Updates on your Conservative stocks: TC Energy, Canadian National Railway, & Canadian Tire

Article Excerpt

TC ENERGY CORP. $58 (www.tcenergy.com) is a buy. The company has won regulatory approval for its plan to expand its Nova Gas pipeline network. That will add 40 kilometres to the existing 25,000-kilometre network and let the company export more gas from Alberta to markets in Washington, Oregon and California. This expansion is part of a $1.2-billion expansion program first announced in 2019. That cost is equal to 2% of TC’s $58.1 billion market cap. However, long-term shipping contracts cuts the risk of this project. TC Energy is a buy. CANADIAN NATIONAL RAILWAY CO. $170 (www.cn.ca) is a buy. The U.S. Congress recently passed a new bill that makes a strike by U.S. railway unions illegal. That helps cut CN’s risk, as its U.S. and cross-border traffic supplies 47% of its revenue. As well, thanks to strong grain harvests, the company shipped over 3.23 million tonnes of grain from Western Canada in October 2022. That beat its previous record set in October 2020 by over 50,000 tonnes. CN Rail…