Morgan Stanley Sees TC Energy as Strong Nuclear Investment
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 20 2026
0mins
Source: CNBC
- Nuclear Investment Opportunity: Morgan Stanley has given TC Energy an 'overweight' rating, highlighting its 48% stake in Bruce Power as an attractive way to invest in nuclear energy, particularly as Ontario's power needs grow.
- Nuclear Growth Potential: In 2024, nuclear reactors generated 2,667 terawatt-hours of electricity, surpassing previous records, indicating a resurgence in nuclear energy, from which TC Energy is poised to benefit through its MCR and Bruce C projects.
- MCR Project Progress: TC Energy's MCR program aims to refurbish nuclear reactors to extend their lifespan, having completed the first phase of its plan over two years ago, demonstrating the company's commitment to enhancing the longevity of its nuclear facilities.
- Bruce C Project Expansion: Under the Bruce C initiative, TC Energy plans to add up to 4,800 megawatts of capacity at the Bruce Power site in Ontario, further solidifying its position in the nuclear energy market.
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Analyst Views on TRP
Wall Street analysts forecast TRP stock price to fall
11 Analyst Rating
8 Buy
3 Hold
0 Sell
Moderate Buy
Current: 66.300
Low
53.31
Averages
60.39
High
78.00
Current: 66.300
Low
53.31
Averages
60.39
High
78.00
About TRP
TC Energy Corporation is an energy problem-solver working to move, generate and store energy and deliver it to homes and businesses in North America. The Company operates in two core businesses, including Natural Gas Pipelines and Power and Energy Solutions. Its natural gas pipeline network transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals and other businesses across Canada, the U.S. and Mexico. The Power and Energy Solutions business consists of power generation, non-regulated natural gas storage assets, as well as lower-carbon solutions. Its Power and Energy Solutions business includes approximately 4,650 megawatts (MW) of generation powered by nuclear, natural gas, wind and solar. Its natural gas pipelines business is split into three operating segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines and Mexico Natural Gas Pipelines.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
TC Energy: A Steady Investment in Nuclear Power
- Strong Profitability: TC Energy's nuclear segment reported revenue of C$845 million in 2025, bolstered by its 48.4% stake in Bruce Power, Canada's only private-sector nuclear reactor, with revenue expected to grow further as the reactor undergoes refurbishment, enhancing the company's profitability and market competitiveness.
- Diversified Revenue Streams: With a portfolio that includes natural gas pipelines, nuclear, solar, and wind power generation, TC Energy generated a total revenue of C$15.2 billion in 2025, allowing it to maintain stable cash flow without reliance on a single energy source, which is crucial in the current market environment.
- Stable Dividend Yield: The company has increased its dividend payout for 26 consecutive years, currently yielding 3.9%, providing a relatively safe income source for investors seeking low-risk nuclear energy investments, while also reflecting the company's strong financial health.
- Debt Level Concerns: Despite TC Energy's long-term debt of C$46.7 billion, investors should monitor this level to ensure it does not impact the company's financial stability and future growth potential, particularly in the context of expanding nuclear projects.
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TC Energy Corporation Declares Quarterly Dividend
- Quarterly Dividend Announcement: TC Energy Corporation declares a quarterly dividend of C$0.8775 per share, consistent with previous distributions, indicating stable cash flow and profitability, which boosts investor confidence.
- Dividend Payment Timeline: The dividend will be payable on July 31, with a record date of June 30 and an ex-dividend date also on June 30, ensuring shareholders receive timely returns and reinforcing the relationship between the company and its investors.
- Investor Interest: The dividend performance reflects TC Energy's strong position in the natural gas sector, attracting income-seeking investors and potentially enhancing its market appeal.
- Future Outlook: As the company continues to focus on growth opportunities in the natural gas market, its stable dividend policy may provide funding for future investments and expansions, strengthening its competitive position.
See More
TC Energy Reports Strong Q1 Earnings and Expands Columbia Gas Project
- Earnings Performance: TC Energy reported Q1 net income of C$899M (approximately US$662M), down from C$978M year-over-year, yet comparable EBITDA rose 14% to C$3.09B, indicating robust performance in its North American operations.
- Project Expansion: The company approved a US$1.5 billion Columbia Gas expansion project aimed at meeting strong demand for natural gas-fired power generation in the U.S., with an expected in-service date in 2030 providing up to 800M cf/day of capacity.
- Pipeline Demand: TC Energy's Crossroads Pipeline system saw a 2.5x oversubscription during its non-binding expansion project, reflecting strong market demand for up to 1.5 Bcf/day of capacity, serving markets in Northern Indiana, Illinois, Iowa, and South Dakota.
