Weekly Recap: Coastal GasLink starts 2027 and Mountaineer XPress resumes

Barclays analysts Theresa Chen and Betty Jiang maintained Buy ratings on TC Energy (TRP) and Exxon Mobil (XOM), with price targets of C$102.00 and $200.00, respectively. TRP closed at $61.74, while XOM closed at $178.98. Analyst consensus for TRP is Strong Buy with a $72.71 average target, and for XOM is Moderate Buy with a $172.88 average target.

Coastal GasLink (CGL), a subsidiary of TC Energy, plans to expand its pipeline capacity to 5 billion cubic feet per day by adding three new compressor stations in northwest B.C. The $33 billion project, tied to LNG Canada's Phase 2 expansion, will begin construction in 2027 and is expected to be operational in the early 2030s. CGL aims to address local concerns about infrastructure strain and noise pollution. Five First Nations have secured an investment stake in the pipeline.

Five First Nations groups invested $65.3 million in the Coastal GasLink pipeline, operated by TC Energy. The deal gives them a 35% indirect stake alongside KKR and Alberta Investment Management. TC Energy plans a pipeline expansion, with construction starting in 2027. LNG Canada, owned by Shell and Asian partners, leads the expansion.

TC Energy (TRP) announced an agreement with FN CGL Pipeline Limited Partnership, representing five First Nations, to share long-term economic benefits from the Coastal GasLink (CGL) pipeline. The deal gives these communities an economic interest in TC Energy’s limited partner interest in CGL, expected to provide predictable financial returns. A second transaction with additional First Nations is planned for Q4 2026.

Goldman Sachs projects 27% average return for 10 energy and power stocks, including Quanta Services, Duke Energy, and Baker Hughes. Target prices and returns vary, with Golar LNG having the highest return at 38%. The report highlights growth opportunities and catalysts for these companies.

iShares Global Infrastructure ETF (IGF) reported $17.6M in net buying on Sept 30, including a new $112.5M stake in Consolidated Edison (ED). Other notable buys were Grupo Aeroportuario del Pacifico (PAC) and Grupo Aeroportuario del Centro Norte (OMAB). IGF also sold out of PG&E (PCG) and trimmed positions in Cheniere Energy (LNG) and Williams (WMB).