What is Pat’s commentary for the week of June 4, 2024
Article Excerpt
High-quality utility stocks, with their high dividend yields and steady or rising income streams, tend to be sensitive to interest rate increases. TC Energy is no exception. The rise in interest rates in the past couple of years helped push its share price down nearly 30%.
The outlook for interest rates is still uncertain, but TC now offers an attractive buying opportunity, starting with its sustainable dividend yield of 7.4%. The company earns most of its profits from regulated pipelines and power plants; that lets it keep raising its dividend. (In fact, it raised its dividend during the pandemic.)
TC will soon spin off its oil pipeline business as South Bow Corp. As we often remind investors, spinoffs are the closest thing you can find to a sure thing. That’s because studies show spinoffs, after an initial adjustment period of a few months, tend to outperform groups of comparable stocks for several years. For that matter, the parent companies also tend to…
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