TC Energy (TRP – Research Report), the Energy sector company, was revisited by a Wall Street analyst on June 27. Analyst Praneeth Satish from Wells Fargo maintained a Buy rating on the stock and has a C$78.00 price target.
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Praneeth Satish has given his Buy rating due to a combination of factors influencing TC Energy’s stock. A significant development is the commencement of toll collection on the Southeast Gateway Pipeline, which has removed a major overhang on the stock. The timely payment from CFE for May, ahead of the anticipated mid-year schedule, suggests a positive trajectory for the company’s financial performance.
Furthermore, the resolution of concerns regarding the proposed Section 899 tax has alleviated investor apprehensions, contributing to a more favorable outlook. With these developments, TC Energy is now likely to achieve the higher end of its financial guidance, indicating potential upside. The Southeast Gateway Pipeline’s strong economic fundamentals, including its full contractual commitment with CFE, further bolster the stock’s appeal.
Based on the recent corporate insider activity of 167 insiders, corporate insider sentiment is neutral on the stock.