Opinions James Telfser
TC EnergyTRP.TOCOMMENTAug 27, 2013
Stock price when the opinion was issued
As of Sep 25, 2026. Market Open.
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He bought some yesterday. With all the infrastructure spending, there have to be more pipeline expenditures going forward. Valuation has come back, decent dividend yield. Somewhat more defensive.
John ZechnerIts growth is in the 7 to 8% range. It has a huge backlog of projects and is adding more. Has superior management which has started an AI initiative for optimizing its pipeline. His expectation of natural gas prices is that they will go nowhere in North America. Natural gas is above the 5 year storage levels and a milder winter is expected. It needs more liquification facilities in Western Canada.
Pulled down toward the 200-day MA, so an opportunity to pick up shares. RSI is down around 29, indicating it's oversold. Nice, steady name with pretty low beta (half that of the TSX). For the conservative, dividend part of your portfolio. Yield is 4% and safe, expected to increase over coming years.
Stan WongPipeline names serve an important need in a portfolio for those who are income-focused. Sector's been hot, valuations have come up dramatically. If you own, continue to hold. Growth outlook quite strong.
Pipelines will definitely benefit from the need for power for AI. But they can't ship more than is already allocated, so they don't get as much operating leverage as some other companies.
Pipelines are not quite as good as utilities for safety, because they're perceived as being commodity-sensitive (even though they're really not). This name will give you a good dividend and safety. You'll get your dividend, and the safety means you can sleep at night (and that's worth something). You can get diversification via funds and ETFs.
Expensive here. Growth is smaller, more stable and consistent. Good long-term name. Wait for lower valuations to get in.
PPL has a higher yield and more growth projects.
Rebecca TeltscherStrong Q1. Expanding project backlog. Thirst for AI data is helping. What's not to like -- the valuation. Really expensive here, ~23x PE for 2028, growing at only 6%. Doesn't mean it can't go higher, but it's always about risk/reward. He'd be selling calls.
Better buys are ALA, KEY, GEI, and TA.
It is one of the most expensive of the midstream companies -he owns other pipelines. It is in a good position with natural gas infrastructure and growth of supply. Hold for the long term - he is not concerned about the short term.
Jamie Murray Likes the business of pipelines -- local monopoly, contracted cashflows. Problem today is that their value is not lost on investors. A HALO stock, which AI can't replace. He'd trim, look for a better valuation to enter.
Martin Cobb, ASIPPossible deal with Iran caused similar price action across the whole complex. The whole space was at a high.
Both an oil play and an energy infrastructure play. Project backlog of $8B (with ~90% sanctioned, and another $12B being discussed) looks very visible. Great company. Trades at premium of 20x PE for 5% growth.
Better places for new $$.
Nat gas prices have fallen, but you have to stay focused on what this company is all about. Utility with very little volatility attached to it.
David Driscoll
When funding new projects and given that they have raised their dividends for well over a decade, they don’t want to cut their dividends or raise cash so they either have to issue more equity and dilute their common shares or issue bonds and preferred shares, increasing the levels of debt. This company generates a decent amount of cash flow from their existing projects. Have a lot of growth plans coming up so they will need to fund them. With their cash flow, they are probably not going to have to issue shares. For debt levels, you have to compare them to others in their group. You also have to look at how much they have to pay on their interest. He uses Net Debt to EBITDA and anything over the 3 to 4 mark is a red flag for him.