of expansion programs, the full-year impact of projects placed in service in 2023, and anticipated projects to be<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">&nbsp;placed in service this year.</a>&nbsp;
The company projects comparable EPS&nbsp;to be lower than in 2023 due to the net impact of higher net income attributable to non-controlling interests on selling a 40% non-controlling stake in Columbia Gas Transmission and Columbia Gulf Transmission in 2023.
Price Action: TRP shares are up 2.02% at $39.38 on the last check Friday.&nbsp;

Earnings

Dividends

TC Energy Heats Up: Q4 Sizzles, Dividend Boosted

WIIM

TC Energy shares are trading higher after the company reported financial Q4 results above estimates and raised its quarterly dividend.

Based on the confidence of our business plans, TC Energy&#39;s Board of Directors declared a quarterly dividend of $0.96 per common share for the quarter ending March 31, 2024, equivalent to $3.84 per common share on an annualized basis, an increase of 3.2 per cent. The common share dividend is payable on Apr. 30, 2024, to shareholders of record at the close of business on Mar.&nbsp;28,&nbsp;2024.

TC Energy Raises Quarterly Dividend By 3.2% To CAD0.96 From CAD0.93 Prior

TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) reported quarterly earnings of $0.99 per share which beat the analyst consensus estimate of $0.83 by 19.28 percent. This is a 19.28 percent increase over earnings of $0.83 per share from the same period last year. The company reported quarterly sales of $3.11 billion which beat the analyst consensus estimate of $3.03 billion by 2.71 percent. This is a 3.42 percent increase over sales of $3.01 billion the same period last year.

CORRECTION: TC Energy Q4 EPS $0.99 Beats $0.83 Estimate, Sales $3.11B Beat $3.03B Estimate

TC Energy Corporation ((TSX, NYSE:<a href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) (TC Energy or the Company) today announced that its Board of Directors (Board) declared a quarterly dividend of&nbsp;$0.96&nbsp;per common share for the quarter ending Mar. 31, 2024, on the Company&#39;s outstanding common shares. The common share dividend is payable on Apr. 30, 2024, to shareholders of record at the close of business on Mar.&nbsp;28,&nbsp;2024.

TC Energy Board Declared a Quarterly Dividend/Share of $0.96 Vs $0.93 YoY

<h3>Companies Reporting Before The Bell</h3>
&bull; Arbor Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABR#NYSE">ABR</a>) is expected to report quarterly earnings at $0.44 per share on revenue of $97.65 million.
&bull; Liberty Broadband (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDK#NASDAQ">LBRDK</a>) is projected to report quarterly earnings at $2.33 per share on revenue of $248.00 million.
&bull; Telephone and Data (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TDS#NYSE">TDS</a>) is estimated to report quarterly loss at $0.12 per share on revenue of $1.28 billion.
&bull; TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) is likely to report quarterly earnings at $1.09 per share on revenue of $4.21 billion.
&bull; United States Cellular (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USM#NYSE">USM</a>) is projected to report quarterly earnings at $0.04 per share on revenue of $984.23 million.
&bull; Cinemark Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNK#NYSE">CNK</a>) is expected to report quarterly loss at $0.14 per share on revenue of $613.23 million.
&bull; Portland Gen Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/POR#NYSE">POR</a>) is expected to report quarterly earnings at $0.88 per share on revenue of $747.58 million.
&bull; Barnes Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/B#NYSE">B</a>) is expected to report quarterly earnings at $0.35 per share on revenue of $420.47 million.
&bull; DT Midstream (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTM#NYSE">DTM</a>) is estimated to report quarterly earnings at $0.92 per share on revenue of $234.45 million.
&bull; American Axle &amp; Mfg Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXL#NYSE">AXL</a>) is projected to report quarterly loss at $0.19 per share on revenue of $1.42 billion.
&bull; Treehouse Foods (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/THS#NYSE">THS</a>) is expected to report quarterly earnings at $0.73 per share on revenue of $925.44 million.
&bull; AdvanSix (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ASIX#NYSE">ASIX</a>) is estimated to report quarterly loss at $0.21 per share on revenue of $335.87 million.
&bull; Marcus &amp; Millichap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMI#NYSE">MMI</a>) is likely to report quarterly loss at $0.28 per share on revenue of $171.20 million.
&bull; Balchem (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BCPC#NASDAQ">BCPC</a>) is projected to report quarterly earnings at $0.93 per share on revenue of $234.66 million.
&bull; PPL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PPL#NYSE">PPL</a>) is likely to report quarterly earnings at $0.38 per share on revenue of $1.90 billion.
&bull; Associated Cap Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AC#NYSE">AC</a>) is expected to report quarterly loss at $0.03 per share on revenue of $5.11 billion.
&bull; Liberty Broadband (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LBRDA#NASDAQ">LBRDA</a>) is expected to report quarterly earnings at $3.44 per share on revenue of $250.00 million.
&bull; Vulcan Materials (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>) is expected to report quarterly earnings at $1.39 per share on revenue of $1.83 billion.
&bull; Healthcare Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HR#NYSE">HR</a>) is likely to report earnings for its fourth quarter.
&bull; Eni (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/E#NYSE">E</a>) is projected to report earnings for its fourth quarter.
&bull; NatWest Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NWG#NYSE">NWG</a>) is expected to report earnings for its fourth quarter.
<h3>&nbsp;</h3>
This article was generated by Benzinga&#39;s automated content engine and reviewed by an editor.

