Core Insights - The Conservative Income Portfolio aims to target value stocks with high margins of safety while reducing volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - TC Energy Corporation (TSX: TRP:CA) was previously assessed for its valuation, leading to the execution of defensive covered calls [1] Investment Strategies - The Covered Calls Portfolio focuses on lower volatility income investing with an emphasis on capital preservation [2] - The fixed income portfolio aims to acquire securities that offer high income potential and are significantly undervalued compared to peers [2] - Trapping Value operates with a combined experience of over 40 years in generating options income while prioritizing capital preservation [3] Company Position - The investment group Conservative Income Portfolio collaborates with Preferred Stock Trader to manage two income-generating portfolios and a bond ladder [3]

Core Insights - TC Energy Corporation (TRP) reported fourth-quarter 2024 adjusted earnings of 75 cents per share, exceeding the Zacks Consensus Estimate of 68 cents, driven by strong performance in Mexico Natural Gas Pipelines and Power and Energy Solutions segments [1] - However, the earnings decreased from 99 cents in the same quarter last year, attributed to weak results in Canadian and U.S. Natural Gas Pipelines segments [2] Financial Performance - Quarterly revenues reached $2.6 billion, surpassing the Zacks Consensus Estimate by $130 million, but decreased by 17.8% year over year [3] - Comparable EBITDA was C$2.6 billion, slightly down from C$2.7 billion in the previous year [3] Dividend Declaration - The board declared a quarterly dividend of 85 Canadian cents per common share for the quarter ending March 31, 2025, representing a 3.3% increase from the previous quarter, bringing the annualized dividend to C$3.40 per share [4] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$851 million, down 17.7% year over year, primarily due to lower earnings from Coastal GasLink [6] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1 billion, a 2% decrease from the prior year, impacted by the sale of PNGTS and lower realized earnings [8] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$234 million, up 12.5% year over year, driven by higher equity earnings from Sur de Texas [9] - Power and Energy Solutions registered a comparable EBITDA of C$341 million, up 28.2% year over year, attributed to increased contributions from Bruce Power [11] Operational Highlights - Bruce Power achieved 99% availability in the fourth quarter, with the cogeneration power plant fleet reaching 98% availability [5] - Canadian Natural Gas Pipelines deliveries averaged 25.6 billion cubic feet per day (Bcf/d), a 7% increase year over year, with NGTL System deliveries setting a new record of 17.7 Bcf/d [7] Capital Expenditures and Balance Sheet - As of December 31, 2024, capital investments amounted to C$2.3 billion, with cash and cash equivalents of C$2.6 billion and long-term debt of C$45 billion, resulting in a debt-to-capitalization ratio of 60% [12] 2025 Guidance - The company expects comparable EBITDA for 2025 to range from C$10.7 billion to C$10.9 billion, driven by new projects and full-year contributions from projects placed in service in 2024 [13] - Anticipated CapEx for 2025 is between C$6.1 billion and C$6.6 billion on a gross basis [16] Key Developments - The spinoff of the Liquids Pipelines business was completed on October 1, 2024 [17] - The Southeast Gateway pipeline project achieved mechanical completion on January 20, 2025, with an in-service date targeted for May 1, 2025 [17] - The Coastal GasLink pipeline was declared commercial in-service in November 2024 [18]

Core Viewpoint - Investors in the Alternative Energy sector should consider Clearway Energy (CWENA) and TC Energy (TRP) for potential value opportunities [1] Group 1: Company Rankings and Earnings Outlook - Clearway Energy has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while TC Energy has a Zacks Rank of 3 (Hold) [3] - The Zacks Rank system emphasizes companies with positive earnings estimate revisions, suggesting CWENA is likely experiencing a more favorable earnings outlook [3] Group 2: Valuation Metrics - CWENA has a forward P/E ratio of 16.86, compared to TRP's forward P/E of 17.96 [5] - CWENA's PEG ratio is 0.42, indicating a better valuation relative to its expected earnings growth, while TRP's PEG ratio is significantly higher at 4.49 [5] - CWENA's P/B ratio is 0.89, which is lower than TRP's P/B of 1.70, suggesting CWENA is undervalued compared to its book value [6] Group 3: Overall Value Assessment - Based on the valuation metrics, CWENA holds a Value grade of A, while TRP has a Value grade of C, indicating that CWENA is the superior value option at this time [6][7]

