TC Energy (NYSE:TRP) Announces Quarterly Earnings Results

TC Energy (NYSE:TRP) (TSE:TRP) issued its quarterly earnings data on Friday. The pipeline company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.02, Zacks reports. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.The business had revenue of $2.04 billion for the quarter, compared to analysts’ expectations of $2.20 billion. During the same period last year, the business earned $0.95 EPS.

Here are the key takeaways from TC Energy’s conference call:

• TC Energy reported a record quarter with > CAD 3 billion of comparable EBITDA (up 14% YoY) and reaffirmed its 2026 outlook of CAD 11.6–11.8 billion and 2028 target of CAD 12.6–13.1 billion.
• The company sanctioned the CAD 1.5 billion Appalachia Supply Project on Columbia Gas (0.8 BCF/d initial capacity on a 20‑year take‑or‑pay contract), expandable to 2 BCF/d, with an attractive build multiple and long‑term growth optionality.
• Bruce Power MCR execution is improving (Q1 availability 88%; full‑year low‑90s expected), with management forecasting ~CAD 1 billion annual free cash flow by 2032 and ~CAD 2 billion by 2035 as the program completes.
• Project backlog remains deep (roughly CAD 21–23 billion reported across secured, pending and origination buckets); management plans up to CAD 6 billion annual net capital deployment but says it may flex higher later in the decade while targeting a 4.75x leverage ratio.
• Regulatory/commercial progress includes settlements on the Canadian Mainline, ANR and Great Lakes largely in line with expectations and new agreements for Coastal GasLink phase two, which management says reduces execution and commercial risk and supports EBITDA visibility.

TC Energy Stock Down 0.5%

TRP stock opened at $66.62 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.66. The firm has a market capitalization of $69.40 billion, a PE ratio of 28.91 and a beta of 0.67. TC Energy has a twelve month low of $46.29 and a twelve month high of $67.31. The stock has a 50-day simple moving average of $63.11 and a two-hundred day simple moving average of $57.79.

TC Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend is Tuesday, June 30th. TC Energy’s payout ratio is presently 109.57%.

Institutional Trading of TC Energy

Large investors have recently modified their holdings of the business. SWAN Capital LLC bought a new stake in shares of TC Energy during the 3rd quarter valued at about $40,000. Larson Financial Group LLC boosted its position in shares of TC Energy by 65.3% during the 3rd quarter. Larson Financial Group LLC now owns 805 shares of the pipeline company’s stock valued at $44,000 after acquiring an additional 318 shares during the last quarter. Colonial Trust Co SC boosted its position in shares of TC Energy by 297.6% during the 4th quarter. Colonial Trust Co SC now owns 1,332 shares of the pipeline company’s stock valued at $73,000 after acquiring an additional 997 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of TC Energy by 126.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,816 shares of the pipeline company’s stock valued at $102,000 after acquiring an additional 1,013 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of TC Energy by 16.4% during the 3rd quarter. Allworth Financial LP now owns 2,151 shares of the pipeline company’s stock valued at $117,000 after acquiring an additional 303 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

Key Headlines Impacting TC Energy

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

• Positive Sentiment: Q1 results beat estimates and operations described as strong—TC Energy reported quarterly earnings above consensus and highlighted strong U.S. and Canada operations, plus seven delivery records across North America; the company also approved a US$1.5 billion Columbia Gas expansion project that could support future volume and revenue growth. Press Release
• Positive Sentiment: Multiple outlets confirm the beat—third-party coverage (Zacks, Reuters, Globe and Mail) notes EPS topped consensus and attributes the outperformance to robust North American operations, reinforcing the credibility of the beat. Zacks: Q1 Earnings
• Neutral Sentiment: Management released supplemental materials and hosted a conference call and slide deck — useful for investors who want detail on guidance, segment performance and capital allocation. Slide Deck / Press Release
• Negative Sentiment: Analyst downgrades/estimate cuts — US Capital Advisors lowered EPS forecasts for several quarters and trimmed FY2026/FY2027 numbers, which could weigh on near-term expectations and multiple expansion. (reported April 27)
• Negative Sentiment: Unusual options activity — a spike in put buying (large increase vs typical volume) suggests some investors are hedging or expressing bearish sentiment ahead of/after the report, potentially increasing short-term downside pressure.

Analyst Ratings Changes

TRP has been the topic of a number of recent analyst reports. Weiss Ratings upgraded TC Energy from a “buy (b)” rating to a “buy (b+)” rating in a research note on Tuesday, April 21st. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. TD Securities cut TC Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of TC Energy in a research note on Monday, February 16th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $77.00.

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.