TC Energy Delivers Record Q1 2026 Volumes and Approves US$1.5 Billion Columbia Gas Expansion
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TC Energy ( (TSE:TRP) ) has shared an update.
TC Energy reported strong operating and financial performance for the first quarter of 2026, released on May 1, 2026, with comparable EBITDA up 14 per cent to $3.1 billion and segmented earnings up 10 per cent versus a year earlier, driven by record natural gas deliveries across its Canadian and U.S. pipeline networks. The company declared a quarterly dividend of $0.8775 per share, reaffirmed its 2026 outlook for higher EBITDA and earnings than 2025, and highlighted high asset availability at Bruce Power and its cogeneration fleet despite a planned outage.
Operationally, TC Energy set seven delivery records across North America, including peak Canadian and U.S. gas pipeline throughput and higher flows to LNG facilities, while Mexico volumes eased due to flow adjustments. The company also advanced projects by placing $0.4 billion of NGTL capacity in service, progressing non‑emitting compression, and achieving customer settlements on key North American systems that are expected to support rate increases and incentivize incremental capacity.
Strategically, TC Energy approved the US$1.5 billion Appalachia Supply Project on its Columbia Gas system, adding up to 0.8 Bcf/d of capacity by 2030 to serve a high‑growth power and industrial corridor, reinforcing its position in U.S. gas markets. It also signed commercial agreements with LNG Canada to frame a potential Phase 2 expansion of Coastal GasLink with capped capital and risk exposure, moves that collectively deepen its natural gas infrastructure footprint and sustain a visible backlog of long-term, contracted growth for investors and shippers.
The most recent analyst rating on (TSE:TRP) stock is a Hold with a C$88.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.
Spark’s Take on TRP Stock
According to Spark, TipRanks’ AI Analyst, TRP is a Neutral.
The score is driven by solid operating fundamentals but constrained by high leverage and inconsistent free-cash-flow generation. Technicals are supportive with a clear uptrend, and the earnings call reinforced a favorable outlook via reaffirmed EBITDA guidance and strong project execution; valuation is helped by the dividend but tempered by a mid-range P/E.
To see Spark’s full report on TRP stock, click here.
More about TC Energy
TC Energy Corporation is a North American energy infrastructure company focused on natural gas pipelines, power generation and related energy assets across Canada, the U.S. and Mexico. Through systems such as NGTL, Columbia Gas and its Mexico pipelines, along with interests in Bruce Power and cogeneration plants, it targets long-term contracted cash flows serving utilities, LNG exporters, power generators and industrial customers.
Average Trading Volume: 5,763,851
Technical Sentiment Signal: Buy
Current Market Cap: C$94.83B
Find detailed analytics on TRP stock on TipRanks’ Stock Analysis page.
