Analyst upgrade... Scotia Capital analyst Robert Hope has rated TC Energy Corp. as “sector outperform” and raised the TP to $72 from $69. The consensus average is $67.71.
“In our view, TC Energy is well positioned to benefit from the continued build out of its natural gas pipeline systems (75 per cent of EBITDA) as well as growth in its power business (7 per cent of EBITDA),” he said. “The denial and cancellation of Keystone XL weighed on growth in 2020 and 2021, but we expect cash flow to step-up in 2022 as its Natural Gas Pipeline business continues to grow and its Liquids business stabilizes. We view TC Energy as a well run company with a good long-term growth outlook, though it would have less torque to the commodity price environment than the midstream companies.”