TC Energy (NYSE:TRP) Announces Earnings Results

TC Energy (NYSE:TRP) (TSE:TRP) released its 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 company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.75 billion. TC Energy had a return on equity of 11.13% and a net margin of 22.91%.During the same quarter last year, the business posted $0.82 EPS.

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 Stock Performance

TRP stock traded down $0.68 during mid-day trading on Friday, reaching $67.41. The company had a trading volume of 2,975,549 shares, compared to its average volume of 2,370,824. TC Energy has a one year low of $46.93 and a one year high of $71.47. The stock has a market capitalization of $70.24 billion, a P/E ratio of 27.92 and a beta of 0.66. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. The stock’s 50-day simple moving average is $68.38 and its two-hundred day simple moving average is $64.41.

TC Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.2%. The ex-dividend date is Tuesday, September 29th. TC Energy’s dividend payout ratio (DPR) is presently 107.39%.

More TC Energy News

Here are the key news stories impacting TC Energy this week:

• Positive Sentiment: Quarterly results exceeded expectations: TC Energy reported adjusted EPS of $0.68 versus the $0.61 consensus estimate, while revenue of $2.80 billion also topped expectations of $2.75 billion. Management cited solid execution and strong North American operations. Reuters article
• Positive Sentiment: Expansion pipeline expanded: The company sanctioned approximately C$700 million of additional natural-gas pipeline projects in the second quarter, bringing 2026 announced growth projects to roughly C$3 billion. TC Energy characterized the projects as low-risk and accretive, supporting future cash flow and earnings. TC Energy expansion article
• Positive Sentiment: Outlook and dividend support sentiment: Solid asset performance supported management’s outlook toward the higher end of its 2026 range. TC Energy also declared a quarterly dividend of C$0.8775 per share, representing an approximately 5.2% yield at the reported share price. TC Energy financial results
• Positive Sentiment: Analyst estimates moved higher: US Capital Advisors raised its EPS forecasts for 2026, 2027 and 2028, including FY2026 EPS from $2.52 to $2.63 and FY2028 EPS from $2.65 to $2.83.

Institutional Trading of TC Energy

Several hedge funds have recently bought and sold shares of TRP. SWAN Capital LLC bought a new position in TC Energy in the 3rd quarter worth approximately $40,000. Larson Financial Group LLC grew its stake in shares of TC Energy by 65.3% in the third quarter. Larson Financial Group LLC now owns 805 shares of the pipeline company’s stock worth $44,000 after purchasing an additional 318 shares in the last quarter. Colonial Trust Co SC increased its holdings in shares of TC Energy by 297.6% during the fourth quarter. Colonial Trust Co SC now owns 1,332 shares of the pipeline company’s stock valued at $73,000 after purchasing an additional 997 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of TC Energy by 126.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,816 shares of the pipeline company’s stock valued at $102,000 after purchasing an additional 1,013 shares during the period. Finally, Allworth Financial LP raised its stake in shares of TC Energy by 16.4% during the third quarter. Allworth Financial LP now owns 2,151 shares of the pipeline company’s stock valued at $117,000 after purchasing an additional 303 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

TRP has been the topic of several research reports. BMO Capital Markets reissued an “outperform” rating and set a $99.00 price target on shares of TC Energy in a research report on Friday. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a report on Tuesday, July 21st. Morgan Stanley lowered shares of TC Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, June 10th. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of TC Energy in a report on Tuesday, May 26th. Finally, The Goldman Sachs Group upgraded shares of TC Energy from a “sell” rating to a “neutral” rating and raised their price target for the stock from $53.00 to $62.00 in a research report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.00.

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.