TC Energy (TRP.TO)

The outlook is good with increased profit guidance and the company's confidence in reducing debt levels by the end of next year. It has a 7.2% yield and can grow its dividends by 3 to 5% a year. if there are rate cuts next year this would be good for high dividend payers such as pipelines.
Buy 10  Hold 10  Sell 2

TRP currently has a high debt load, with a net debt of and net debt/EBITDA reaching 8.2x, which is high compared to peers and to TRP’s historical range as well. The total capex is also quite high, estimated to be around $12B, which accounts all the operating cash flow. This is very common for the sector, though, and TRP is not unique here. 

The encouraging news is that TRP is accelerating the deleveraging process by divesting $5+ billion in assets as recently TRP completed the sale of 40% of a non-controlling equity interest.
Overall, we don’t like too much debt, but cash flow is stable and the business is regulated. We consider it 'OK' for income but do prefer ENB and PPL.
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No insight on any lawsuit, but sounds political. US elections are next year, so we'll see. Lagged the group because of Coastal GasLink cost overruns, which should be behind them next year. Pipelines as a group are attractive for income. Yield's probably over 7%. She owns ENB, yielding over 7%, and PPL with a yield of over 6%.

They're Coastal Gaslink is nearly down and will break off the company into two which will be more focussed, and one will attract ESG investors. Also are shedding non-core assets. The stock has been under a dark cloud, but this sets this up nicely for future returns.

Re-evaluating strategy. Asset sale proceeds used to pay down debt. Coastal GasLink will help move product. Dividend is nice to have in your portfolio. 89% of debt is fixed rate, and average maturity is 18 years, so well insulated from impact of higher rates. Yield is 7.57%.

Higher interest rates tough on business. Higher debt loads a concern. Dividend very safe around 8%. If rates fall, will be good for business. Relatively safe business. As long as rates don't go up, is a good time to buy. 

Management has shored up the balance sheet. Assets cannot be replaced--it's very hard to build a pipeline from scratch, so they enjoy a moat. Trades at only 10x PE and pays an 8% dividend yield.

Pipelines are long bonds. He targets its current price. Pays nearly an 8% dividend. If the yield curve is controlled, little will happen to this stock. Hold. See what happens.

Less leverage than peers in sector. Valuable assets since not building anymore. Would be top pick in sector. 

A few issues above and beyond those impacting the sector. Not negative on it. If you own it, don't sell. Looking to optimize assets. Well run. Cashflows are durable and stable. Good balance sheet. Catalysts for upside. See his Top Picks. Yield is almost 8%.

Likes the pipelines. As they increase their grid, rate base will go up. Greater need for nat gas distribution. Good yield. Higher costs will be reflected in renewed contracts. Good place to be in the current environment. Yield on TRP is 8.1%, and he sees it as an opportunity, but they may not raise dividend as quickly as in the past.

Exposure to natural gas feed stock excellent. Coastal Gas Link completion coming soon. ~8% yield very attractive - does not see it as risky. Very strong assets - hard to replicate.

Companies get split off for 2 reasons: 1) it's non-core; or 2) it's better off being run on its own. Long-term, core business of TRP has an elevated dividend that will revert to the mean. You should see a special dividend, dividend compression over time. 

At current levels, you'll see more downside.  Well run, great company. Major opportunity once pipeline to the West is done.

Bought for stable and growing dividend and for commodity tailwinds. Yield surge threatened funding outlook.  Not a lot of growth in next 2 years, but reasonable at 10x, with 8% dividend.

He lost faith in management and sold. It had cost over-runs and sold off some gas assets but not for great profits. Still more asset sales are needed to pay down debt. The plan to split the company into two parts raises question marks. Enbridge is better managed so he prefers that as well as Alta Gas.