TC Energy (NYSE:TRP) Announces Quarterly Earnings Results

TC Energy (NYSE:TRP) (TSE:TRP) released its earnings results on Thursday. The pipeline company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07, Zacks reports. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same period last year, the firm earned $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 Price Performance

TRP traded down $0.55 on Friday, reaching $67.54. The stock had a trading volume of 640,438 shares, compared to its average volume of 2,517,633. TC Energy has a fifty-two week low of $46.93 and a fifty-two week high of $71.47. The firm has a 50-day moving average of $68.45 and a 200-day moving average of $64.39. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 1.67. The company has a market capitalization of $70.37 billion, a price-to-earnings ratio of 29.31 and a beta of 0.66.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a yield of 5.2%. TC Energy’s payout ratio is currently 107.39%.

Institutional Trading of TC Energy

Several hedge funds and other institutional investors have recently made changes to their positions in TRP. AQR Capital Management LLC boosted its position in TC Energy by 54.0% during the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company’s stock worth $538,000 after buying an additional 3,892 shares during the period. Focus Partners Wealth increased its position in TC Energy by 46.1% in the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company’s stock valued at $588,000 after acquiring an additional 3,929 shares during the period. Intech Investment Management LLC increased its position in TC Energy by 200.7% in the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company’s stock valued at $1,269,000 after acquiring an additional 17,939 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of TC Energy by 50.5% during the second quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company’s stock valued at $181,000 after acquiring an additional 1,243 shares during the last quarter. Finally, Guggenheim Capital LLC raised its stake in shares of TC Energy by 9.9% during the second quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company’s stock valued at $818,000 after acquiring an additional 1,511 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TRP shares. BMO Capital Markets reiterated an “outperform” rating and set a $99.00 price target on shares of TC Energy in a research report on Friday. Barclays restated an “overweight” rating on shares of TC Energy in a research note on Thursday, July 16th. Royal Bank Of Canada reiterated an “outperform” rating on shares of TC Energy in a research note on Friday. Weiss Ratings cut TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday, May 4th. Finally, Morgan Stanley lowered TC Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, June 10th. One investment 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.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $85.33.

Key Stories Impacting TC Energy

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.

TC Energy Company Profile

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.