TC Energy ( NYSE: TRP ) +4.7% in Friday's trading as Raymond James upgraded shares to Outperform from Market Perform with a $63 price target, after closing 2022 - a "terrible, horrible, no good, very bad" year for the company - at its lowest level since the outbreak of the COVID pandemic.
The company has yet to release updated details on cost overruns at its Coastal GasLink pipeline, and while Ray Jay analyst Michael Shaw expects overruns on the $11B project will reach at least C$1B with a higher overrun as "a distinct possibility," the analyst also thinks the impact from CGL is more than priced into the stock.
Shaw said the challenges of 2022 have overshadowed strong long-term prospects for TC Energy ( TRP ), which continues to boast "a best-in-class asset base and leading secured capital outlook that will drive EBITDA, earnings and dividend growth while right-sizing the balance sheet."
TC Energy ( TRP ) recently received approval from regulators on its plan to restart part of its Keystone pipeline that had been shut by a spill .
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TC Energy upgraded at Raymond James with the worst of its pain behind it