Companies TC Energy Corp FollowJuly 28 (Reuters) - Shares of TC Energy (TRP.TO) fell nearly 5% on Friday after the Keystone pipeline operator said it would spin off its liquids business to focus on transporting natural gas.
But TD Securities downgraded TC to "hold" from "buy", saying it was skeptical the spinoff would create value.
TC CEO Francois Poirier said TC needed to sell another C$3 billion in assets during the next 18 months to reach its 4.75 times debt to EBITDA target.
TC had 5.4 times debt to EBITDA last year and is aiming to reduce that to 5 times this year.
TC's Keystone pipeline in December spilled more than 14,000 barrels of oil in Kansas.
Persons:
Linda Ezergailis, Ryan Bushell, Bushell, Francois Poirier, TC, Brandon Thimer, Poirier, It's, ” Poirier, Stephen Ellis, TC's, Joe Biden, Arshreet Singh, Rod Nickel, Anil D'Silva, Mark Potter
Organizations:
TC Energy, Keystone, Columbia, Transmission, TC, Securities, Newhaven Asset Management, Investment, National Bank of Canada, Morningstar, Thomson
Locations:
Toronto, Columbia, Newhaven, United States, Kansas