The case for & against
Bull & Bear analysis
TC Energy Corporation (TSX: TRP) is a leading energy infrastructure company primarily operating in the transportation and storage of natural gas, along with power generation across North America. Its extensive pipeline network spans over 27,000 miles, positioning it favorably within the growing energy infrastructure sector. With a focus on expanding its capacity and efficiency, TC Energy is strategically embedded in the transition toward electrification and increased natural gas demand, especially amid the ongoing developments in Canada’s energy policies and the anticipated growth in LNG exports.
Bull says
- ↑Q1 2026 comparable EBITDA rose 14% YoY to over $3 billion
- ↑Project backlog near $15 billion underpins $6 billion annual capex plan
- ↑North American gas demand projected +45 BCF/day by 2035
- ↑Dividend up 3.2% YoY to $0.8775/share, yield ~3.5%
- ↑Regulatory tailwinds easing approvals for key infrastructure
- ↑Strong profitability and momentum factors support stability
Bear says
- ↓Shares trade >$66 vs median $60.31 target (-9.3%)
- ↓Negative earnings yield indicates earnings growth mismatch
- ↓High debt amid rising rates elevates leverage risk
- ↓Analyst revisions skew negative, hinting at downgrades
- ↓Commodity and regulatory volatility could pressure margins
- ↓Balance-sheet quality concerns may cap share gains
Investment themes with TRP
Midstream infrastructure transporting and storing hydrocarbons
Earnings Call · Q1 2026 · Mgmt. Guidance
Transcript signals
Bull points
- TC delivered 14% year-over-year growth in comparable EBITDA, marking a very strong start to 2026 from each of our four business units.
- Both our Canadian and U.S. natural gas pipeline businesses continued to perform exceptionally well, setting seven new all-time delivery records during the quarter.
- marking the first time that we generated more than $3 billion of comparable EBITDA from continuing operations in a single quarter.