TC Energy Corporation (TRP) Sparks Optimism With $8 Billion Projected Backlog

TC Energy Corporation (NYSE:TRP) is one of the 13 best oil and gas storage stocks to buy according to hedge funds.

On February 17, TD Securities downgraded its rating on TC Energy Corporation (NYSE:TRP) from Buy to Hold, while increasing the price target from C$84 to C$88. The firm explained that it had previously expected valuation premiums for companies offering strong long-term growth visibility. However, for TC Energy Corporation (NYSE:TRP), the recent stock surge suggests that this view is now largely reflected in the valuation.

On February 16, the price target for TC Energy Corporation (NYSE:TRP) was increased from C$80 to C$93 by Wells Fargo. The firm maintained an Overweight rating on the stock and reflected on the company’s recent call, highlighting two major positives.

The first one relates to an $8 billion projected demand backlog, with around 90% certainty. The second one was around the management’s plans for uncapped capital expenditures from 2029 onwards. These drivers fuel an upward shift in long-term capital deployment and validate a growth profile.

TC Energy Corporation (NYSE:TRP) is an energy infrastructure company that operates natural gas pipelines and specializes in energy generation, transportation, and storage. It sources natural gas from supply basins and delivers to distribution companies, power plants, industrial facilities, LNG export terminals, and businesses.

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