|Bid||66.25 x N/A|
|Ask||66.32 x N/A|
|Day's Range||64.73 - 67.88|
|52 Week Range||47.05 - 76.58|
|Beta (5Y Monthly)||0.88|
|PE Ratio (TTM)||15.52|
|Earnings Date||Apr. 30, 2020 - May 04, 2020|
|Forward Dividend & Yield||3.24 (5.01%)|
|Ex-Dividend Date||Mar. 29, 2020|
|1y Target Est||69.00|
Jennifer Rowland, Edward Jones Sr. Equity Analyst, joins On The Move to discuss how the spread of the coronavirus and OPEC disagreement is impacting dividends and affecting both big and small oil companies.
The CEO of TC Energy Corp. says the company is fine-tuning its plan to guard against the spread of COVID-19 as it moves ahead with site preparation for the US$8-billion Keystone XL Pipeline project.Russ Girling says crews are working on right-of-way clearing and moving pipe and equipment into position while starting to drill river crossings and constructing the border crossing into Canada from northern Montana.Major pipe-laying activity on the route from Hardisty, Alta., to Steele City, Neb., is expected to ramp up in June, he said during a presentation at the Scotiabank Canadian Association of Petroleum Producers Energy Symposium which was held virtually on Wednesday.Environmentalists have charged it's irresponsible for the company to go to construction during the current pandemic.Calgary-based TC Energy, formerly known as TransCanada, announced last week it would go ahead with the pipeline after Alberta agreed to invest about US$1.1 billion as equity and provide a US$4.2-billion loan guarantee.Girling said the provincial investment was important to mitigate against "inherent risks" in the project, adding he didn't want it to affect his company's credit-worthiness or its ability to proceed with $30 billion in other capital projects."Advancing new egress as you know for us has been a huge part of our strategy but it has inherent risks and we needed to find partners that shared the desire and the need and therefore we can share the risk with them," he said."That's kind of how that conversation came about and I think it works well for the upstream and the government in terms of getting this capacity on stream as quickly as we can."This report by The Canadian Press was first published April 8, 2020.Companies in this story: (TSX:TRP)The Canadian Press
Patience in Alberta is wearing thin for a promised aid package from the federal government for the oil and gas sector, Alberta Energy Minister Sonya Savage said Tuesday.The industry doesn't want a bailout, but instead help to cope with short-term liquidity problems caused by the plunge in global oil prices that has forced cuts in investment plans and activity levels, she said in a speech at the annual Canadian Association of Petroleum Producers symposium."It's taken too long," the minister said."I don't think that means the package is not coming. I think it just means it's complicated. But it needs to come and it needs to come soon because these companies are struggling."Federal Finance Minister Bill Morneau said last month aid for the oil sector was "hours, potentially days" away. But his department confirmed Tuesday there's still no timeline for its release, while noting that federal wage programs can be used by energy employees.In an open letter on Monday, the Calgary-based oilfield services sector called for Ottawa to introduce a payroll relief plan and suggested it purchase their accounts receivable at a discount to give them instant cash flow to preserve jobs.The letter signed by 13 CEOs said the federal government could collect those debts at a profit when the crisis is over.The annual CAPP conference, held in Toronto for the past few years, is being presented as an online conference for the first time this year to help prevent the spread of the COVID-19 virus.Global oil prices have plunged over the past month as demand has fallen because of the coronavirus at the same time that a market war between Saudi Arabia and Russia has created a flood of cheap barrels of oil.Savage said she will participate by phone in an "OPEC-plus-plus" meeting on Thursday that could include discussion of broadening production quotas beyond OPEC and Russia to include the United States, the world's largest producer, and Canada.Restricting production on a global scale to lift prices makes a lot of sense, Alex Pourbaix, CEO of oilsands producer Cenovus Energy Inc., said during the conference."People can club each other over the head for the next six months with massive impact to the profitability of the industry or the viability of the industry, or we can take a look at doing something collaboratively with other producing regions to temporarily reduce production and avoid a massive destruction of value," he said."That strikes me as a reasonably prudent thing to do."In a later presentation, Daniel Lyons, chief financial officer for Imperial Oil Ltd., took the opposite point of view."We don't like the government getting in and constraining production and picking winners and losers. That's not what we would advocate," he said.He pointed out the current low oil price environment reduces the cost of feedstock for Imperial's refineries.Cenovus has supported the Alberta government's oil curtailment program created last year to bolster local oil prices while Imperial has opposed it.Despite the current price environment, CAPP CEO Tim McMillan said there's a great deal of optimism in the energy sector because three key export pipelines — the Trans Mountain expansion, the Line 3 replacement and Keystone XL — are in various stages of construction."These three projects will significantly advance Canada's ability to meet global markets with our crude oil," he said.He added: "The Canadian oil and gas industry was the economic engine that pulled Canada out of the great recession of 2008 and we can do it again."Last week, Calgary-based TC Energy Corp. announced it would go ahead with its long-delayed US$8-billion Keystone XL Pipeline, backed by about C$1.5 billion in equity investment by the Alberta government, along with a provincial loan guarantee.The addition of new pipeline capacity won't affect the profitability of Enbridge Inc.'s Mainline oil export pipeline system, CEO Al Monaco said at the conference.This report by The Canadian Press was first published April 7, 2020.Companies in this story: (TSX:TRP, TSX:CVE, TSX:ENB, TSX:IMO) Dan Healing, The Canadian Press
Alberta is in a precarious state, but the investment in the Keystone pipeline project is a must to ensure its future prosperity. The province expects huge profits when it sells the TC Energy stock after it rallies on the project’s completion.The post Crude Oil Market Crash 2020: Alberta Might Never Recover appeared first on The Motley Fool Canada.
