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Highlights

  • TC Energy Corporation reported a 3.8% revenue increase, totaling CAD 13,771 million in FY24
  • Comparable EBITDA for FY24 rose by 1.9%, reaching CAD 11,194 million
  • Net income for FY24 surged by 75.3%, totaling CAD 5,379 million
  • TC Energy’s board approved a 3.3% increase in the quarterly dividend to CAD 0.85 per share

TC Energy Corporation (TSX:TRP) is a Canada-based company engaged in moving, generating, and storing the energy in North America. The company has also approved two key projects, the Pulaski and Maysville expansions, on its Columbia Gulf System. These mainline extension projects will support full coal-to-gas conversion at two existing power plants, each adding 0.2 Bcf/d of capacity for increased gas-fired generation.

In the financial year 2024 (FY24), the company reported a revenue of CAD 13,771 million, reflecting a 3.8% increase compared to FY23. This growth was driven by better performance across all segments, particularly the natural gas pipelines. The company's comparable EBITDA also saw a 1.9% YoY increase, rising to CAD 11,194 million, supported by higher contributions from Bruce Power due to increased generation and higher contract prices, as well as from the Natural Gas Storage segment.

Income from continuing operations before income taxes surged by an impressive 79.1% YoY, reaching CAD 5,906 million in FY24, driven by a net gain from asset sales, interest income, and an allowance for funds used during construction. This substantial increase contributed to a 75.3% rise in net income, which totaled CAD 5,379 million. While net income benefited from these factors, it was partially offset by lower net income from discontinued operations.

Recent Business Update

On February 14, 2025, the company announced the successful spinoff of its Liquids Pipelines business. This move marks significant progress toward achieving its debt-to-EBITDA 3 leverage target, alongside the completion of the Southeast Gateway project.

Additionally, TRP’s board of directors approved a 3.3% increase in the quarterly common share dividend to CAD 0.85 per share, effective for the quarter ending March 31, 2025. This increase brings the annualized dividend to CAD 3.40 per share.

Company Outlook

For 2025, the company anticipates a comparable EBITDA from continuing operations in the range of CAD 10.7 to 10.9 billion. It will be driven by the successful implementation of new projects expected to come online in 2025. Capital expenditures are forecasted to be between CAD 6.1 billion and CAD 6.6 billion on a gross basis, or CAD 5.5 billion to CAD 6.0 billion in net capital expenditures.

Top 10 Shareholders

The top 10 shareholders of TRP together hold around 29.85% of the total shareholding. Capital Research Global Investors and The Vanguard Group, Inc. hold a maximum stake in the company at ~­­­4.85% and ~4.12%, respectively.

Stock Information

The stock has experienced a gain of approximately 4.7069% over the past month and 17.81% over the last six months. As of March 17, 2025, its closing price was CAD 68.20, which is above the average of its 52-week high of CAD 70.32 and 52-week low of CAD 48.12.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is March 17, 2025. The reference data in this report has been partly sourced from EODHD/Others.

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