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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  TC Energy Corp    TRP   CA87807B1076

TC ENERGY CORP

(TRP)
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TC Energy : Block on construction of Canada-US Keystone XL oil pipeline lifted

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06/09/2019 | 11:09pm EDT

An American appeals court has lifted an injuction that blocked the construction of the Keystone XL oil pipeline, an $8bn project between Alberta and Nebdraska that would ship up to 830,000 barrels of crude oil every day from Canada to the US.

A three-judge panel of the 9th Circuit Court of Appeals ordered the dismissal of the lawsuit from environmental groups – such as the Indigenous Environmental Network and the North Coast Rivers Alliance – and Native American groups, with the move effectively serving in favour of the 1,897km pipeline’s developer, TC Energy, formerly known as Trans Canada Corporation.

According to American news outlet The Hill, the ruling “opens up the door to restarting” construction of the pipeline, which was halted in November 2018 by the courts, partly due to the project team's failure to account for the cumulative impacts of greenhouse gases from its construction.

The ruling comes after US President Donald Trump signed an executive order authorising the construction of the pipeline on 29 March.

Local daily Financial Post said TC Energy's spokesperson, Matthew John, had confirmed that construction was not likely to resume in America this year.

“There will be no mainline construction in 2019 in the US,” according to the report.

Financial Post added that TC Energy was "still awaiting a decision from the Nebraska Supreme Court over whether its permits to build the pipeline through the state are valid".

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (CAD)
Sales 2019 14 365 M
EBIT 2019 7 014 M
Net income 2019 3 867 M
Debt 2019 49 756 M
Yield 2019 4,53%
P/E ratio 2019 16,1x
P/E ratio 2020 16,0x
EV / Sales2019 7,72x
EV / Sales2020 7,53x
Capitalization 61 198 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 67,60  CAD
Last Close Price 65,89  CAD
Spread / Highest target 13,8%
Spread / Average Target 2,60%
Spread / Lowest Target -27,2%
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Managers
NameTitle
Russell K. Girling President, CEO & Non-Independent Director
Siim Alden Vanaselja Chairman
Donald R. Marchand CFO & Executive VP-Corporate Development
Steven Barry Jackson Independent Director
Kevin E. Benson Independent Director
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