TC Energy Corp

TRP: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$77.00	Hvqvfs	Fpslfvxww

TC Energy Is Ready To Spin Off South Bow

Andrew Bischof

Sep 11, 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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