TC sells off some assets

Article Excerpt

TC ENERGY INC., $49.15, is a buy. The company (Toronto symbol TRP; Shares o/s: 1.0 billion; Market cap: $49.2 billion; TSINetwork Rating: Above Average; Dividend yield: 7.8%; www.tcenergy.com) has agreed to sell its stake in Prince Rupert Gas Transmission Holdings Ltd., which is planning to build a 900-kilometre natural gas pipeline in northern B.C. The line will supply gas to the buyers, the Nisga’a First Nation and its partner Western LNG, who are planning to build a liquefied natural gas (LNG) export terminal in Prince Rupert, B.C. TC has not yet said how much it will receive when it completes the sale in the second quarter of 2024. However, the deal advances TC’s plan to sell $3 billion of its less-important assets. It will use those proceeds to pay down the company’s long-term debt. TC Energy is a buy. buy…