TC Energy Rises Following Two Analyst Upgrades After Earnings Report
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 07 2025
0mins
Should l Buy TRP?
Source: SeekingAlpha
Analyst Upgrades: TC Energy's stock rose 2.7% after receiving upgrades from BMO and CIBC, despite a slight miss on Q3 earnings. The company maintains a growth outlook of 5%-7% annually for the next three years, driven by demand from AI data centers and the LNG industry.
Q3 Earnings Performance: The company's Q3 net income from U.S. natural gas pipelines dropped to C$801 million from C$1.3 billion year-over-year, attributed to a decline in U.S. natural gas futures.
Project Growth: TC Energy has placed approximately C$8 billion in projects into service this year and anticipates a steady increase in new project announcements through 2026, with average project sizes potentially rising to around C$1 billion.
Positive Market Sentiment: Analysts highlight TC Energy's solid project execution and a self-funded balance sheet as key factors for the stock upgrades, indicating a robust outlook for the company's future opportunities and valuation.
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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: 61.400
Low
53.31
Averages
60.39
High
78.00
Current: 61.400
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.
Enbridge and TC Energy Hit All-Time Highs Following Strong Q4 Earnings
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- EBITDA Exceeds Expectations: The company's adjusted EBITDA reached C$5.21 billion, surpassing the market consensus of C$5.14 billion, reflecting robust performance in pipeline operations and bolstering investor confidence.
- Strong Project Backlog: Enbridge currently holds a project backlog worth approximately C$39 billion, with about C$8 billion expected to come online this year, providing substantial support for future revenue growth and solidifying its market position.
- TC Energy Dividend Increase: TC Energy (TRP) reported a Q4 net income of C$980 million, consistent with the previous year, while raising its quarterly dividend by 3.2%, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns, which enhances market confidence in its long-term growth prospects.
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- Stable Yield: Following this adjustment, the forward yield stands at 4.2%, which not only attracts investors seeking stable returns but also potentially increases the company's appeal in the capital markets.
- Payment Schedule: The dividend is payable on April 30, with a record date of March 31 and an ex-dividend date also set for March 31, ensuring shareholders receive their earnings promptly and further solidifying shareholder relations.
- Market Reaction: With the dividend increase, market attention on TC Energy may rise, especially against the backdrop of its improving cash generation capabilities, potentially laying the groundwork for future dividend growth.
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- Cash Generation Phase: The company has initiated a cash generation phase, a strategic shift expected to lay the groundwork for future dividend growth and higher yields, thereby improving market expectations regarding its long-term financial health.
- Bond Issuance Plan: TC Energy plans to issue 6.25% junior subordinated notes, aimed at providing additional flexibility to its capital structure and enhancing its financing capabilities in the capital markets to support future investments and growth.
- Market Rating Focus: Seeking Alpha's quant rating on TC Energy reflects market attention on its future performance, prompting investors to closely monitor the company's developments in earnings and dividend growth.
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- Outstanding Safety Performance: TC Energy achieved 15 flow records in 2025, reflecting the success of its safety-first culture, which significantly enhanced operational efficiency, bolstered customer trust, and improved market competitiveness.
- Strong Financial Results: In Q4 2025, comparable EBITDA reached CAD 3 billion, a 13% year-over-year increase, while segmented earnings grew by 15%, demonstrating the company's profitability and asset reliability in a high-demand environment.
- Consistent Dividend Growth: The Board approved a 3.2% increase in the quarterly common share dividend to CAD 0.8775, marking the 26th consecutive year of dividend growth, which underscores the company's commitment to shareholder returns and financial stability.
- Future Investment Outlook: The company expects 2026 comparable EBITDA to reach CAD 11.6 to 11.8 billion, with capital expenditures anticipated at CAD 6.0 to 6.5 billion, indicating a continued focus on investing in growth projects to enhance market position.
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- Earnings Expectations Analysis: Over the past two years, TC Energy has beaten EPS estimates 88% of the time, yet has failed to surpass revenue estimates, highlighting ongoing revenue growth challenges that could impact investor confidence.
- Estimate Revision Dynamics: In the last three months, EPS estimates have seen one upward revision and eleven downward revisions, while revenue estimates have experienced one upward and two downward revisions, suggesting a cautious market outlook regarding the company's future performance.
- Cash Generation Phase: TC Energy is entering a cash generation phase, with investors closely monitoring its shift towards higher yield and dividend growth, particularly in comparison to ONEOK, which reflects differing market perceptions of future potential.
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- Leadership Background: Marlon previously served as Chief Supply Chain Officer at TC Energy and held several key positions at Entergy, accumulating over 20 years of leadership experience in the energy sector, which is expected to bring new perspectives and innovations to Consumers Energy.
- Team Building Expertise: Known for developing high-performing teams, Marlon has driven transformational growth in both domestic and international roles, which is anticipated to enhance Consumers Energy's supply chain efficiency and overall operational capabilities.
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See More
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- Enbridge Earnings Surge: Enbridge (ENB) reported a Q4 net profit of C$1.95 billion (approximately US$1.43 billion), a significant increase from C$493 million in the previous year, indicating a strong enhancement in profitability that is likely to drive stock prices higher.
