$TRP.TO

Canadian Energy Infrastructure Companies' Q1 Results Mostly In Line, CIBC Says

First-quarter results of Canadian energy infrastructure companies broadly aligned with expectations, with midstreamers pointing to upside in their guidance if market conditions hold, CIBC Capital Markets said.Pembina Pipeline (PPL.TO) hedged enough exposure to raise its guidance outright, and others could follow as the year progresses, CIBC said.During the quarter, CIBC found notable the number of projects announced in the United States relative to Canada, which could be attributed to a more advanced data center buildout in that market and the related demand for energy infrastructure.Among the potential catalysts for the sector include ongoing regulatory reform and execution of the Canada-Alberta memorandum of understanding.Keyera (KEY.TO) intends to give an updated pro forma outlook in June, while Pembina is expected to announce a final investment decision on the Greenlight Energy Center project.Price: $53.81, Change: $+0.09, Percent Change: +0.16%

RBC Reaffirms TC Energy's Outperform Rating, C$95 Price Target

RBC Capital Markets on Monday reiterated TC Energy (TRP.TO)'s outperform rating and C$95 price target.RBC hosted investor meetings with TC Energy led by Chief Financial Officer Sean O'Donnell, focusing on the company's opportunities to continue delivering gas pipeline solutions in the U.S. to support data center-related load growth.RBC said the meeting also focused on the durability of TC Energy's EBITDA growth through and beyond 2030 "amid a vast opportunity set and attractive risk-adjusted returns", and its updated outlook on Mexico amid a supportive infrastructure backdrop and investor questions around the company's long-term strategy in the country.TC Energy traded at $96.20 per share at last look Tuesday on the Toronto Stock Exchange.Price: $95.97, Change: $-1.10, Percent Change: -1.13%

TSX Down 14 Points in Choppy Trade as Materials Weigh

The Toronto Stock Exchange is down 14 points in choppy trade midday, weighed down by the mining sector, which has shed 4%.Most sectors are higher, with best performers energy and info tech, up 2.2% and 1.8%, respectively.According to Morningstar Canada, Canadian energy stocks have unseated resource stocks as the main driver of the stock market this year. Energy stocks have rallied, fueled by higher oil prices on the back of the Iran war. The energy sector is projected to drive the equity market's upward march for the near term, Morningstar added.Three energy stocks in Morningstar's Canada coverage had their fair value estimates raised by a "meaningful amount" following first-quarter earnings reports. Morningstar analyst Adam Baker raised his price target on the shares of Enbridge (ENB.TO) to $75 from $66, TC Energy (TRP.TO) to $80 from $68 and Tourmaline Oil (TOU) to $57 from $54.The Canadian consumer price index rose 2.8% year over year in April on rising energy prices, up from an increase of 2.4% in March, said the country's statistical agency on Tuesday. But April's CPI was lower than the 3.1% year over year consensus figure provided by MUFG.The removal of the consumer carbon levy in April 2025, which resulted in monthly declines for gasoline and natural gas, has now fallen out of the 12-month movement, putting upward pressure on the all-items CPI. Excluding gasoline, the CPI rose at a slower pace year over year in April (+2.0%) compared with March (+2.2%), StatsCan added.TD Economics isn't yet seeing much of a knock-on effect to non-energy-related goods or services, noting core inflation pressures were actually softer than expected in April. There is little argument yet for Bank of Canada rate hikes here, and market pricing for rate hikes this year has come down a bit early Tuesday, TD added.Oil prices have remained high in May, so energy prices are likely to keep headline inflation elevated for some time, said the bank. Given a generally soft economic backdrop in Canada, TD expects the effect on core prices to be more "modest." Core inflation is expected to stay reasonably close to the 2% target on a year-on-year basis this year, it added.

TC Energy Target Raised To C$94 From $89, Keeps Outperform at BMO Which Expects TRP's Premium Valuation to Persist Near 25%

TC Energy Target Raised To C$94 From $89, Keeps Outperform at BMO Which Expects TRP's Premium Valuation to Persist Near 25%

TC Energy Target Raised To C$92 From $86, Keeps Outperform at National Bank With "U.S. Heartland Pumping Up Growth Backlog"

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."

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's Q1 Comparable Earnings Climb YoY, Approves Columbia Gas Expansion Project

TC Energy (TRP.TO)'s comparable earnings rose year over year in the first quarter, the company said in a Friday report.Comparable earnings were C$1.03 billion, or $0.99 per share, up from $983 million, or $0.95 per share. The result beat the non-GAAP earnings per share consensus estimate of $0.97, as compiled by FactSet.Comparable EBITDA was $3.09 billion, an increase from $2.71 billion.The company reaffirmed its 2026 comparable EBITDA guidance of $11.6 billion to $11.8 billion. Comparable EBITDA and comparable EPS in 2026 are expected to be higher than in 2025, consistent with TC Energy's 2025 annual report.Capital expenditures are expected to be $6.0 billion to $6.5 billion prior to adjustments for non-controlling interests, or $5.5 billion to $6.0 billion of net capital expenditures.Additionally, TC Energy has approved the Appalachia Supply Project, an expansion of its Columbia Gas system designed to provide up to 0.8 billion cubic feet per day of capacity to facilitate expanded new natural gas-fired power generation.The project is expected to begin service in 2030 and is estimated to cost about US$1.5 billion.TC Energy's board declared a quarterly dividend of $0.8775 per common share for the quarter ending June 30, or $3.51 on an annualized basis. The dividend is payable on July 31 to shareholders of record at the close of business on June 30.

TC Energy Comparable Earnings of $1.0B or $0.99 Per Common Share

TC Energy Reaffirming 2026 Outlook

TC Energy Q1 Net Income Attributable to Common Shares of $0.9B or $0.86 Per Common Share

CIBC Names Keyera, Pembina as Top Energy Infrastructure Picks Ahead of Q1 Earnings Season

CIBC Capital Markets on Wednesday named Keyera (KEY.TO) and Pembina Pipeline (PPL.TO) as its top energy infrastructure picks heading into the first-quarter earnings season.Keyera has unrealized value in the pending acquisition of Plains' natural gas liquids assets, although the timing is more likely at quarter-end, CIBC said.Pembina also offers upside tied to the Greenlight Electricity Centre project, as well as a potential increase in marketing guidance, CIBC said.Pembina also has the strongest potential to increase marketing guidance, although historically it has been reluctant to do so early in the year, CIBC added."More broadly, we believe the constant macro news flow may create trading opportunities for investors who are nimble and able to tolerate the associated portfolio turnover," CIBC said.CIBC upgraded TC Energy's (TRP.TO) rating to outperformer from neutral while raising the price target to $89.00 from $85.00, reflecting higher expected returns from recent projects, with the increased return profile driving the rating change.CIBC also increased AltaGas (ALA.TO)'s price target to $51.00 from $50.00 on a stronger liquefied petroleum gas outlook.Superior Plus (SPB.TO)'s rating also moved to outperformer from neutral following its data center announcement for its Certarus unit.Price: $48.92, Change: $+0.71, Percent Change: +1.47%