$TRP

TC Energy Can Capture Growth Driven by Data Center, Coal-to-Gas Switching, RBC Says

TC Energy (TRP) can capture secular growth driven by data center load, electrification, coal-to-gas switching, and US LNG export themes, RBC Capital Markets analysts said in a Monday note.Analysts said that the recently sanctioned Appalachia Supply project is a testament to its capabilities and adds to its list of previously announced gas pipeline growth projects.RBC said that TC Energy is positioned to extend its multi-year EBITDA compound annual growth rate at least through the end of the decade."Long-term, TC Energy looks to leverage its existing assets to deliver potential capital efficient expansion opportunities, particularly at attractive risk-adjusted returns," analysts saidRBC has an outperform rating and a CA$95 ($68.78) price target on the stock.Price: $69.45, Change: $-1.46, Percent Change: -2.06%

Research Alert: CFRA Keeps Sell Opinion On Shares Of Tc Energy Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of CAD71, raised CAD5, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 12.0x multiple of enterprise value to projected 2027 EBITDA, in line with TRP's historical forward average. This approach yields a value of CAD73 per share. Meanwhile, our DCF model, using free cash flow growth of 10% per year for 10 years, 2.5% thereafter, discounted at a WACC of 5.7%, yields intrinsic value of CAD69 per share. We cut our 2026 EPS estimate by CAD0.18 to CAD3.63 and 2027's by CAD0.12 to CAD3.78. We think project pipeline remains strong, and TRP has been executing well on bringing new projects into service. Nonetheless, we think shares are already trading at rich valuations, at a 15% premium to TRP's historical forward average on EBITDA, and a 29% premium on forward cash flows. At current pricing, we think it may be difficult for shares to surprise to the upside.

Research Alert: CFRA Keeps Sell Opinion On Shares Of Tc Energy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target price of USD52, raised USD3, reflects a combination of relative valuation and DCF model analyses. On a relative basis, we apply a 12.0x multiple of enterprise value to projected 2027 EBITDA, in line with TRP's historical forward average. This approach yields a value of USD53 per share. Meanwhile, our DCF model, using free cash flow growth of 10% per year for 10 years, 2.5% thereafter, discounted at a WACC of 5.7%, yields intrinsic value of USD51 per share. We cut our 2026 EPS estimate by CAD0.18 to CAD3.63 and 2027's by CAD0.12 to CAD3.78. We think the project pipeline remains strong, and TRP has been executing well on bringing new projects into service. Nonetheless, we think shares are already trading at rich valuations, at a 15% premium to TRP's historical forward average on EBITDA, and a 29% premium on forward cash flows. At current pricing, we think it may be difficult for shares to surprise to the upside.

TC Energy Price Target Raised at RBC, TD, CIBC

Analysts at RBC Capital Markets, TD Securities and CIBC Capital Markets raised their price targets on TC Energy Corp. (TRP.TO, TRP).RBC analyst Maurice Choy increased his target on shares of the Calgary-based energy company to $95 from $92, and maintained an Outperform rating following its quarterly results."Amid the in line Q1/26 results and reaffirmation of near-term guidance ranges reinforcing TC Energy's operational momentum, the core of the company's growth stock investment thesis remains solidly intact," Choy said in a note to clients."Backed by a balance sheet that is tracking toward the 4.75x debt/EBITDA target, we believe TC Energy's capital-efficient growth model is working as designed," the analyst said.TD analyst Aaron MacNeil raised his price target to $90 from $88, and maintained a Hold rating."Q1/26 reinforced TC's US-centric growth opportunity, with Appalachia establishing a scalable platform with clear multiple compression over time, while oversubscribed Crossroads/ Columbus open seasons and growing backlog point to accelerating, capital-efficient growth through 2030, without compromising balance sheet discipline," MacNeil said in a note to clients.CIBC Analyst Robert Catellier raised his target on the stock to $94 from $89, and maintained an Outperformer rating."TRP's Q1 results marked a continuation of steady execution and operational strength across its systems, but the bigger takeaway is the expanding growth pipeline and increased visibility into scalable, in-corridor expansions to serve robust power demand," Catellier said in a note to clients."Recent oversubscribed seasons point to additional project FIDs in 2026."

Research Alert: Trp: Q1 Beat, And Strength In Mexico

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TRP posted Q1 adjusted EPS of CAD0.99 vs. consensus CAD0.95, beating by CAD0.02, while comparable EBITDA rose 14% to CAD3.1B and segment earnings increased 10% to CAD2.2B. All segments delivered Y/Y growth with Mexico Natural Gas Pipelines leading at 84% earnings surge to CAD389M, driven by Southeast Gateway pipeline and higher Sur de Texas equity earnings. The company announced the strategic USD1.5B Appalachia Supply Project, expanding Columbia Gas system capacity by 0.8 Bcf/d with 2030 in-service target and expected 7.3x build multiple. Management reaffirmed 2026 guidance with comparable EBITDA of CAD11.6B-CAD11.8B and capex of CAD6.0B-CAD6.5B. Net cash from operations surged 92% to CAD2.6B while comparable funds from operations rose 20% to CAD2.3B, as capital spending decreased to CAD1.3B from CAD1.8B due to major project completions. TRP achieved seven delivery records during Winter Storm Fern while maintaining best safety performance in six years.

