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TC Energy Corp TRP Stock Quote

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XTSE:TRP

Morningstar‘s Stock Analysis TRP

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Is it the right time to buy or sell?

1-Star Price

INVESTOR

5-Star Price

INVESTOR

Economic Moat

INVESTOR

Capital Allocation

INVESTOR

TC Energy’s 2022 Investor Day Update Disappoints; Lowering Fair Value Estimates

Stephen Ellis Sector Strategist

Analyst Note

| Stephen Ellis |

TC Energy’s 2022 investor day was more disappointing than not, as it revealed that the high-profile Coastal GasLink project will see another round of higher costs in 2023. The firm last updated its estimates in July 2022 when costs for the troubled project nearly doubled to CAD 11.2 billion from CAD 6.6 billion. Prior cost increases have been due primarily to COVID-19 delays, weather, and lost productivity. We now model a cost of CAD 12.2 billion, but TC Energy will provide a new estimate next year. After updating our model, we’ve lowered our fair value estimates to CAD 65 and $48 from CAD 68 and $50. Our narrow moat rating remains unchanged. 

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Key Statistics TRP

Company Profile TRP

Business Description

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 4,200 megawatts of electric power.

Contact
450 - 1st Street SW
Calgary, AB, T2P 5H1, Canada
T +1 403 920-6411
Sector Energy
Industry Oil & Gas Midstream
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 7,017