ASIX

BCPC

LBRDA

LBRDK

Earnings Scheduled For February 16, 2024

TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) is set to give its latest quarterly earnings report on Friday, 2024-02-16. Here's what investors need to know before the announcement.
Analysts estimate that TC Energy will report an earnings per share (EPS) of $0.83. 
TC Energy bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company beat EPS by $0.04, which was followed by a 0.47% drop in the share price the next day.
Here's a look at TC Energy's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.710</td>
<td>0.73</td>
<td>0.76</td>
<td>0.81</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.745</td>
<td>0.71</td>
<td>0.90</td>
<td>0.83</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-0.47%</td>
<td>-4.53%</td>
<td>2.34%</td>
<td>-0.02%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1708005635_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of TC Energy were trading at $37.54 as of February 14. Over the last 52-week period, shares are down 9.41%. Given that these returns are generally negative, long-term shareholders are likely a little upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/TRP/earnings">To track all earnings releases for TC Energy visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

TC Energy's Earnings Outlook

TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) is set to give its latest quarterly earnings report on Friday, 2024-02-16. Here's what investors need to know before the announcement.
Analysts estimate that TC Energy will report an earnings per share (EPS) of $0.83. 
TC Energy bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Historical Earnings Performance</h3>
Last quarter the company beat EPS by $0.04, which was followed by a 0.47% drop in the share price the next day.
Here's a look at TC Energy's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.710</td>
<td>0.73</td>
<td>0.76</td>
<td>0.81</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.745</td>
<td>0.71</td>
<td>0.90</td>
<td>0.83</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-0.47%</td>
<td>-4.53%</td>
<td>2.34%</td>
<td>-0.02%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1708005628_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of TC Energy were trading at $37.54 as of February 14. Over the last 52-week period, shares are down 9.41%. Given that these returns are generally negative, long-term shareholders are likely unhappy going into this earnings release. 
<a href="https://www.benzinga.com/quote/TRP/earnings">To track all earnings releases for TC Energy visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

TC Energy's Earnings: A Preview

Barclays analyst Theresa Chen maintains TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) with a Equal-Weight and raises the price target from $53 to $55.

Price Target

Analyst Ratings

Barclays Maintains Equal-Weight on TC Energy, Raises Price Target to $55

Goldman Sachs analyst John Mackay maintains TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) with a Sell and raises the price target from $29 to $32.

