• Mon. Nov 30th, 2020

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Running data of recent trade: TC Energy Corporation (NYSE: TRP)

On 12 March 2020, TC Energy Corporation (NYSE: TRP) spotted trading -37.88% off 52-week high price. On the other end, the stock has been noted -19.11% away from the low price over the last 52-weeks. The stock changed -21.65% to recent value of $35.98. The stock transacted 4069117 shares during most recent day however it has an average volume of 2000.24K shares. The company has 951.2M of outstanding shares and 937.12M shares were floated in the market.

TC Energy Corporation (TRP) recently reported net income attributable to ordinary shares for fourth quarter 2019 of $1.1B or $1.18 per share contrast to net income of $1.1B or $1.19 per share for the same period in 2018. For the year ended December 31, 2019, net income attributable to ordinary shares was $4.0B or $4.28 per share contrast to net income of $3.5B or $3.92 per share in 2018. Comparable earnings for fourth quarter 2019 were $970M or $1.03 per ordinary share contrast to $946M or $1.03 per ordinary share for the same period in 2018. For the year ended December 31, 2019, comparable earnings were $3.9B or $4.14 per ordinary share contrast to $3.5B or $3.86 per ordinary share in 2018. TC Energy’s Board of Directors also reported a quarterly dividend of $0.81 per ordinary share for the quarter ending March 31, 2020, equivalent to $3.24 per ordinary share on an annualized basis, a raise of eight per cent. This is the twentieth consecutive year the Board has raised the dividend.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

Fourth quarter 2019 financial results

Net income attributable to ordinary shares of $1.1B or $1.18 per ordinary share

Comparable earnings of $970M or $1.03 per ordinary share

Comparable EBITDA of $2.3B

Net cash provided by operations of $1.8B

Comparable funds generated from operations of $1.8B

For the year ended December 31, 2019

Net income attributable to ordinary shares of $4.0B or $4.28 per ordinary share

Comparable earnings of $3.9B or $4.14 per ordinary share

Comparable EBITDA of $9.4B

Net cash provided by operations of $7.1B

Comparable funds generated from operations of $7.1B

Fourth quarter and other recent highlights

TC Energy’s Board of Directors accepted an eight per cent increase in the quarterly ordinary share dividend to $0.81 per ordinary share for the quarter ending March 31, 2020

Discontinued the issuance of ordinary shares from treasury at a discount to satisfy purchases under the Dividend Reinvestment and Share Purchase Plan (DRP) commencing with the dividends reported October 31

Exited 2019 having brought $8.7B of new assets into service, realized $3.4B from portfolio management activities and attained targeted credit metrics in the year

Entered into an contract in December to sell a 65 per cent equity interest in Coastal GasLink which, when combined with the establishment of a secured construction credit facility, is predictable to substantially satisfy the Company’s funding requirements through to in-service

Placed $1.1B of the North Montney project in service in January 2020

In February 2020, accepted the $0.9B 2023 NGTL Intra-Basin System Expansion for contracted incremental intra-basin firm delivery capacity and the US$0.3B Alberta XPress project, an expansion of the ANR Pipeline system

In January 2020, received a Federal Energy Regulatory Commission (FERC) certificate for the US$0.2B Buckeye XPress project on our Columbia Gas system

Filed an application for authorization of a six-year unanimous negotiated settlement on the Canadian Mainline tolls with the Canada Energy Regulator (CER)

Received authorization of the Columbia Gulf rate settlement from FERC

Received Final Supplementary Environmental Impact Statement (SEIS) for the Keystone XL project in December 2019 and authorization from the U.S. Bureau of Land Management in February 2020.

Net income attributable to ordinary shares for the three months ended December 31, 2019 was $1.1B or $1.18 per share contrast to $1.1B or $1.19 per share for the same period last year. For the year ended December 31, 2019, net income attributable to ordinary shares was $4.0B or $4.28 per share contrast to $3.5B or $3.92 per share in 2018. Per share results reflect the dilutive impact of ordinary shares issued under our Corporate At-The-Market (ATM) program in 2018 and under our DRP. Net income attributable to ordinary shares includes a number of specific items that we believe are important but not reflective of our underlying operations in the period. More information on these items which are excluded from comparable earnings can be found in the table entitled “Reconciliation of net income to comparable earnings” later in the document.

Comparable EBITDA reduced by $138M to $2.3B for the three months ended December 31, 2019 contrast to the same period in 2018 primarily Because of the net effect of the following:

lower contribution from Canadian Natural Gas Pipelines primarily reflecting lower flow-through income taxes and depreciation as well as lower incentive earnings in the Canadian Mainline Because of recording the full-year impact of the Canadian Mainline 2018-2020 Tolls Review (NEB 2018 Decision) in fourth quarter 2018.Because of the flow-through treatment of certain expenses including income taxes and depreciation on our Canadian rate-regulated pipelines, the decrease in these expenses impacts our comparable EBITDA despite having no important effect on net income

lower contribution from Liquids Pipelines primarily Because of reduced volumes on the Keystone Pipeline System, lower margins on liquids marketing activities and the impact of the sale of an 85 per cent equity interest in Northern Courier on July 17, 2019

higher contribution from U.S. Natural Gas Pipelines mainly Because of incremental earnings from Columbia Gas growth projects placed in service, partially offset by reduced earnings from the sale of certain Columbia midstream assets on August 1, 2019 and from Bison (wholly owned by TC PipeLines, LP) following a 2018 contract with two consumers to pay out their future contract revenues and terminate the contracts

higher contribution from Power and Storage primarily Because of increased Bruce Power results from a higher realized power price and higher volumes, partially offset by lower results from our Alberta cogeneration plants and the sale of the Coolidge generating station on May 21, 2019

higher equity earnings from our investment in the Sur de Texas pipeline which was placed in service in September 2019, at which time we began recording equity income from operations. Previous to in-service, Sur de Texas equity income primarily reflected an allowance for funds used during construction (AFUDC), net of our proportionate share of interest expense on inter-associate loans from its partners. Our share of this interest expense is fully offset in Interest income and other.

Its earnings per share (EPS) expected to touch remained 14.40% for this year while earning per share for the next 5-years is expected to reach at 2.54%. TRP has a gross margin of 70.50% and an operating margin of 43.70% while its profit margin remained 30.00% for the last 12 months. According to the most recent quarter its current ratio was 0.6 that represents company’s ability to meet its current financial obligations. The price moved ahead of -33.39% from the mean of 20 days, -33.42% from mean of 50 days SMA and performed -29.84% from mean of 200 days price. Company’s performance for the week was -34.14%, -35.01% for month and YTD performance remained -32.51%.

 

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