TC Energy Beats On 1Q Earnings; Focus On Asset Sales And Projects -- Market Talk

Dow Jones05-03

0907 ET - TC Energy managed a 1Q beat, though investors are likely to be focused on the asset divestment program, ongoing debt deleveraging and major-project updates, Jefferies' Anthony Linton says. Adjusted Ebitda of C$3.1 billion was ahead of the consensus and Jefferies' forecast for C$3 billion, which the analyst says was driven by the liquids pipeline. TC Energy also affirmed its FY guidance. As well, Linton notes the company has placed C$1 billion in projects into service year-to-date, and some C$7 billion of projects should be in service this year. TC Energy's liquids segment spin-off plans show progress, Linton adds. Jefferies has a C$51 target on the shares, which last closed at C$49.81. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

May 03, 2024 09:08 ET (13:08 GMT)

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