Goldman Sachs Maintains Sell on TC Energy, Raises Price Target to $32

TC Energy Corporation ((TSX, NYSE:<a href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) (TC Energy or the Company) announced today that it will continue to advance the Ontario Pumped Storage Project (Project) with its prospective partner Saugeen Ojibway Nation, and begin work with the Ministry of Energy (Ministry) and the Ontario Energy Board (OEB), to establish a potential long-term revenue framework for the Project. Further, TC Energy and Saugeen Ojibway Nation will assist with the Ministry's evaluation of the Project's broader societal and economic benefits.
This decision comes after&nbsp;<a href="https://www.ieso.ca/en/Corporate-IESO/Ministerial-Directives">direction</a> from Ontario's Minister of Energy (Minister) to the Independent Electricity System Operator (IESO), outlining next steps related to the Project including a cost recovery agreement. Subject to an agreement with the IESO, this direction from the Minister will facilitate the continued development of the Project, that if constructed, will support Ontario's long-term plans to grow the economy and build a sustainable, reliable and clean electricity system.
TC Energy and Saugeen Ojibway Nation look forward to continuing work with the Ministry, the IESO and the OEB to advance this Project, which will play an important role in accelerating the province's ambitious plans for clean economic growth.
The Ontario Pumped Storage Project represents a made-in-Ontario solution – it will be designed, engineered, and built by a domestic supply chain. During construction, the Project will create 1,000 well paid, unionized jobs and over 75 per cent of the total materials and supplies will be provided by Ontario-based companies.
The Project remains subject to the approval of TC Energy's board of directors and Saugeen Ojibway Nation. It is expected that construction for the Project would begin in the latter part of this decade with in-service in the early 2030s, subject to receipt of regulatory and corporate approvals. Further, any future capital allocation decisions will align with TC Energy's net capital expenditure limit of $6-7 billion post-2024.
QUOTES "The Minister's direction to advance this Project is a strong signal that the work TC Energy and Saugeen Ojibway Nation are doing is important. It recognizes the critical role that pumped hydro storage will have in enhancing the diversity of Ontario's supply mix and achieving a net-zero electricity grid."
—&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annesley Wallace, Executive Vice-President, Strategy and Corporate Development and President, Power and Energy Solutions, TC Energy
"The Minister continues to acknowledge that electricity development will only be successful with the participation and leadership from Indigenous Nations. The Ontario Pumped Storage Project is a long overdue energy initiative with real benefits for the Indigenous people of the land."
—&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conrad Ritchie, Chief, Saugeen First Nation and Gregory Nadjiwon, Chief, Chippewas of Nawash Unceded First Nation
NEXT STEPS
<ul>
<li>TC Energy will begin immediate work with the Ministry and the OEB to establish a potential long-term revenue framework for the Project, culminating in a report to the Minister by July 31, 2024.</li>
<li>Further, TC Energy will provide a report to the Ministry with a breakdown of estimated development costs and schedule. Following submission of these items, the Ministry will provide a recommendation to proceed with pre-development work within 45 days.</li>
<li>Following this, TC Energy would begin negotiation of a cost recovery agreement with IESO to recover eligible, prudently incurred expenses associated with pre-development work. A follow up report is to be provided to the Ministry by the IESO within 60 days of submission of the estimates.</li>
<li>TC Energy will also provide further information to assist with the Government's assessment of the Project's societal and economic benefits.
<ul>
<li>A final decision to fund development costs associated with the Project would be subject to a Cabinet approval and a future Ministerial directive to the IESO to execute the agreement with TC Energy.</li>
</ul>
</li>
</ul>

Contracts

TC Energy Will Continue To Advance The Ontario Pumped Storage Project With Its Prospective Partner Saugeen Ojibway Nation, And Begin Work With The Ministry Of Energy And The Ontario Energy Board, To Establish A Potential Long-Term Revenue Framework

Over the past 3 months, 4 analysts have published their opinion on TC Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRP#NYSE">TRP</a>) stock. These analysts are typically employed by large Wall Street banks and tasked with understanding a company's business to predict how a stock will trade over the upcoming year.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
These 4 analysts have an average price target of $44.0 versus the current price of TC Energy at $37.84, implying upside.
Below is a summary of how these 4 analysts rated TC Energy over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock
<img src="https://www.benzinga.com/files/images/story/2023/1701694808_0.png" alt="price target chart" />
This current average represents a 12.87% decrease from the previous average price target of $50.50. 
<a href="https://www.benzinga.com/quote/TRP/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on TC Energy analyst ratings.</a>
<h1>What Are Analyst Ratings?</h1>
Ratings come from analysts, or specialists within banking and financial systems that report for specific stocks or defined sectors (typically once per quarter for each stock). Analysts usually derive their information from company conference calls and meetings, financial statements, and conversations with important insiders to reach their decisions.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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