TC Energy

TRP

Market cap $57B

TC Energy benefited from positive results in 2Q25, beating estimates, with EBITDA guidance being modestly raised, and the current capex remaining static. Enbridge has vast scale across oil, gas, utilities and renewables. Enbridge's strategy is to focus on a steady dividend, coupled with modest growth. Earlier in the year, ONEOK missed 7-8% on EBITDA, which hurt performance for the company.

I am thankful for many things this year. I am particularly thankful for my favorite Black Friday special from Mr. Market. I detail why I like this high-yielding bargain.

TC Energy (TRP) and ONEOK (OKE) are midstream companies that have been moving in different directions in terms of their share prices, resulting in one becoming undervalued. Both names have enjoyed a long history of paying and growing their dividends, and being in the midstream space generally results in higher relative yields as well. While both may be attractive long-term bets, I have recently made a move on OKE and expect my TRP shares to be called away after writing covered calls.

TC Energy Corporation (TRP) recently issued 6.25% Junior Subordinated Notes (TCPA), offering a 6.57% yield to maturity and a BBB- credit rating. TRP maintains strong dividend coverage and a stable credit outlook, but the senior debt in the capital structure is considerable. Compared to peers, TCPA offers a slightly better yield but, according to me, it lacks appeal versus deeply discounted baby bonds for both short- and long-term investors.

I share the one chart that is not getting nearly enough attention, given its immense implications for the world economy. This chart reveals a massive power shift that markets haven't priced in, and it could reshape the entire future of AI, manufacturing, and geopolitics. I detail how I am positioning my portfolio to take advantage of it.

Energy sector fundamentals are strengthening as both demand and supply are increasingly supported by governments and major organizations, reversing years of pessimism. Oil and natural gas demand is projected to grow through 2050, with the IEA and Goldman Sachs revising their outlooks upward, especially as renewables adoption slows. Midstream companies like WMB, KMI, TRP, ET, DT, and MPLX are poised to benefit from infrastructure expansion, alleviating supply bottlenecks and supporting future growth.

There is a major market disconnect emerging in the midst of the AI boom. I discuss why this disconnect provides investors with one of the most attractive high-yielding investment opportunities I have ever seen with near-term catalysts. I also share some of my top picks to profit from this disconnect.

TC Energy is seeing growth from data center expansion and offers an above-average dividend yield.

TRP anticipates its 2025 comparable EBITDA to be between C$10.8 billion and C$11 billion, with net Capex to be between C$5.5 billion and C$6 billion.

TC Energy Corporation ( TRP:CA ) Q3 2025 Earnings Call November 6, 2025 8:30 AM EST Company Participants Gavin Wylie - Vice-President of Investor Relations Francois Poirier - CEO, President & Director Tina Faraca - Executive VP & COO of Natural Gas Pipelines Greg Grant - Executive VP and President of Power & Energy Solutions Sean O'Donnell - Executive VP of Strategy & Corporate Development and CFO Conference Call Participants Praneeth Satish - Wells Fargo Securities, LLC, Research Division Robert Hope - Scotiabank Global Banking and Markets, Research Division Theresa Chen - Barclays Bank PLC, Research Division Aaron MacNeil - TD Cowen, Research Division Jeremy Tonet - JPMorgan Chase & Co, Research Division Maurice Choy - RBC Capital Markets, Research Division Manav Gupta - UBS Investment Bank, Research Division Olivia Halferty - Goldman Sachs Group, Inc., Research Division Robert Catellier - CIBC Capital Markets, Research Division George Burwell - Jefferies LLC, Research Division Benjamin Pham - BMO Capital Markets Equity Research Presentation Operator Thank you for standing by. This is the conference operator.