This company’s future remains bright despite U.S. President Joe Biden’s decision last year to cancel its controversial Keystone XL pipeline project. That was a setback, but the pipeline operator continues to work on other key projects to further boost its cash flow and meet its promise to raise your dividend annually.
Meanwhile, the stock trades at 15.2 times the company’s 2022 earnings forecast.
TC ENERGY INC. (Toronto symbol TRP; www.tcenergy.com) operates a 93,300-kilometre pipeline network that pumps natural gas from Alberta to eastern Canada and the U.S. Its other operations include 4,900 kilometres of crude oil pipelines and seven power plants.
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In the quarter ended June 30, 2022, TC’s revenue rose 14.3%, to $3.64 billion from $3.18 billion a year earlier. Excluding one-time items, the company’s per-share earnings fell 5.7%, to $1.00 from $1.06. Costs rose, and there were greater-than-planned outage days at Bruce Power.
TC continues to work on $23.6 billion in new pipelines and other projects. These assets will begin operating between 2022 and 2025. Most of them are secured by long-term shipping contracts, which cuts their risk.
For example, the company is building the 670-kilometre Coastal GasLink pipeline, which will pump natural gas from northeastern B.C. to a new liquefied natural gas (LNG) facility in Kitimat, B.C. From there, tankers will carry the LNG to markets in Asia.
In May 2020, TC sold 65% of Coastal GasLink to KKR & Co. Inc. (New York symbol KKR) and the Alberta Investment Management Corporation for an after-tax gain of $402 million.
Due to rising costs caused by COVID-19 delays, bad weather and other factors, Coastal GasLink will now cost $11.2 billion compared with the original forecast of $6.6 billion.
As a result, TC will contribute an additional $1.9 billion to the project, which it will pay in installments starting in August 2022.
Coastal GasLink is 70% complete and should begin operating by the end of 2023.
Starting with the April 2022 payment, the company raised your quarterly dividend by 3.4%, to $0.90 a share from $0.87. The new annual rate of $3.60 yields a high 5.5%. TC has now raised its dividend rate each of the past 22 years.
Meanwhile the company should earn $4.27 a share in 2022 and the stock trades at just 15.2 times that forecast.
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