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TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:Toronto Stock Exchange (12,861.93, down 516.82 points.)TC Energy Corp. (TSX:TRP). Down $4.69, or 7.5 per cent, to $57.86 on 15.1 million shares.Suncor Energy Inc. (TSX:SU). Energy. Down 27 cents, or 1.2 per cent, to $22.19 on 14.75 million shares.Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Down 77 cents, or four per cent, to $18.48 on 12.9 million shares.Bombardier Inc. (TSX:BBD.B). Industrials. Down 2.5 cents, or 5.49 per cent, to 43 cents on 12.1 million shares.Cenovus Energy Inc. (TSX:CVE). Energy. Down 12 cents, or 4.23 per cent, to $2.72 on 11.3 million shares.Aurora Cannabis Inc. (TSX:ACB). Health care. Down 10 cents, or 7.94 per cent, to $1.16 on 10.7 million shares.Companies in the news:Dollarama Inc. (TSX:DOL). Down 12 cents to $38.92. Dollarama Inc. declined to provide its annual financial guidance for its 2021 financial year due to COVID-19 pandemic, but said it expects to see some negative impacts. Dollarama anticipates same-store sales to be negative for the rest of the current first quarter thanks to the reduced traffic and mall closures beyond the retailer's control. Dollarama earned $178.7 million in the fourth quarter, up from $171.0 million in the same period a year earlier.Cineplex Inc. (TSX:CGX). Up 21 cents or 1.8 per cent to $11.91. Canada's largest movie exhibitor will keep its doors closed nationwide into the foreseeable future amid the COVID-19 pandemic. After initially setting an April 2 timeline to consider reopening 165 theatres across the chain, a representative for Cineplex Inc. told The Canadian Press the company will instead turn to government and public health authorities for any further guidance on when it's safe to reopen.Sun Life Canada (TSX:SLF). Down $1.96 or 4.3 per cent to $43.31. When COVID-19 started spreading through Canada, the president of one of the country’s largest insurance companies was thinking about mothers who have to tote kids to a waiting room and keep them entertained for hours just to see a doctor. On Tuesday, Sun Life rolled out free access to Lumino Health Virtual Care, a platform that allows Canadians to connect with medical professionals digitally by giving them the ability to find and book an appointment with a psychologist, physiotherapist or other paramedical providers.Uni-Select Inc. (TSX:UNS). Down 52 cents or 10.2 per cent to $4.59. Uni-Select Inc. says approximately half of its employees are being furloughed and a third of its sites being temporarily closed as a result of the COVID-19 pandemic. The automotive parts and paint company has 6,000 employees in Canada, the U.S. and Britain. It says it remains in operation where appropriate and permitted and has reorganized to focus on essential services. Uni-Select says 28 per cent of its sites are operating on reduced hours while seven per cent are operating on a very limited basis.This report by The Canadian Press was first published April 1, 2020.The Canadian Press
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CALGARY — A final investment decision clearing the way for construction of the long-delayed Keystone XL Pipeline was greeted with relief on Tuesday by an Alberta oilpatch where production has grown faster than pipeline capacity.The decision by Calgary-based TC Energy Corp. to go ahead with the US$8-billion project was widely anticipated after it cleared major U.S. regulatory hurdles earlier this year and began site preparation work in Montana, South Dakota and Nebraska.In a surprise development, however, the Alberta government has agreed to invest about US$1.1 billion (C$1.5 billion) as equity in the project, thus substantially covering planned construction costs through the end of 2020.The remaining US$6.9 billion is expected to be funded through a combination of a US$4.2-billion project level credit facility to be fully guaranteed by the Alberta government and a US$2.7-billion investment by TC Energy.At a joint news conference in Calgary on Tuesday, Premier Jason Kenney and TC Energy CEO Russ Girling described the relationship as a partnership."This is not a time for timid leadership," declared Kenney."The government of Alberta is launching a partnership with TC Energy in a bold project to re-take control of our province's economic destiny and put it firmly back in the hands of the women and men who own our natural resources, the people of Alberta."Added Girling: "It is imperative that we keep one eye on the future and the responsibility that our company has to build the critical energy infrastructure that society will need for decades yet to come."Alberta will be able to sell its shares for a profit after the pipeline is built and it will generate a net return of more than $30 billion through royalties and higher prices for Alberta oil in the next 20 years, Kenney said.Alberta's involvement was praised by Suncor Energy Inc. and Canadian Natural Resources Ltd., two of Canada's largest oilsands producers. "Access to new markets and expanded connectivity to existing markets