Core Insights - TC Energy Corporation has begun collecting tolls from the Comisión Federal de Electricidad (CFE) for the Southeast Gateway pipeline and has received timely payment for May [1] - The Southeast Gateway pipeline, with a capacity of 1.3 Bcf/d and spanning 715 kilometers, was completed approximately 13% under the original cost estimate of US$3.9 billion [2][8] - The successful completion of the pipeline demonstrates the commitment of TC Energy, CFE, and the Ministry of Energy (SENER) to support Mexico's growing energy demands and economic development [3] - The Mexican government plans to add around 8.5 gigawatts of new capacity from natural gas power plants, positioning the Southeast Gateway pipeline as a crucial asset in this initiative [4] Company Overview - TC Energy operates a vast network of natural gas infrastructure, employing over 6,500 energy professionals to connect global energy needs [5] - The company is involved in moving, generating, and storing energy, delivering it to homes and businesses across North America and through LNG exports [5] - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [6]

Core Points - TC Energy Corporation announced the conversion of 104,778 Series 3 Shares into Series 4 Shares and 1,822,829 Series 4 Shares into Series 3 Shares, effective June 30, 2025 [1][2] - Following the conversions, TC Energy will have 11,715,228 Series 3 Shares and 2,284,772 Series 4 Shares outstanding, both listed on the Toronto Stock Exchange [2] - Series 3 Shares will pay a fixed dividend of 4.102% annually for five years starting June 30, 2025, while Series 4 Shares will pay a floating dividend starting at 3.924% for the first quarter [2][3] - Shareholders will have the option to convert their shares again on July 2, 2030, and every five years thereafter [4] Company Overview - TC Energy operates a vast network of natural gas infrastructure and is involved in energy generation and storage, serving homes and businesses in North America and globally through LNG exports [5] - The company's common shares are traded on both the Toronto Stock Exchange and the New York Stock Exchange under the symbol TRP [6]

Group 1: Oil Price Volatility - Crude oil prices have experienced significant fluctuations in 2025, starting with WTI at $72 per barrel and Brent at $75, before dropping over 10% due to fears of a global recession, increased OPEC+ output, and weakening demand from China [1][10] - Macroeconomic pressures, such as slowing global growth and disappointing trade data from China, are negatively impacting demand, while OPEC+ has ramped up production unexpectedly [3][10] - Geopolitical factors, including U.S.-China trade talks, continue to influence short-term oil price movements [3][4] Group 2: Investment Opportunities in Energy Stocks - Large-cap, high-yield energy stocks like Canadian Natural Resources Limited (CNQ), Kinder Morgan (KMI), and TC Energy Corporation (TRP) are recommended for stability amid market volatility, offering steady dividend payouts and operational resilience [2][5][6] - These companies, valued at over $10 billion, provide dependable cash flows and resilient business models, making them attractive for income-focused investors [5][6][8] Group 3: Company Profiles - **Canadian Natural Resources (CNQ)**: One of Canada's largest independent oil and gas producers with a market capitalization of approximately $66 billion, CNQ has a quarterly dividend payout of 58.75 Canadian cents, yielding 5.2% annually [11][12][13] - **Kinder Morgan (KMI)**: A major energy infrastructure company with a market cap of around $63 billion, KMI operates extensive pipelines and storage facilities, offering a quarterly dividend of 29.25 cents, resulting in a 4.2% yield [14][15] - **TC Energy (TRP)**: A leading energy infrastructure firm with a market cap of about $53 billion, TRP operates a significant natural gas pipeline network and pays a quarterly dividend of 85 Canadian cents, yielding 4.7% [16][17]