- Delivery Growth: In Q1, Canadian natural gas pipeline deliveries rose 3% to 29.7 Bcf/day, U.S. pipeline flows increased 5% to 32.6 Bcf/day, and deliveries to liquefied natural gas facilities jumped 12% to 3.9 Bcf/day, showcasing the company's strong growth momentum in the natural gas market.
See More
TC Energy Reports Strong Q1 Earnings Beat
- Earnings Beat: TC Energy's Q1 GAAP EPS of $0.86 exceeded expectations by $0.13, indicating a robust earnings capacity that is likely to positively influence stock performance.
- Stable Comparable Earnings: The comparable earnings for Q1 stood at $1.0 billion, up from $0.95 billion in Q1 2025, demonstrating the company's resilience and stability in revenue generation.
- Slight Decline in Net Income: Net income attributable to common shares was $0.9 billion, or $0.86 per share, down from $1.0 billion and $0.94 per share in Q1 2025, reflecting increased competitive pressures in the market.
- Significant EBITDA Growth: The comparable EBITDA reached $3.1 billion, an increase from $2.7 billion in Q1 2025, showcasing improvements in operational efficiency and cost control, which enhances future investment appeal.
See More
TC Energy Reports Strong Q1 2026 Results with Strategic Expansion Plans
- Safety and Operational Excellence: TC Energy achieved seven delivery records in Q1 2026, driven by its best safety performance in six years, resulting in a 14% year-over-year increase in comparable EBITDA to CAD 3.1 billion, demonstrating strong execution in high-demand markets.
- Strategic Expansion Project: The company approved the US$1.5 billion Appalachia Supply Project, expected to be operational by 2030, providing 0.8 Bcf/d of natural gas capacity to meet growing power generation needs, further solidifying its position in high-growth markets.
- Strong Customer Demand: The recent open season on the Crossroads pipeline system was oversubscribed by 2.5 times, reflecting strong market interest in the company's projects and enhancing visibility for future growth and capital efficiency.
- Dividends and Financial Outlook: The Board declared a quarterly dividend of CAD 0.8775 per share, with expectations that 2026 comparable EBITDA will exceed 2025 levels, indicating ongoing financial health and shareholder return capabilities.
See More
Energy Transfer's Unit Price Poised for Significant Upside
- Price Surge Potential: Energy Transfer's unit price has already increased over 20% this year, nearing $20, and is expected to rise further due to higher oil prices, with a target of $25 representing a more than 25% increase.
- Earnings Growth Drivers: Although Energy Transfer does not produce oil, approximately 10% of its earnings are commodity price-linked, which are expected to rise with oil prices, while increased volumes through its liquids pipelines and marine export terminals will further boost revenue.
- LNG Project Restart Possibility: The closure of the Strait of Hormuz has disrupted global LNG supplies, prompting Energy Transfer to reconsider its Lake Charles LNG project, with potential discussions with partners that could add long-term value to its gas pipeline business.
- Valuation Upside Potential: Despite the price surge, Energy Transfer still trades at a low valuation, and as its financial position improves and expansion projects come online, the market is likely to reassess its valuation, driving it closer to peer averages.
See More
TC Energy: A Steady Investment in Nuclear Power
- Strong Profitability: TC Energy's nuclear segment reported revenue of C$845 million in 2025, bolstered by its 48.4% stake in Bruce Power, Canada's only private-sector nuclear reactor, with revenue expected to grow further as the reactor undergoes refurbishment, enhancing the company's profitability and market competitiveness.
- Diversified Revenue Streams: With a portfolio that includes natural gas pipelines, nuclear, solar, and wind power generation, TC Energy generated a total revenue of C$15.2 billion in 2025, allowing it to maintain stable cash flow without reliance on a single energy source, which is crucial in the current market environment.
- Stable Dividend Yield: The company has increased its dividend payout for 26 consecutive years, currently yielding 3.9%, providing a relatively safe income source for investors seeking low-risk nuclear energy investments, while also reflecting the company's strong financial health.
- Debt Level Concerns: Despite TC Energy's long-term debt of C$46.7 billion, investors should monitor this level to ensure it does not impact the company's financial stability and future growth potential, particularly in the context of expanding nuclear projects.
See More
TC Energy Corporation Declares Quarterly Dividend
- Quarterly Dividend Announcement: TC Energy Corporation declares a quarterly dividend of C$0.8775 per share, consistent with previous distributions, indicating stable cash flow and profitability, which boosts investor confidence.
