TC Energy (TRP) & Enbridge (ENB): 2 TSX energy stocks to closely watch

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TC Energy (TRP) & Enbridge (ENB): 2 TSX energy stocks to closely watch

TC Energy (TRP)  & ENB: 2 TSX energy stocks to closely watch
Image source: © 2022 Kalkine Media Inc  

Highlights 

  • On Wednesday, March 9, TC Energy Corp (TSX: TRP) announced option agreements on selling an equity stake of 10 per cent in the Coastal GasLink Pipeline to Indigenous groups across the project’s corridor
  • Enbridge Inc (TSX: ENB), on Tuesday, said it was holding a binding open season for its peak storage service at the Dawn Hub site, which provides operational flexibility and cost benefits to shippers
  • The ENB scrip zoomed by nearly 26 per cent in the past one year

On Wednesday, March 9, TC Energy Corporation (TSX: TRP) announced option agreements on selling an equity stake of 10 per cent in the Coastal GasLink Pipeline to Indigenous groups across the project’s corridor.

Enbridge (TSX: ENB), on Tuesday, said it was holding a binding open season for its peak storage service at the Dawn Hub site, which provides operational flexibility and cost benefits to shippers.

Let us talk about the two energy players considering these new developments.

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TC Energy Corporation (TSX: TRP)

TC Energy reported a fourth-quarter net profit of C$ 1.1 billion in 2021, taking its yearly profit to C$ 1.8 billion. The energy infrastructure firm also raised its quarterly dividend by 3.4 per cent to C$ 0.90 apiece, due on April 29.

The TRP stock swelled by roughly 25 per cent year-over-year (YoY). The stock closed at C$ 71.35 apiece on Wednesday after hitting a day high of C$ 72.37.

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Enbridge Inc (TSX: ENB)

Enbridge reported its Generally Accepted Accounting Principles (GAAP) income increased to C$ 1.84 billion in Q4 FY2021 compared to C$ 1.77 million a year ago.

 Image description: Enbridge Inc (ENB) Q4 FY2021 results

The midstream energy firm saw its scrip close at C$ 56.51 apiece on Wednesday, with 5.5 million shares exchanging hands. The ENB scrip zoomed by nearly 26 per cent in the past one year.

Bottom line

Investors should closely watch the latest developments happening and how these could impact the company’s performance to make the right investment decisions.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

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