TC Energy reports earnings beat, raises dividend, receives moderate‑buy rating

TC Energy (NYSE:TRP) posted first‑quarter earnings of $0.72 per share, surpassing the consensus estimate of $0.70, while revenue fell short of forecasts at $2.04 billion versus $2.20 billion expected. The company announced a quarterly dividend of $0.8775 per share, payable July 31, representing a 3.51 % annualized yield and a 5.2 % dividend yield overall. Analyst coverage averaged a “moderate buy” rating, with six holds, seven buys and one strong buy; recent upgrades include Goldman Sachs moving from sell to neutral and Morgan Stanley shifting to equal weight. TC Energy’s business model, anchored by roughly 93,600 km of natural‑gas pipelines and 4.7 GW of power assets, generates about 98 % of earnings from long‑term take‑or‑pay contracts, insulating cash flow from commodity price swings. Management projects adjusted EBITDA of $12.6‑$13.1 billion by 2028 and plans annual capital spending of $6‑$7 billion to expand its asset base, while targeting a net‑debt‑to‑EBITDA ratio of 4.8×. The stock’s forward dividend yield stands at 3.7 % and the dividend has been increased for 26 consecutive years, making it a highlighted pick for tax‑free savings accounts.