- Dividend Payment Timeline: The dividend will be payable on July 31, with a record date of June 30 and an ex-dividend date also on June 30, ensuring shareholders receive timely returns and reinforcing the relationship between the company and its investors.
- Investor Interest: The dividend performance reflects TC Energy's strong position in the natural gas sector, attracting income-seeking investors and potentially enhancing its market appeal.
- Future Outlook: As the company continues to focus on growth opportunities in the natural gas market, its stable dividend policy may provide funding for future investments and expansions, strengthening its competitive position.
See More
TC Energy Reports Strong Q1 Earnings and Expands Columbia Gas Project
- Earnings Performance: TC Energy reported Q1 net income of C$899M (approximately US$662M), down from C$978M year-over-year, yet comparable EBITDA rose 14% to C$3.09B, indicating robust performance in its North American operations.
- Project Expansion: The company approved a US$1.5 billion Columbia Gas expansion project aimed at meeting strong demand for natural gas-fired power generation in the U.S., with an expected in-service date in 2030 providing up to 800M cf/day of capacity.
- Pipeline Demand: TC Energy's Crossroads Pipeline system saw a 2.5x oversubscription during its non-binding expansion project, reflecting strong market demand for up to 1.5 Bcf/day of capacity, serving markets in Northern Indiana, Illinois, Iowa, and South Dakota.
- Delivery Growth: In Q1, Canadian natural gas pipeline deliveries rose 3% to 29.7 Bcf/day, U.S. pipeline flows increased 5% to 32.6 Bcf/day, and deliveries to liquefied natural gas facilities jumped 12% to 3.9 Bcf/day, showcasing the company's strong growth momentum in the natural gas market.
See More
TC Energy Reports Strong Q1 Earnings Beat
- Earnings Beat: TC Energy's Q1 GAAP EPS of $0.86 exceeded expectations by $0.13, indicating a robust earnings capacity that is likely to positively influence stock performance.
- Stable Comparable Earnings: The comparable earnings for Q1 stood at $1.0 billion, up from $0.95 billion in Q1 2025, demonstrating the company's resilience and stability in revenue generation.
- Slight Decline in Net Income: Net income attributable to common shares was $0.9 billion, or $0.86 per share, down from $1.0 billion and $0.94 per share in Q1 2025, reflecting increased competitive pressures in the market.
- Significant EBITDA Growth: The comparable EBITDA reached $3.1 billion, an increase from $2.7 billion in Q1 2025, showcasing improvements in operational efficiency and cost control, which enhances future investment appeal.
See More
TC Energy Reports Strong Q1 2026 Results with Strategic Expansion Plans
- Safety and Operational Excellence: TC Energy achieved seven delivery records in Q1 2026, driven by its best safety performance in six years, resulting in a 14% year-over-year increase in comparable EBITDA to CAD 3.1 billion, demonstrating strong execution in high-demand markets.
- Strategic Expansion Project: The company approved the US$1.5 billion Appalachia Supply Project, expected to be operational by 2030, providing 0.8 Bcf/d of natural gas capacity to meet growing power generation needs, further solidifying its position in high-growth markets.
- Strong Customer Demand: The recent open season on the Crossroads pipeline system was oversubscribed by 2.5 times, reflecting strong market interest in the company's projects and enhancing visibility for future growth and capital efficiency.
- Dividends and Financial Outlook: The Board declared a quarterly dividend of CAD 0.8775 per share, with expectations that 2026 comparable EBITDA will exceed 2025 levels, indicating ongoing financial health and shareholder return capabilities.
See More
Energy Transfer's Unit Price Poised for Significant Upside
- Price Surge Potential: Energy Transfer's unit price has already increased over 20% this year, nearing $20, and is expected to rise further due to higher oil prices, with a target of $25 representing a more than 25% increase.
- Earnings Growth Drivers: Although Energy Transfer does not produce oil, approximately 10% of its earnings are commodity price-linked, which are expected to rise with oil prices, while increased volumes through its liquids pipelines and marine export terminals will further boost revenue.
- LNG Project Restart Possibility: The closure of the Strait of Hormuz has disrupted global LNG supplies, prompting Energy Transfer to reconsider its Lake Charles LNG project, with potential discussions with partners that could add long-term value to its gas pipeline business.
- Valuation Upside Potential: Despite the price surge, Energy Transfer still trades at a low valuation, and as its financial position improves and expansion projects come online, the market is likely to reassess its valuation, driving it closer to peer averages.
See More
