TC Energy Corporation (TRP): A Bull Case Theory

We came across a bullish thesis on TC Energy Corporation on Beat the TSX (BTSX-20)’s Substack by Beat the TSX-27 Strategy.. In this article, we will summarize the bulls’ thesis on TRP. TC Energy Corporation’s share was trading at $59.91 as of February 5th. TRP’s trailing and forward P/E were 22.59 and 21.64  respectively according to Yahoo Finance.

Photo from PBF Energy LinkedIn

TC Energy Corporation operates as an energy infrastructure company in North America. TRP delivered a steady, competent quarter in Q3 2025, reflecting the company’s hallmark focus on disciplined execution and conservative risk management. Results came in line with expectations, with no material surprises, and capital expenditures were guided at the low end of the $5.5–$6.0 billion range for 2025, signaling prudent allocation while preparing for future growth.

Management affirmed that long-term growth is sustainable beyond 2028, though they remained cautious about extending guidance further, prioritizing a clear understanding of project returns before committing to longer-term projections. The company’s dividend remains secure, with growth expected at the lower end of 3–5%, enough to keep pace with inflation without overpromising. Operationally, TRP continues to execute projects smoothly, with upcoming initiatives expected to ramp spending to roughly $7 billion annually by 2028–29, indicating a solid pipeline of opportunities.

Despite this stability, TRP shares are currently trading at a price-to-earnings ratio of 23.5, a premium reflecting market expectations, and the dividend yield of 4.45% is below the five-year average of 6.02%, prompting a partial portfolio reduction to manage risk.

Nevertheless, the company’s regulated and infrastructure pipeline assets remain among the highest-quality holdings in North America, offering dependable cash flow and capital discipline. While TRP is not a bargain today, its resilience, operational competence, and long-term growth potential make it a cornerstone BTSX-27 holding, with room for opportunistic accumulation should yields rise closer to 5.5–6.0%. This quarter exemplifies TC Energy’s quiet strength: no flash, just reliable, compounding competence.

Previously, we covered a bullish thesis on Valaris Limited (VAL) by Alpha Ark in February 2025, which highlighted the company’s dominant offshore drilling fleet, improved financials post-restructuring, rising day rates, and substantial upside relative to asset replacement value. VAL’s stock price has appreciated by approximately 26.29% since our coverage. Beat the TSX-27 Strategy shares a similar perspective but emphasizes disciplined execution, stable cash flows, and conservative growth in regulated energy infrastructure, highlighting TRP’s long-term resilience.