TC Energy has a number of irons in the fire, including the spin-off of its liquids pipeline business, and the strategic sale of billions worth of non-core assets. On Monday, RBC Capital Markets analyst Robert Kwan raised his outlook for Toronto-listed TC Energy stock from $54 to $59, while maintaining an “outperformer” rating. On Friday, CIBC Capital Markets analyst Robert Catellier raised his target price to $56 per share from $55, keeping a “neutral” recommendation.
“TC Energy continues to build investor confidence coming out of what increasingly appears to be a low-point in August 2023,” Kwan wrote in a note to clients.The company still has important irons in the fire, including the spin-off of its liquids pipeline business, and the strategic sale of billions worth of non-core assets. In mid-2024, TC Energy plans to hold a shareholder vote on spinning off its crude pipeline business. The new company will be called South Bow, and will remain headquartered in Calgar