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    TRP   CA87807B1076

TC ENERGY CORPORATION

(TRP)
  Report
Delayed Toronto Stock Exchange  -  04:16:13 2023-01-27 pm EST
57.70 CAD   +0.26%
01/26RBC Capital Markets Says TC Energy May 'Overcorrect' Funding, Leverage
MT
01/25BMO Capital Markets Sees Utilities Q4 Results Outperforming the Midstream Energy Sector
MT
01/25Enbridge Downgraded to Market Perform at BMO
MT
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Energy, materials push TSX higher; Scotiabank falls

11/29/2022 | 10:32am EST

(Adds comments; updates prices, details)

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Scotiabank falls on larger loan loss provisions

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TC Energy, Suncor expect 2023 costs to rise

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GDP Q3 annualized data better than expected

Nov 29 (Reuters) - Canada's main stock index bounced on Tuesday, tracking prices of crude oil and metals, although the Bank of Nova Scotia kept gains in check after reporting a jump in loan loss provisions in the fourth quarter.

At 10:09 a.m. ET (15:09 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 82.73 points, or 0.41%, at 20,303.22.

Scotiabank fell 1.7% as a lull in its investment banking division dented income from its capital markets unit. The financials sector slipped 0.1%.

"If I was the CEO of a Canadian bank right now, I would look at my stock price and earnings that have held up well, and would seek to use this opportunity to protect the balance sheet just in case things worsen," said Barry Schwartz, portfolio manager at Baskin Financial Services.

As earnings from top Canadian banks start rolling in, Schwartz expects them to increase bad debt provisions as financial institutions brace for the most anticipated recession ever.

Among gainers, the energy and materials sectors rose between 1% and 2%, tracking prices of oil and metals that rose on hopes that a relaxation of China's strict COVID-19 controls would spur demand in the top consumer.

However, Suncor Energy Inc and TC Energy Corp fell 1.2% and 3.6%, respectively, on higher 2023 cost forecasts due to macro pressures, while TC Energy's costs were also related to its delayed Coastal GasLink pipeline.

"Funding of capital expenditures for energy firms have gone up with higher rates and so, if the Bank of Canada wanted to slow the economy, I must say, it is working," Schwartz added.

Meanwhile, gross domestic product data rose at an annualized rate of 2.9%, according to a Reuters poll, in the third quarter driven by exports and non-residential structures.

Royal Bank of Canada edged higher on its deal to buy HSBC's business in Canada for $10.04 billion. ($1 = 1.3441 Canadian dollars) (Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.57% 86.05 Delayed Quote.1.71%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7507 Delayed Quote.1.73%
ROYAL BANK OF CANADA -0.71% 134.65 Delayed Quote.5.77%
S&P GSCI CRUDE OIL INDEX -1.88% 436.6984 Real-time Quote.1.18%
S&P/TSX COMPOSITE INDEX 0.07% 20714.48 Delayed Quote.6.86%
SUNCOR ENERGY INC. 0.00% 46.09 Delayed Quote.7.31%
TC ENERGY CORPORATION 0.26% 57.7 Delayed Quote.6.89%
THE BANK OF NOVA SCOTIA -0.32% 70.97 Delayed Quote.6.98%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.02% 1.3309 Delayed Quote.-1.64%
WTI -2.02% 79.45 Delayed Quote.0.75%
All news about TC ENERGY CORPORATION
01/26RBC Capital Markets Says TC Energy May 'Overcorrect' Funding, Leverage
MT
01/25BMO Capital Markets Sees Utilities Q4 Results Outperforming the Midstream Energy Sector
MT
01/25Enbridge Downgraded to Market Perform at BMO
MT
01/24TC Energy to issue fourth quarter 2022 results on Feb. 14
GL
01/24TC Energy to issue fourth quarter 2022 results on Feb. 14
GL
01/12RBC Capital Markets Says TC Energy Must 'Go Big' In Asset Monetization Program
MT
01/11Mexican president ready to meet Canadian power firms over dispute
RE
01/10TC Energy has no estimate of cost of Keystone pipeline spill clean-up
RE
01/10Plug Power to Provide TC Energy with Two Hydrogen Liquefaction Systems
MT
01/10TSX futures edge lower ahead of Powell speech
RE
More news
Analyst Recommendations on TC ENERGY CORPORATION
More recommendations
Financials
Sales 2022 14 737 M 11 070 M 11 070 M
Net income 2022 3 525 M 2 648 M 2 648 M
Net Debt 2022 58 167 M 43 693 M 43 693 M
P/E ratio 2022 14,0x
Yield 2022 6,23%
Capitalization 58 392 M 43 862 M 43 862 M
EV / Sales 2022 7,91x
EV / Sales 2023 7,75x
Nbr of Employees 7 017
Free-Float 96,7%
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Technical analysis trends TC ENERGY CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus HOLD
Number of Analysts 22
Last Close Price 57,70 CAD
Average target price 63,50 CAD
Spread / Average Target 10,1%
EPS Revisions
Managers and Directors
Francois L. Poirier President, Chief Executive Officer & Director
Joel E. Hunter Executive VP, Chief Financial & Risk Officer
Siim Alden Vanaselja Chairman
Leslie C. Kass Executive Vice President-Technical Centre
Mary Pat Salomone Independent Director
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