TC Energy Corp

TRP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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TC Energy Turns Its Focus to Capital-Intensive Businesses

Andrew Bischof , Abby Weimer

Oct 2, 2024

Business Strategy and Outlook

TC Energy faces many of the same challenges as Canadian pipeline peer Enbridge but also offers important contrasts. Both firms offer a 5%-7% growth profile and a utilitylike 95%-98% of earnings that are highly regulated or contracted, with several years of project backlog. Enbridge largely focuses on oil assets, while TC’s focus is natural gas.

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TC Energy Corp

TC Energy Turns Its Focus to Capital-Intensive Businesses

Business Strategy and Outlook

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