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Outlook for TC Energy Stock in 2025

Outlook for TC Energy Stock in 2025

2025年tc energy股票展望
The Motley Fool ·  2024/12/03 18:45

TC Energy (TSX:TRP) is up 31% in 2024. Investors who missed the rally are wondering if TC Energy is still undervalued and good to buy for a self-directed Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) focused on dividends and total returns.

TC Energy(多伦多证券交易所股票代码:TRP)在2024年上涨了31%。错过涨势的投资者想知道TC Energy的估值是否仍被低估,是否适合购买以股息和总回报为重点的自管免税储蓄账户(TFSA)或注册退休储蓄计划(RRSP)。

TC Energy's share price

TC Energy的股价

TC Energy (TSX:TRP) trades near $68.50 at the time of writing. The stock was as low as $48 last spring but still sits below the $74 it reached in 2022 before aggressive interest rate hikes in Canada and the United States triggered a pullback in the energy infrastructure sector.

在撰写本文时,TC Energy(多伦多证券交易所股票代码:TRP)的交易价格接近68.50美元。去年春天,该股低至48美元,但仍低于2022年达到的74美元,此前加拿大和美国的激进加息引发了能源基础设施行业的回调。

TC Energy uses debt to fund a good chunk of its development projects, which can take years to complete and often have budgets of billions of dollars. The company's 670-km Coastal GasLink pipeline is a good example. TC Energy gave the project the green light in 2018 with an estimated budget of $6.6 billion. The project reached mechanical completion in late 2023 and is expected to have a final cost of close to $14.5 billion. The pipeline will carry natural gas from Canadian producers to a new liquified natural gas (LNG) export facility on the coast of British Columbia.

TC Energy使用债务为其开发项目的很大一部分提供资金,这些项目可能需要数年才能完成,而且预算通常为数十亿美元。该公司长达670公里的Coastal GasLink管道就是一个很好的例子。TC Energy在2018年为该项目开了绿灯,估计预算为66亿美元。该项目于2023年底实现机械完工,预计最终成本接近145亿美元。该管道将把加拿大生产商的天然气输送到位于不列颠哥伦比亚省海岸的新液化天然气(LNG)出口设施。

Rising interest rates in 2022 and 2023 drove up borrowing costs. This is largely why investors shunned the stock over that timeframe. The rebound picked up momentum this summer in recent months on rate cuts from the Bank of Canada and the U.S. Federal Reserve.

2022年和2023年利率上升推高了借贷成本。这主要是投资者在这段时间内避开该股的原因。由于加拿大银行和美联储的降息,今年夏天反弹势头增强。

Opportunities

机会

TC Energy did a good job of monetizing non-core assets over the past 18 months to reduce its debt load and stabilize the balance sheet enough to pursue the rest of the capital program, which is expected to include investments of about $6 billion per year over the medium term. In 2025, the company expects to see Coastal GasLink and another large pipeline project located in Mexico go into commercial operation 2025. The new assets will boost revenue and cash flow to help support dividend growth.

在过去的18个月中,TC Energy在通过非核心资产货币化方面做得很好,以减少债务负担并稳定资产负债表,足以开展其余资本计划,预计中期内每年将包括约60亿美元的投资。该公司预计,到2025年,Coastal GasLink和位于墨西哥的另一个大型管道项目将在2025年投入商业运营。新资产将增加收入和现金流,以帮助支持股息增长。

TC Energy is primarily a natural gas storage and transmission business with some power-generation assets. The company completed a spinoff of its oil pipeline business in 2024. Natural gas demand is expected to grow in the coming years as gas-fired power-generation facilities are built to supply electricity for artificial intelligencec data centres.

TC Energy主要是一家天然气储存和输送业务,拥有一些发电资产。该公司于2024年完成了石油管道业务的分拆工作。随着燃气发电设施的建成,为人工智能数据中心提供电力,预计未来几年天然气需求将增长。

Risks

风险

Inflation has ticked up in the United States and Canada in the past month. The U.S. economy remains in good shape, and the job market is strong. These conditions, along with the potential inflationary impact of proposed tariffs in 2025 by Donald Trump, could force the U.S. central bank to put rate cuts on hold or even increase rates to keep inflation under control. In that scenario, TC Energy and its pipeline peers would likely see their share prices come under renewed pressure.

在过去的一个月中,美国和加拿大的通货膨胀率有所上升。美国经济保持良好状态,就业市场强劲。这些条件,加上唐纳德·特朗普提议的2025年关税对通货膨胀的潜在影响,可能迫使美国央行暂停降息,甚至提高利率以控制通货膨胀。在这种情况下,TC Energy及其管道同行可能会看到其股价再次面临压力。

Dividends

分红

TC Energy raised its dividend in each of the past 24 years. Investors should see the trend continue as the company makes progress on its growth initiatives. Investors who buy TRP stock at the current level can get a dividend yield of 4.8%.

在过去的24年中,TC Energy每年都提高股息。随着公司在增长计划上取得进展,投资者应该看到这种趋势将持续下去。以当前水平购买TRP股票的投资者可以获得4.8%的股息收益率。

Time to buy TRP stock?

是时候购买TRP股票了吗?

Investors should expect a pullback at some point in the coming months due to the uncertainties surrounding future rate cuts. That being said, the stock offers a good dividend that should continue to grow, so you get paid well to ride out any turbulence. If you have a buy-and-hold investing strategy, TRP stock deserves to be on your radar. It might make sense to take a small position at the current level and look to add to the holdings on a pullback.

由于未来降息的不确定性,投资者应该预计未来几个月的某个时候会出现回调。话虽如此,该股提供了丰厚的股息,应该会继续增长,因此您可以获得丰厚的报酬,以度过任何动荡。如果你有买入并持有的投资策略,那么TRP股票值得你关注。在当前水平上持有小额头寸并考虑在回调时增加持仓量可能是有意义的。

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息
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