TC Energy

TRP · TORONTO

$62.40+$0.42 (+0.68%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $61.98

TRP analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 23 analysts

Average $73.27 (+17.4% upside)

Low: $64.78
Now: $62.40
High: $81.56

Upgrades and downgrades

The latest rating actions, newest first

TRP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Goldman Sachs	Oct 1, 2026	Upgrade	Neutral → Buy	$71.00	62%
RBC Capital	Sep 11, 2026	Maintains	Outperform	$106.00	50%
RBC Capital	Jul 31, 2026	Maintains	Outperform	$104.00 → $106.00	50%
RBC Capital	May 4, 2026	Maintains	Outperform	$92.00 → $95.00	50%
Goldman Sachs	Apr 20, 2026	Upgrade	Sell → Neutral	$62.00	62%
Goldman Sachs	Feb 18, 2026	Maintains	Sell	$48.00 → $53.00	62%
RBC Capital	Feb 17, 2026	Maintains	Outperform	$84.00 → $92.00	50%
CIBC	Feb 17, 2026	Downgrade	Outperformer → Neutral	$81.00 → $85.00	22%
RBC Capital	Nov 7, 2025	Maintains	Outperform	$74.00 → $84.00	50%

The case for and against

Updated Oct 18, 2026

Bull case

TC Energy is positioned to benefit from durable North American natural gas demand growth to 181 Bcf/d by 2035, with 70% of the increase concentrated in the U.S. Heartland, Alberta, and Mexico, where it already has entrenched infrastructure and incumbent advantages.
Its asset mix is highly defensive, with over 95% of EBITDA underpinned by rate regulation or long-term contracts, while recent settlements on the Canadian Mainline, ANR, and Great Lakes should stabilize $1.5-2.0 billion of EBITDA and support earnings quality.
At the same time, the company’s growth runway remains visible through a $23.2 billion secured program, more than $15 billion of additional projects in origination, and 2026 EBITDA guidance of $11.6-11.8 billion, all while maintaining disciplined leverage near its 4.75x debt/EBITDA target.

Bear case

TC Energy is viewed negatively because its core pipeline business faces material operational and regulatory risks, including line breaks, construction delays, denied approvals, and the chance that incremental costs cannot be recovered.
Market sentiment is also pressured by broad skepticism toward hydrocarbon infrastructure, while Mexico’s disconnected network and single-customer exposure to CFE increase concentration risk and limit strategic flexibility.
Although Canadian gas pipelines produced EBITDA of $919 million and Mexico delivered $432 million, the stock remains vulnerable to leverage deterioration, dilutive funding, and project execution issues, even as Bruce Power contributed roughly 10% of 2027E EBITDA with 88% availability in Q1/26.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.