TC Energy picks Worley, EllisDon, and AECOM to advance Ontario Pumped Storage Project engineering phase

AECOM (ACM) and Jacobs (J) won a major contract for Ireland's MetroLink project, boosting AECOM's backlog to $27.8B. However, a $337M charge from a troubled project erased Q3 profit, pushing operating income to a loss. AECOM's international revenue grew 6%, but it cut full-year revenue growth outlook. Hedge fund ownership increased, and the stock trades at a forward P/E of 9.97.

AECOM announced that David Gan, its Chief Legal Officer, will retire on October 2, 2026, and serve as a Senior Advisor until mid-2027. Manav Kumar, General Counsel, will replace Gan, ensuring continuity in legal and public affairs leadership.

National Bank Financial upgraded Enbridge (ENB) to 'outperform' citing its North American oil production growth and recent acquisitions. Analyst Patrick Kenny raised the target price to $82. TD Cowen upgraded TC Energy (TRP) to 'buy' seeing a 16% pullback as an attractive entry point. National Bank initiated coverage of MDA Space (MDA) with an 'outperform' rating, highlighting its space investment growth potential.

TC Energy Corp. (TRP) is ready to invest in its Alberta natural gas network to meet growing demand, according to the company. This follows an Alberta cabinet report suggesting TC's expansion plans may not align with projected demand growth, citing market failure concerns. TC has invested $15 billion in the past decade and plans $1 billion more in projects, calling for cooperation to support Alberta's growth.

Transport Infrastructure Ireland (TII) selected the Jacobs AECOM consortium as the Programme Delivery Partner for the Dublin MetroLink project. The 19 km metro line will have 16 stations and connect Sinners, Dublin Airport, and the city center. The project aims to reduce congestion, support economic growth, and decarbonize transport. A EUR 7.3 billion tender was launched for infrastructure and services.

AECOM will design a $100M direct potable reuse (DPR) pilot facility and learning center in Silicon Valley, treating up to 200 gallons per minute. The project, part of the Pure Water Silicon Valley program, will test advanced water treatment technologies and support public education. AECOM will also provide regulatory, outreach, and quality assurance services.