is critical, especially the U.S. Gulf Coast through KXL, which will significantly expand access to the largest heavy oil refining capacity in the world," said Suncor CEO Mark Little in an emailed statement.Oilsands producer Cenovus Energy Inc. has a contract to move 150,000 barrels per day on Keystone XL and views its construction as "crucial" to the success of the Canadian oil industry, said spokesman Brett Harris.The decision disappointed U.S. environmental groups that have fought against the pipeline in regulatory hearings and the courts for years.Catherine Collentine, associate director of the Sierra Club's Beyond Dirty Fuels campaign, vowed to continue the fight. "By barrelling forward with construction during a global pandemic, TC Energy is putting already vulnerable communities at even greater risk," she said.Canadian opponents were also critical, with Environmental Defence calling the Alberta investment a "reckless use of public money" and the Pembina Institute suggesting public dollars would be better spent to reduce oilpatch greenhouse gas emissions and support workers idled by the COVID-19 pandemic.Oil production in Alberta is expected to decline this year as producers cut billions of dollars in spending in view of a global price war between Saudi Arabia and Russia. On Tuesday, Imperial Oil Ltd. said it would slash $500 million from capital spending and another $500 million in operating expenses.But output was also curtailed last year by an Alberta government decree to offset steep local price discounts due to a glut of trapped oil that had overwhelmed storage capacity.The 1,947-kilometre Keystone XL pipeline will be able to carry 830,000 barrels per day of crude oil from Hardisty, Alta., to Steele City, Neb., where it is to connect with TC Energy's existing facilities.The company formerly known as TransCanada said the project is expected to enter service in 2023 with new 20-year contracts for 575,000 barrels of oil per day. Contracts for 115,000 bpd on the existing Keystone line will then shift to the new facilities under renewed 20-year contracts for a total of 690,000 bpd or 83 per cent of capacity.Once the project is complete and in service, TC Energy said it expects to acquire the Alberta government's equity investment under agreed terms and conditions and refinance the US$4.2-billion credit facility in debt capital markets.Richard Masson, executive fellow at the University of Calgary's School of Public Policy, said the Alberta investment was likely needed to mitigate a looming political risk from the U.S. presidential election in November."What happens if the Democrats win and pull the (presidential) permit?" he said, noting former Democratic Party president Barack Obama rejected the pipeline in 2015, a move that was reversed by Republican Donald Trump."TC Energy is essentially saying, 'We don't want to take that risk.' ... Alberta is essentially saying, 'OK, we'll take that risk, we'll put in $1.5 billion Canadian, and if it ends up that no one pulls the presidential permit, then we're all going to work on getting the rest built over 2021 and '22.'"In response to a question at the news conference, Kenney acknowledged the risk associated with the U.S. election but said the pipeline's ability to put Americans to work will influence the government's decisions, even if a Democratic Party president is elected.Market access is expected to remain tight in Alberta until 2023 when Keystone XL, Enbridge's Line 3 replacement and the Trans Mountain pipeline expansion should be operating, Masson said, but more pipeline capacity will be needed if oilsands production grows as forecast thereafter by an estimated 100,000 bpd per year.CEO Chris Bloomer with the Canadian Energy Pipeline Association said building the Keystone XL project provides a "critical boost" for the economies of Alberta and Canada but he called on Ottawa to do more to demonstrate support of the energy sector.Meanwhile, federal Natural Resources Minister Seamus O'Regan also applauded the Keystone XL news."The project increases our market access — safely, responsibly, and sustainably — and fits within Canada's climate plan," he said in a statement.This report by The Canadian Press was first published March 31, 2020.Companies in this story: (TSX:TRP, TSX:SU, TSX:IMO, TSX:CVE, TSX:CNQ)Dan Healing, The Canadian Press
CALGARY, Alberta and HOUSTON, March 31, 2020 (GLOBE NEWSWIRE) -- – News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that it will proceed with construction of the Keystone XL Pipeline Project (the Project), resulting in an investment of approximately US$8.0 billion into the North American economy. “We appreciate the ongoing backing of landowners, customers, Indigenous groups and numerous partners in the U.S. and Canada who helped us secure project support and key regulatory approvals as this important energy infrastructure project is poised to put thousands of people to work, generate substantial economic benefits and strengthen the continent’s energy security,” said Russ Girling, TC Energy’s President and Chief Executive Officer.