- EBITDA Exceeds Expectations: The company's adjusted EBITDA reached C$5.21 billion, surpassing the market consensus of C$5.14 billion, reflecting robust performance in pipeline operations and bolstering investor confidence.
- Strong Project Backlog: Enbridge currently holds a project backlog worth approximately C$39 billion, with about C$8 billion expected to come online this year, providing substantial support for future revenue growth and solidifying its market position.
- TC Energy Dividend Increase: TC Energy (TRP) reported a Q4 net income of C$980 million, consistent with the previous year, while raising its quarterly dividend by 3.2%, demonstrating the company's ongoing commitment to stable cash flow and shareholder returns, which enhances market confidence in its long-term growth prospects.
See More
TC Energy Increases Quarterly Dividend by 3.2%
- Dividend Increase: TC Energy has declared a quarterly dividend of C$0.8775 per share, representing a 3.2% increase from the previous C$0.8500, indicating the company's robust performance during its cash generation phase and enhancing investor confidence.
- Stable Yield: Following this adjustment, the forward yield stands at 4.2%, which not only attracts investors seeking stable returns but also potentially increases the company's appeal in the capital markets.
- Payment Schedule: The dividend is payable on April 30, with a record date of March 31 and an ex-dividend date also set for March 31, ensuring shareholders receive their earnings promptly and further solidifying shareholder relations.
- Market Reaction: With the dividend increase, market attention on TC Energy may rise, especially against the backdrop of its improving cash generation capabilities, potentially laying the groundwork for future dividend growth.
See More
TC Energy Reports Q4 EPS Beat, Initiates Cash Generation Phase
- Earnings Beat: TC Energy reported a Q4 non-GAAP EPS of C$0.98, exceeding expectations by C$0.07, indicating robust profitability that may enhance investor confidence and drive stock price appreciation.
- Cash Generation Phase: The company has initiated a cash generation phase, a strategic shift expected to lay the groundwork for future dividend growth and higher yields, thereby improving market expectations regarding its long-term financial health.
- Bond Issuance Plan: TC Energy plans to issue 6.25% junior subordinated notes, aimed at providing additional flexibility to its capital structure and enhancing its financing capabilities in the capital markets to support future investments and growth.
- Market Rating Focus: Seeking Alpha's quant rating on TC Energy reflects market attention on its future performance, prompting investors to closely monitor the company's developments in earnings and dividend growth.
See More
TC Energy Reports Record Safety Performance and Financial Results for 2025
- Outstanding Safety Performance: TC Energy achieved 15 flow records in 2025, reflecting the success of its safety-first culture, which significantly enhanced operational efficiency, bolstered customer trust, and improved market competitiveness.
- Strong Financial Results: In Q4 2025, comparable EBITDA reached CAD 3 billion, a 13% year-over-year increase, while segmented earnings grew by 15%, demonstrating the company's profitability and asset reliability in a high-demand environment.
- Consistent Dividend Growth: The Board approved a 3.2% increase in the quarterly common share dividend to CAD 0.8775, marking the 26th consecutive year of dividend growth, which underscores the company's commitment to shareholder returns and financial stability.
- Future Investment Outlook: The company expects 2026 comparable EBITDA to reach CAD 11.6 to 11.8 billion, with capital expenditures anticipated at CAD 6.0 to 6.5 billion, indicating a continued focus on investing in growth projects to enhance market position.
See More
TC Energy Q4 Earnings Announcement Scheduled
- Earnings Release Date: TC Energy is set to announce its Q4 earnings on February 13 before market open, with a consensus EPS estimate of $0.67, reflecting a significant year-over-year decline of 36.2%, indicating potential profitability challenges ahead.
- Earnings Expectations Analysis: Over the past two years, TC Energy has beaten EPS estimates 88% of the time, yet has failed to surpass revenue estimates, highlighting ongoing revenue growth challenges that could impact investor confidence.
- Estimate Revision Dynamics: In the last three months, EPS estimates have seen one upward revision and eleven downward revisions, while revenue estimates have experienced one upward and two downward revisions, suggesting a cautious market outlook regarding the company's future performance.
- Cash Generation Phase: TC Energy is entering a cash generation phase, with investors closely monitoring its shift towards higher yield and dividend growth, particularly in comparison to ONEOK, which reflects differing market perceptions of future potential.
See More
Consumers Energy Appoints New Vice President of Supply Chain
- Executive Appointment: Consumers Energy has announced the appointment of Marlon Merritt as Vice President of Supply Chain, effective February 16, aiming to leverage his extensive industry experience to drive strategic development in the company's supply chain.
- Leadership Background: Marlon previously served as Chief Supply Chain Officer at TC Energy and held several key positions at Entergy, accumulating over 20 years of leadership experience in the energy sector, which is expected to bring new perspectives and innovations to Consumers Energy.
- Team Building Expertise: Known for developing high-performing teams, Marlon has driven transformational growth in both domestic and international roles, which is anticipated to enhance Consumers Energy's supply chain efficiency and overall operational capabilities.
- Market Position: As Michigan's largest energy provider, Consumers Energy supplies natural gas and electricity to 6.8 million residents, and Marlon's addition is expected to further solidify the company's leadership position in the market.
See More
