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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.

450 - 1st Street SW
Calgary, AB, T2P 5H1, CAN
Sector Energy
Industry Oil & Gas Midstream
Employees 7,017

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FAQs for TC Energy Corp Stock

Yes. TRP has a forward dividend yield of 6.25%. See TRP’s full dividends and stock split history on the Dividend tab.
Dividend yield allows investors, particularly those interested in dividend-paying stocks, to compare the relationship between a stock’s price and how it rewards stockholders through dividends. The formula for calculating dividend yield is to divide the annual dividend paid per share by the stock price.

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TRP’s market cap is 42.30 Bil.
Market capitalization is calculated by taking a company’s share price and multiplying it by the total number of shares. It’s often used to measure a company’s size. In the Morningstar Style Box, large-cap names account for the largest 70% of U.S. stocks, mid-cap names account for the largest 70–90%, and small-cap names are the remaining 10% of companies.

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TRP’s stock style is Large Value.
Style is an investment factor that has a meaningful impact on investment risk and returns. Style is calculated by combining value and growth scores, which are first individually calculated.

High-growth stocks tend to represent the technology, healthcare, and communications sectors. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. More value-oriented stocks tend to represent financial services, utilities, and energy stocks. These are established companies that reliably pay dividends.

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TRP’s price/sales is 3.96.
Price/sales represents the amount an investor is willing to pay for a dollar generated from a particular company’s sales or revenues.

TRP’s price/forward earnings is 13.37.
Forward P/E gives some indication of how cheap or expensive a stock is compared with consensus earnings estimates. The lower the Forward P/E, the cheaper the stock.

TRP’s price/book is 1.75.
Price/book ratio can tell investors approximately how much they’re paying for a company’s assets, based on historical, rather than current, valuations. Historical valuations generally do not reflect a company’s current market value. Value investors frequently look for companies that have low price/book ratios.

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TRP’s beta can be found in Trading Information at the top of this page.
A stock’s beta measures how closely tied its price movements have been to the performance of the overall market.

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