TC Energy Corporation (TRP) is listed on NYSE and operates in the Oil & Gas Midstream industry (Energy sector).
TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Storage. The company builds and operates 93,300 km network of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses. It also has regulated natural gas storage facilities with a total working gas capacity of 535 billion cubic feet. In addition, it has approximately 4,900 km liquids pipeline system that connects Alberta crude oil supplies to refining markets in Illinois, Oklahoma, Texas, and the U.S. Gulf Coast. Further, the company owns or has interests in seven power generation facilities with a combined capacity of approximately 4,300 megawatts that are powered by natural gas and nuclear fuel sources located in Alberta, Ontario, Québec, and New Brunswick; and owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage capacity in Alberta. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in May 2019. TC Energy Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.
| Rating | Analysts |
|---|---|
| Strong Buy | 0 |
| Buy | 9 |
| Hold | 10 |
| Sell | 0 |
| Strong Sell | 0 |
TC Energy Corporation is a North American energy infrastructure company headquartered in Calgary, Canada. It operates through five segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Storage. The company manages a 93,300 km network of natural gas pipelines, facilitating the transportation of natural gas from supply basins to various end-users, including local distribution companies, power generation plants, and LNG export terminals. TC Energy also operates regulated natural gas storage facilities with a total capacity of 535 billion cubic feet. Additionally, it has a 4,900 km liquids pipeline system that links Alberta crude oil supplies to refining markets in the U.S., including Illinois, Oklahoma, Texas, and the Gulf Coast. The company owns or holds interests in seven power generation facilities with a combined capacity of approximately 4,300 megawatts, utilizing natural gas and nuclear fuel sources. It also operates 118 billion cubic feet of non-regulated natural gas storage capacity in Alberta. Originally incorporated as TransCanada Corporation in 1951, it was renamed TC Energy Corporation in May 2019.
Over the past three fiscal years, the company has demonstrated a consistent increase in revenue, growing at a 7.0% CAGR from CAD 13.27 billion in 2023 to CAD 15.19 billion in 2025. Despite this growth, profitability metrics have shown mixed results. The operating margin remained relatively stable, decreasing slightly by 0.1pp from 44.4% to 44.2%, while the net margin improved by 1.1pp, reaching 23.2% in 2025. This indicates some efficiency in managing costs relative to revenue growth. Earnings per share (EPS) were inconsistent, with a 9.0% CAGR, rising from CAD 2.75 to CAD 3.27, reflecting the volatility in profitability. A significant turnaround was observed in free cash flow (FCF), which shifted from a negative CAD 881 million in 2023 to a positive CAD 2.08 billion in 2025, highlighting improved cash generation capabilities. The FCF margin expanded by 20.3pp, reaching 13.7%, suggesting enhanced operational efficiency. However, the company's liquidity remains a concern, with a current ratio of 0.63 and quick ratio of 0.56, both below 1, indicating potential short-term financial constraints. Additionally, interest coverage is thin at 2.0x, which could pose challenges in meeting debt obligations. Despite these challenges, the company has managed to improve its capital efficiency, as evidenced by a consistent decrease in capex intensity and an increase in asset turnover, which reached 0.13 in 2025.
Recent developments for TC Energy Corporation (NYSE:TRP) focus on analyst ratings and strategic partnerships. On April 3, TC Energy received an average recommendation of "Hold" from analysts, with a one-year price target of $72, while shares opened at $63. The Royal Bank of Canada increased its price target for TC Energy to $84, reflecting a positive outlook. Additionally, on March 25, TC Energy inked new deals for the expansion of its GasLink project, indicating strategic growth initiatives in its pipeline operations. In institutional trading, Cardinal Capital Management Inc. sold 99,127 shares of TC Energy, as reported on April 10, while other firms like Annis Gardner Whiting Capital Advisors LLC and McIlrath & Eck LLC acquired new positions in the company during the fourth quarter. These transactions suggest varied institutional interest in TC Energy's stock. Overall, the company's recent activities highlight a mix of cautious analyst sentiment and strategic expansion efforts, alongside notable institutional trading movements.