TC presses ahead with Keystone XL

Article Excerpt

TC ENERGY CORP. $61 is our #1 Income Buy for 2020. The company (Toronto symbol TRP; Conservative Growth and Income Portfolios, Utilities sector; Shares outstanding: 940.0 million; Market cap: $56.3 billion; Price-to-sales ratio: 4.4; Dividend yield: 5.3%; TSINetwork Rating: Above Average; has received approval from the U.S. government to increase shipments on its existing Keystone pipeline to 760,000 barrels a day from the 590,000 allowed under a previous permit. That line pumps crude oil from Alberta’s oil sands to refineries on the U.S. Gulf Coast. The extra capacity helps offset the impact of ongoing legal and environmental challenges to its Keystone XL project. XL is meant to double the capacity of the company’s existing Keystone pipeline system. Despite those delays, TC still expects to complete XL in 2023. The company has also secured agreements with four leading U.S. labour unions that will construct Keystone XL. That further cuts the risk of this project. TC Energy is our #1 Income Buy for 2020. 2020…

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