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To the annoyance of some shareholders, TC Energy (TSE:TRP) shares are down a considerable 35% in the last month. Even...
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(Bloomberg) -- Canadian stocks suffered a stunning 12% drop, the largest in eight decades, as investors size up the likelihood of a global recession because of the coronavirus pandemic.The S&P/TSX Composite Index had its biggest one-day decline since May 1940, according to data compiled by Bloomberg. The 230 companies in the benchmark collectively lost at least C$265 billion ($190 billion) in market value. Trading on the Toronto Stock Exchange was halted minutes after the market opened as a wave of selling tripped the circuit-breaker rule.The spread of a global pandemic that has killed more than 4,700 people has shocked financial markets and forced policy makers into emergency measures. The Federal Reserve said it is prepared to inject a total of $5 trillion into funding markets over the next month.The Bank of Canada also took steps to smooth the flow of credit. Late Thursday afternoon, the central bank said it will broaden the scope of a government bond buyback program and temporarily add repo operations with terms of six and 12 months “to proactively support interbank funding.”In equity markets, the selling was indiscriminate. One of the country’s largest pipeline operators, TC Energy Corp., saw its market cap fall almost C$13 billion. Shares of the Calgary-based company fell 22%, the most since 1984. Only one stock in the composite went up: auto parts maker Linamar Corp.“We’ve had a bull market which had to result in some relief at some point,” said Michael Smedley, chief investment officer at Morgan Meighen & Associates. “The situation at the moment is still for me ‘sitting on your hands’ rather than ‘catching the knife.’”A growing number of economists believe Canada is on the brink of recession as the economy takes a double hit from the coronavirus and tanking oil prices, ramping up pressure on Prime Minister Justin Trudeau’s government to come up with a sizable fiscal stimulus package. In the meantime, investors were left perplexed.“The most important thing right now is to focus on liquidity, focus on safe yields and non-cyclical parts of market,” including Canadian banks, David Rosenberg, founder of Rosenberg Research and Associates Inc., said in a phone interview. He’s “nibbling back into the market” and advising clients to look for stocks where dividends are safe.Rosenberg, the former North American chief economist for Merrill Lynch who has been forecasting a recession, thinks one has already begun in Canada and the U.S. “This is an absolutely horrible situation, at every level,” he said.Don’t bank on a quick bounce, said one analyst at Canadian Imperial Bank of Commerce. “The caveat here is that we do not believe there is a V-shape recovery given the magnitude of the recent technical damage in market internals,” the bank’s technical analyst Sid Mokhtari said in a note to clients.Oil is headed for the biggest weekly decline since 2008 after Saudi Arabia set off a price war over the weekend and President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days in an attempt to contain the coronavirus, pummeling fuel demand.Trudeau himself is in self-isolation and working from home while his wife awaits the results of a Covid-19 test. Sophie Gregoire Trudeau had been exhibiting flu-like symptoms after recently returning from a speaking engagement in London, the prime minister’s office said in a statement. While her symptoms have subsided, she’s self-isolating at home as she awaits the test results.The prime minister isn’t exhibiting any symptoms.Meanwhile, provincial governments took further steps to try to slow the coronavirus outbreak. Quebec asked residents to quarantine themselves after any foreign trip and made a 14-day self-isolation mandatory for government workers. Ontario said public schools will close through April 5 and Alberta urged the cancellation of all gatherings of more than 250 people.(Updates with additional details on market drop, government and central bank response, and new chart)\--With assistance from Aoyon Ashraf, Steven Frank, Doug Alexander, Derek Decloet and Jacqueline Thorpe.To contact the reporters on this story: Divya Balji in Toronto at firstname.lastname@example.org;Michael Bellusci in Toronto at email@example.comTo contact the editors responsible for this story: Courtney Dentch at firstname.lastname@example.org, Divya Balji, Steven FrankFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
CALGARY, Alberta, March 12, 2020 -- Media Advisory – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy) today announced that its wholly owned subsidiary, NOVA Gas Transmission.
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