Financial Data and Key Metrics Changes - TC Energy reported a 6% increase in comparable EBITDA from continuing operations in 2024 compared to 2023, reaching over $10 billion [8][30] - The company successfully reduced net capital expenditures by 10% and identified an additional $1.3 billion in capital reductions to be realized in 2026 and 2027 [9] - Comparable earnings for the fourth quarter of 2024 were $1.1 billion, which was 8% lower than the fourth quarter of 2023 [27] Business Line Data and Key Metrics Changes - The Power and Energy Solutions business unit saw a 28% increase in quarterly EBITDA growth, driven by Bruce Power's 99% availability [25] - Canada Gas experienced a significant variance due to a $200 million incentive payment to Coastal GasLink in the fourth quarter of 2023 that was not repeated in 2024 [26] - The Mexico business posted gains primarily due to the weakening of the peso, as revenues are paid in US dollars [27] Market Data and Key Metrics Changes - The Ontario IESO projects a 69,000 megawatt shortfall in total installed capacity by 2050, driven by industrial expansion and population growth [16] - The company anticipates a threefold increase in LNG exports and strong growth in power generation due to coal retirements and data center demand [13] Company Strategy and Development Direction - TC Energy aims to maximize the value of its assets through safety and operational excellence, executing selective growth projects, and ensuring financial strength [40] - The company is focusing on filling its backlog of development projects, with a target of approximately $8 billion in capital between 2026 and 2030 [18] - The partnership with CFE on Southeast Gateway is seen as a critical component of achieving the goals outlined in Mexico's Plan 2030 [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the alignment with the Mexican government's priorities and the role of natural gas deliveries [12] - The company remains focused on maintaining a debt to EBITDA ratio of 4.75 times while pursuing organic deleveraging efforts [36] - Management highlighted the importance of executing on time and on budget to improve credit ratings and maintain investor confidence [78] Other Important Information - The Board of Directors declared a first quarter 2025 dividend of $0.85 per common share, marking the 25th consecutive year of dividend growth [37] - Recent leadership changes were announced, with Tina Faraca appointed as Executive Vice President and Chief Operating Officer of Natural Gas Pipelines, and Greg Grant as Executive Vice President of Power and Energy Solutions [42][44] Q&A Session Summary Question: Update on Southeast Gateway in-service date and commercial contracts - Management confirmed the May 1 in-service date is consistent with previous guidance and discussed the status of relevant plants and potential gas supply [49][50] Question: Interest in developing integrated gas to power projects - Management indicated openness to bundled solutions but emphasized a focus on low-risk, complementary projects rather than growing an independent power generation company [56][58] Question: Next steps for Bruce C nuclear project - Management stated that while early in development, they are bullish on nuclear's role in meeting Ontario's energy demand and will not bear significant cost and schedule risk [70][72] Question: Update on leverage and balance sheet outlook - Management highlighted the importance of executing on the capital plan and maintaining a focus on organic deleveraging to improve credit ratings [78][79] Question: Update on Canadian mainline capacity and capital allocation - Management noted that spare capacity has changed due to strong demand and reiterated commitment to the $6 billion to $7 billion capital target [86][89] Question: Update on Columbia rate case - Management confirmed that rates for the Columbia gas system will go into effect in April 2025 [137]

Core Insights - TC Energy reported quarterly earnings of $0.75 per share, exceeding the Zacks Consensus Estimate of $0.68 per share, but down from $0.99 per share a year ago, indicating an earnings surprise of 10.29% [1] - The company achieved revenues of $2.56 billion for the quarter, surpassing the Zacks Consensus Estimate by 5.46%, although this is a decrease from $3.11 billion in the same quarter last year [2] - TC Energy has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance relative to expectations [2] Earnings Outlook - The future performance of TC Energy's stock will largely depend on management's commentary during the earnings call and the sustainability of the stock's price movement based on recent earnings and future expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.71, with expected revenues of $2.46 billion, while the estimate for the current fiscal year is $2.64 on revenues of $10.19 billion [7] Industry Context - The Alternative Energy - Other industry, to which TC Energy belongs, is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

T C E N E R G Y 2 0 2 3 I N V E S T O R D A Y T C E N E R G Y F O U R T H Q U A R T E R 2 0 2 4 C O N F E R E N C E C A L L Fourth quarter 2024 conference call February 14, 2025 Call participants François Poirier – President and Chief Executive Officer Sean O'Donnell – Executive Vice-President and Chief Financial Officer Stanley G. Chapman, III – Executive Vice-President Tina Faraca – Executive Vice-President and Chief Operating Officer, Natural Gas Pipelines Gavin Wylie – Vice-President, Investor Relations ...

CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) -- News Release – TC Energy Corporation ((TSX, NYSE:TRP) (TC Energy or the Company) has today filed with Canadian securities authorities: Audited Consolidated Financial Statements for the year ended Dec. 31, 2024 with related Management's Discussion and Analysis (Annual Report); andThe Company's Annual Information Form for the year ended Dec. 31, 2024. In addition, TC Energy filed its Form 40-F for the year ended Dec. 31, 2024 with the United States Securitie ...

TC Energy reports solid fourth quarter 2024 operating and financial results Southeast Gateway pipeline project achieves mechanical completion Increases common share dividend for the twenty-fifth consecutive year EXHIBIT 99.1 Quarterly Report to Shareholders CALGARY, Alberta – February 14, 2025 – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy's President and Chief Executive Officer commented, "Our strategic priorities t ...

Southeast Gateway pipeline project achieves mechanical completionIncreases common share dividend for the twenty-fifth consecutive year CALGARY, Alberta, Feb. 14, 2025 (GLOBE NEWSWIRE) -- TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its fourth quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our strategic priorities that emphasize safety, operational excellence and project execution continue to deliver solid growth, low risk ...

TC Energy Corporation (TRP) is set to report fourth-quarter earnings on Feb. 14. The Zacks Consensus Estimate for earnings is pegged at 67 cents per share and the same for revenues is pinned at $2.43 billion.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let us delve into the factors that might have influenced TRP’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter. Highlights of TRP’s Q3 Earnin ...