Research Alert: Trp: Q1 Earnings Beat, Strength In Mexico

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TRP posted Q1 adjusted EPS of CAD0.99 vs. consensus CAD0.95, beating by CAD0.02, while comparable EBITDA rose 14% to CAD3.1B and segment earnings increased 10% to CAD2.2B. All segments delivered Y/Y growth with Mexico Natural Gas Pipelines leading at 84% earnings surge to CAD389M, driven by Southeast Gateway pipeline and higher Sur de Texas equity earnings. The company announced the strategic USD1.5B Appalachia Supply Project, expanding Columbia Gas system capacity by 0.8 Bcf/d with 2030 in-service target and expected 7.3x build multiple. Management reaffirmed 2026 guidance with comparable EBITDA of CAD11.6B-CAD11.8B and capex of CAD6.0B-CAD6.5B. Net cash from operations surged 92% to CAD2.6B while comparable funds from operations rose 20% to CAD2.3B, as capital spending decreased to CAD1.3B from CAD1.8B due to major project completions. TRP achieved seven delivery records during Winter Storm Fern while maintaining best safety performance in six years.

TC Energy Maintained at Buy at TPH Following Q1 Results; Price Target at C$90.00

Tudor, Pickering, Holt on Friday maintained its buy rating on the shares of TC Energy (TRP.TO, TRP) with a C$90.00 price target after the company reported first-quarter results."Positive. TRP reported Q1'26 comparable EBITDA of C$3,088MM, versus TPH (C$3,086MM) and Street estimates (C$3,047MM). U.S. Natural Gas Pipelines totaled C$1,497MM, versus our expectations of C$1,498MM. Power came in at C$243MM versus our estimate of C$229MM, Canadian Natural Gas Pipelines at C$919MM versus TPHe of C$925MM, and Mexico Natural Gas Pipelines at C$432MM versus TPHe of C$437MM. TRP reaffirmed its FY 2026 comparable EBITDA guidance range of C$11.6 to C$11.8B compared to TPH and Street estimates of C$11.805B and C$11.747B, respectively," analyst Zack Van Everen wrote.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $90.26, Change: $-0.83, Percent Change: -0.91%

TC Energy Q1 2026 Pipeline Deliveries Rise 3% Over Year Earlier

TC Energy Corporation (TRP) reported Friday Q1 2026 that Canadian natural gas pipeline deliveries averaged 29.7 billion cubic feet per day in the first quarter of 2026, up 3% from a year earlier, with a new all-time daily delivery record of 33.2 Bcf set on Jan. 22.It said receipts on the NGTL pipeline system averaged 14.6 Bcf/d, broadly in line with the same period in 2025, while NGTL deliveries reached a record 18.3 Bcf on Jan. 22. Western receipts on the Canadian Mainline pipeline system averaged 5.0 Bcf/d, also consistent with year-earlier levels.In the US, natural gas pipeline flows averaged 32.6 Bcf/d during the quarter, a 5% increase from the first quarter of 2025. The system set a new daily delivery record of 39.9 Bcf on Jan. 29. The ANR system also posted a record, with deliveries reaching 10.6 Bcf on the same day. Overall, six individual US pipelines recorded new all-time delivery highs during the quarter. Deliveries to LNG export facilities averaged 3.9 Bcf/d, up 12% from a year earlier.In Mexico, natural gas pipeline flows averaged 2.8 Bcf/d, down from the first quarter of 2025, primarily due to operational adjustments. Deliveries to power generation facilities averaged 1.2 Bcf/d, in line with the prior-year period.Separately, Bruce Power reported nuclear fleet availability of 88.2% in the first quarter of 2026, up from 87% in the same period in 2025. Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers' Union, and the Society of United Professionals.It said its cogeneration power plant fleet achieved 99.5% availability in the first quarter of 2026, up from 98.6% in the first quarter of 2025.Price: $66.53, Change: $-0.41, Percent Change: -0.61%

Earnings Flash (TRP) TTC Energy Approves US$1.5B Columbia Gas Expansion Project, Extending Reach Into High-demand Market

TC Energy Shares Rise After Goldman Sachs Upgrade

TC Energy (TRP) shares rose 1.1% on Monday after Goldman Sachs upgraded the stock to neutral from sell.Trading volume stood at over 1.2 million shares compared with a daily average of nearly 2.6 million.Price: $61.34, Change: $+0.72, Percent Change: +1.19%

Goldman Sachs Upgrades TC Energy to Neutral From Sell, Adjusts Price Target to CA$84.74 From CA$72

TC Energy (TRP) has an average rating of overweight and mean price target of CA$90, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)