Topic: How To Invest

The Successful Investor Hotline – Friday, March 8, 2024

Article Excerpt

TC ENERGY INC., $54.28, Toronto symbol TRP, remains a buy. TC generates steady cash flow for investors mainly through a 93,700-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 nine power plants. The company is now selling its Portland Natural Gas Transmission System to BlackRock Inc. (New York symbol BLK). That business pumps natural gas through a 475-kilometre pipeline from Quebec to customers in New England and Atlantic Canada. TC owns 61.7% of this line, with Quebec-based energy firm Energir holding the remaining 38.3%. The company will receive $740 million for its share. It expects to complete the transaction in mid-2024. The sale is part of TC’s plan to sell $3 billion of its less-important assets. The company plans to use the proceeds to pay down its long-term debt of $49.98 billion (as of December 31, 2023). That’s a high 89% of its $56.3 billion market cap…