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TC Energy (TRP) Cuts Jobs, Optimizes Operations & Value
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TC Energy (TRP - Free Report) , a renowned energy company, made headlines with its decision to cut jobs in order to "optimize value." This move has garnered attention and sparked discussions within the industry.
The news followed soon after Suncor Energy (SU - Free Report) declared an elimination of 1500 jobs last week. Although there’s no definite information regarding how many positions have been affected by TRP's job cut, the figure is estimated to be lower than that of SU.
Impact on TC Energy
The energy sector is facing various challenges and undergoing significant changes at present. By reducing its workforce and streamlining operations, TC Energy hopes to enhance efficiency, increase profitability and adapt to the evolving market dynamics.
Industry Trends
The energy industry has experienced several waves of job cuts in recent years, driven by a multitude of factors such as economic conditions, the Russia-Ukraine conflict, the U.S. debt-ceiling crisis and shifts in market demand. While TRP’s layoffs may be smaller than other companies, it underscores the broader trend of optimizing operations to remain competitive in an ever-changing world.
Suncor Energy's Job Cuts
Last week, SU made headlines by announcing its plan to do away with 1,500 jobs, signaling a significant restructuring effort. This initiative by one of Canada's largest energy companies reflects the challenges faced by the industry as it navigates a period of transition. While these job cuts may cause short-term turbulence within the affected organizations, they are often necessary to ensure long-term sustainability and growth.
Contractor Reductions at Imperial Oil
TC Energy is not the only company to have made such drastic decisions related to its workforce recently. Earlier this year, Imperial Oil reduced the number of contractors working at its Kearl oil sands project. This strategic decision was aimed at aligning resources with project requirements and optimizing operational efficiency.
TC Energy's Keystone Oil Pipeline
TRP’s portfolio includes the ownership and operation of the Keystone oil pipeline, a crucial infrastructure that plays a pivotal role in the transportation of oil and gas across North America. As one of the largest pipeline networks, it facilitates the movement of approximately 25% of all the natural gas consumed in the region. With this extensive reach and influence, the company remains a significant player in the energy sector.
Zacks Rank and Key Picks
Both TRP and SU currently carry a Zacks Rank #3 (Hold).
Evolution Petroleum: EPM is worth approximately $272.47 million. EPM currently pays a dividend of 48 cents per share, or 6.01% on an annual basis.
The company currently has a forward P/E ratio of 7.23. In comparison, its industry has an average forward P/E of 18.10, which means EPM is trading at a discount to the group.
Murphy USA: MUSA is valued at around $6.13 billion. In the past year, its shares have risen 11.3%.
MUSA currently pays dividends of $1.52 per share, or 0.54% on an annual basis. MUSA's payout ratio sits at 6% of earnings.
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TC Energy (TRP) Cuts Jobs, Optimizes Operations & Value
TC Energy (TRP - Free Report) , a renowned energy company, made headlines with its decision to cut jobs in order to "optimize value." This move has garnered attention and sparked discussions within the industry.
The news followed soon after Suncor Energy (SU - Free Report) declared an elimination of 1500 jobs last week. Although there’s no definite information regarding how many positions have been affected by TRP's job cut, the figure is estimated to be lower than that of SU.
Impact on TC Energy
The energy sector is facing various challenges and undergoing significant changes at present. By reducing its workforce and streamlining operations, TC Energy hopes to enhance efficiency, increase profitability and adapt to the evolving market dynamics.
Industry Trends
The energy industry has experienced several waves of job cuts in recent years, driven by a multitude of factors such as economic conditions, the Russia-Ukraine conflict, the U.S. debt-ceiling crisis and shifts in market demand. While TRP’s layoffs may be smaller than other companies, it underscores the broader trend of optimizing operations to remain competitive in an ever-changing world.
Suncor Energy's Job Cuts
Last week, SU made headlines by announcing its plan to do away with 1,500 jobs, signaling a significant restructuring effort. This initiative by one of Canada's largest energy companies reflects the challenges faced by the industry as it navigates a period of transition. While these job cuts may cause short-term turbulence within the affected organizations, they are often necessary to ensure long-term sustainability and growth.
Contractor Reductions at Imperial Oil
TC Energy is not the only company to have made such drastic decisions related to its workforce recently. Earlier this year, Imperial Oil reduced the number of contractors working at its Kearl oil sands project. This strategic decision was aimed at aligning resources with project requirements and optimizing operational efficiency.
TC Energy's Keystone Oil Pipeline
TRP’s portfolio includes the ownership and operation of the Keystone oil pipeline, a crucial infrastructure that plays a pivotal role in the transportation of oil and gas across North America. As one of the largest pipeline networks, it facilitates the movement of approximately 25% of all the natural gas consumed in the region. With this extensive reach and influence, the company remains a significant player in the energy sector.
Zacks Rank and Key Picks
Both TRP and SU currently carry a Zacks Rank #3 (Hold).
A couple of better-ranked stocks for investors interested in the energy sector are Evolution Petroleum (EPM - Free Report) and Murphy USA (MUSA - Free Report) , both sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Evolution Petroleum: EPM is worth approximately $272.47 million. EPM currently pays a dividend of 48 cents per share, or 6.01% on an annual basis.
The company currently has a forward P/E ratio of 7.23. In comparison, its industry has an average forward P/E of 18.10, which means EPM is trading at a discount to the group.
Murphy USA: MUSA is valued at around $6.13 billion. In the past year, its shares have risen 11.3%.
MUSA currently pays dividends of $1.52 per share, or 0.54% on an annual basis. MUSA's payout ratio sits at 6% of earnings.