Buy the way, Goldman is bullish on this energy infrastructure stock after pullback
Landon Capital News
This energy infrastructure name, which has assets across North America and supplies more than 30% of the natural gas consumed daily in the region, has seen its stock price pull back from highs notched earlier this year.
Concerns have swirled around the pace of gas and power demand growth, as well as the impact of higher interest rates, driving down the stock price in the process, according to analysts at Goldman Sachs.
But in a note upgrading their rating of the company, TC Energy, to “buy” from “neutral,” the analysts argued that the selloff in the shares is “overdone” for three reasons.
First, they predict that TC Energy will announce more U.S. natural gas pipeline projects over the coming quarters “as it executes on its pre-[final investment decision] (FID) backlog,” referring to a list of potential projects it is waiting to carry out.
Tight global liquefied natural gas markets and solid long-term demand have pushed more countries to find ways to replace coal, boosting interest in projects building more supply of cleaner-burning LNG.
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