TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) announced its quarterly earnings results on Thursday. The pipeline company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.07, Zacks reports. The firm had revenue of $2.80 billion during the quarter, compared to analysts’ expectations of $2.75 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter last year, the company earned $0.82 earnings per share.
Here are the key takeaways from TC Energy’s conference call:
- Second-quarter comparable EBITDA rose 12% year over year, with strong pipeline utilization, high asset availability and Bruce Power performance. TC Energy now expects 2026 EBITDA to reach the upper end of its CAD 11.6–11.8 billion guidance range.
- The company sanctioned approximately CAD 3 billion of growth projects year to date at an estimated 12% weighted average unlevered after-tax IRR, while its pending-approval backlog expanded to about CAD 7 billion. Management expects Crossroads to be sanctioned in the fourth quarter and sees potential for CAD 6–8 billion of sanctions in 2026.
- TC Energy raised its outlook for incremental North American natural-gas demand by 2035 to approximately 51 Bcf per day, driven primarily by power generation, LNG, data centers and industrial demand. Nearly 70% of the growth is concentrated in regions where TC Energy has incumbent infrastructure.
- Bruce Power Unit 3 returned to service more than seven months ahead of schedule and about 15% below the cost of Unit 6, contributing to 99% availability in the quarter. Management expects the broader refurbishment program to unlock CAD 2–3 billion of annual growth capital capacity beginning around 2031–2032.
- Management acknowledged that the ultimate regulatory and return framework for future NGTL investments remains under discussion, while substantial growth could require capital-market funding or asset rotation before Bruce Power’s cash-flow inflection. Executives said they expect to determine the least-cost funding approach closer to 2028.
TC Energy Price Performance
Shares of TRP traded down $0.56 on Friday, hitting $67.53. The company’s stock had a trading volume of 678,205 shares, compared to its average volume of 2,517,817. The company has a market capitalization of $70.37 billion, a PE ratio of 29.39 and a beta of 0.66. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. TC Energy has a fifty-two week low of $46.93 and a fifty-two week high of $71.47. The company has a 50 day moving average price of $68.45 and a 200 day moving average price of $64.39.
TC Energy Announces Dividend
Institutional Investors Weigh In On TC Energy
A number of hedge funds and other institutional investors have recently bought and sold shares of TRP. Compound Planning Inc. grew its holdings in shares of TC Energy by 6.5% during the fourth quarter. Compound Planning Inc. now owns 17,689 shares of the pipeline company’s stock worth $973,000 after purchasing an additional 1,083 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of TC Energy by 45.8% in the fourth quarter. Corient Private Wealth LLC now owns 46,762 shares of the pipeline company’s stock valued at $2,532,000 after buying an additional 14,691 shares during the last quarter. Mercer Global Advisors Inc. ADV lifted its position in TC Energy by 5.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,690 shares of the pipeline company’s stock worth $753,000 after buying an additional 713 shares in the last quarter. Achmea Investment Management B.V. lifted its position in TC Energy by 7.5% during the 4th quarter. Achmea Investment Management B.V. now owns 592,408 shares of the pipeline company’s stock worth $32,664,000 after buying an additional 41,295 shares in the last quarter. Finally, EP Wealth Advisors LLC bought a new stake in TC Energy during the 4th quarter worth about $245,000. 83.13% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on the company. Weiss Ratings cut TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 4th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $106.00 price target (up from $104.00) on shares of TC Energy in a research note on Friday. The Goldman Sachs Group upgraded TC Energy from a “sell” rating to a “neutral” rating and upped their price target for the company from $53.00 to $62.00 in a research report on Monday, April 20th. BMO Capital Markets reiterated an “outperform” rating and set a $99.00 price objective on shares of TC Energy in a research note on Friday. Finally, Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, TC Energy currently has an average rating of “Moderate Buy” and an average target price of $89.00.
Read Our Latest Stock Analysis on TRP
TC Energy News Summary
Here are the key news stories impacting TC Energy this week:
- Positive Sentiment: Second-quarter adjusted earnings reached $0.68 per share, exceeding the $0.61 analyst consensus, while revenue of $2.80 billion also topped estimates of $2.75 billion. The company cited strong performance across its North American operations. Reuters article
- Positive Sentiment: Reported second-quarter profit increased to approximately $987 million from $833 million a year earlier. Management said solid execution and asset performance support the higher end of its 2026 financial outlook. TC Energy second-quarter results
- Positive Sentiment: TC Energy approved approximately C$700 million of additional natural-gas pipeline expansion projects. Including prior approvals, the company has sanctioned about C$3 billion of low-risk, accretive growth projects in 2026, potentially supporting future cash flow. Pipeline expansion projects article
- Positive Sentiment: US Capital Advisors raised multiple earnings forecasts, including 2026 EPS to $2.63 from $2.52, 2027 EPS to $2.76 from $2.62, and 2028 EPS to $2.83 from $2.65. The revisions indicate improving expectations for operating performance.
- Positive Sentiment: TC Energy declared a quarterly dividend of $0.8775 per share, equivalent to approximately $3.51 annually and a reported 5.2% yield, reinforcing the stock’s income appeal. TC Energy dividend information
- Neutral Sentiment: The company’s reported net margin was 22.22%, return on equity was 10.74%, and subsidiary TransCanada PipeLines reported 2.4-times earnings coverage on debt. These figures provide support but also highlight the importance of maintaining cash flow amid substantial leverage and expansion spending.
- Negative Sentiment: One comparison showed quarterly EPS below the prior-year level, reflecting the potential for year-over-year earnings pressure despite the estimate beat. TC Energy also faces execution, financing, and regulatory risks as it commits significant capital to new pipeline projects.
About TC Energy
TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.
The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.
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