Core Viewpoint - TC Energy Corporation will not redeem its Cumulative Redeemable First Preferred Shares, Series 3 and Series 4 on June 30, 2025, allowing shareholders to choose between retaining their shares or converting them to the other series with different dividend rates [1][2]. Summary by Category Dividend Rates - Holders of Series 3 Shares can retain their shares and receive a fixed annual dividend rate of 4.102% for the period from June 30, 2025, to July 2, 2030 [1]. - Holders of Series 4 Shares can retain their shares and receive a floating quarterly dividend rate of 3.924% for the three-month period starting June 30, 2025, with the rate reset every quarter [2]. Conversion Options - Series 3 Shareholders can convert their shares to Series 4 Shares and receive the floating quarterly dividend rate of 3.924% [1]. - Series 4 Shareholders can convert their shares to Series 3 Shares and receive the fixed quarterly dividend rate of 4.102% [2]. Conversion Process - Beneficial owners must communicate with their broker by 5 p.m. (EST) on June 16, 2025, to exercise their conversion rights [3]. - If no notice is provided by the deadline, shareholders will retain their respective shares and receive the applicable new dividend rate [4]. Conditions for Conversion - If TC Energy determines that there will be less than one million Series 3 Shares outstanding after June 30, 2025, all remaining Series 3 Shares will convert to Series 4 Shares on a one-for-one basis [5]. - Conversely, if there are less than one million Series 4 Shares outstanding, all remaining Series 4 Shares will convert to Series 3 Shares on a one-for-one basis [5]. Future Conversion Opportunities - Holders of Series 3 and Series 4 Shares will have the opportunity to convert their shares again on July 2, 2030, and every five years thereafter as long as the shares remain outstanding [6].

Group 1 - Canadian pipeline investors have two major options: TC Energy Corporation and Enbridge Inc, both headquartered in Calgary, Alberta, Canada [1] - TC Energy Corporation trades under the symbol TRP, while Enbridge Inc trades under the symbol ENB on American exchanges [1] Group 2 - Robert F. Abbott has been managing investments since 1995 and has experience with options trading since 2010 [2] - Abbott is a freelance writer and has created a website aimed at new and intermediate mutual fund investors [2] - He holds a Bachelor of Arts and a Master of Business Administration (MBA) degree [2]

Group 1 - TC Energy Corp (NYSE: TRP) provides an investment opportunity in essential energy infrastructure and long-life assets that are expected to benefit from increasing North American energy demands over time [1] - The company is positioned to attract investors looking for excellent dividend stocks, contributing to passive income growth and financial security in retirement [1]

Group 1 - The energy sector has experienced volatility recently, leading to lower stock prices for many energy producers [2] - However, the midstream segment of the energy sector has shown resilience amidst this volatility [2] Group 2 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1]

Core Points - TC Energy Corporation held its 2025 annual meeting of shareholders where 13 nominees were elected as directors, with voting results showing a high level of support for each nominee [1] Group 1: Election Results - Scott Bonham received 677,017,619 votes (99.84% for, 0.16% against) [1] - Cheryl F. Campbell received 673,225,982 votes (99.28% for, 0.72% against) [1] - Michael R. Culbert received 673,422,055 votes (99.31% for, 0.69% against) [1] - William D. Johnson received 665,190,544 votes (98.10% for, 1.90% against) [1] - Susan C. Jones received 673,349,772 votes (99.30% for, 0.70% against) [1] - John E. Lowe received 663,231,215 votes (97.81% for, 2.19% against) [1] - Dawn Madahbee Leach received 677,045,840 votes (99.85% for, 0.15% against) [1] - François L. Poirier received 673,662,897 votes (99.35% for, 0.65% against) [1] - Una Power received 666,886,403 votes (98.35% for, 1.65% against) [1] - Mary Pat Salomone received 669,245,147 votes (98.70% for, 1.30% against) [1] - Siim A. Vanaselja received 665,004,883 votes (98.07% for, 1.93% against) [1] - Thierry Vandal received 668,886,158 votes (98.64% for, 1.36% against) [1] - Dheeraj "D" Verma received 671,156,491 votes (98.98% for, 1.02% against) [1] Group 2: Company Overview - TC Energy operates a unique network of natural gas infrastructure assets, providing energy solutions across North America and globally through LNG exports [2] - The company employs over 6,500 energy professionals dedicated to connecting the world to necessary energy resources [2] - TC Energy's common shares are traded on both the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [3]

Core Insights - TC Energy Corporation (TRP) reported first-quarter 2025 adjusted earnings of 66 cents per share, missing the Zacks Consensus Estimate of 70 cents, and down from 92 cents in the same period last year [1] - The company's quarterly revenues were $2.5 billion, which also fell short of the Zacks Consensus Estimate by $18 million and decreased by 19.8% year over year [1] Financial Performance - Comparable EBITDA for the quarter was C$2.7 billion, up 1% from the previous year and exceeding model estimates by 2.4% [2] - The board declared a quarterly dividend of 85 Canadian cents per common share, payable on July 31, 2025 [2] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$890 million, a 5.2% increase year over year, driven by higher flow-through costs and contributions from Coastal GasLink [3] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1.4 billion, indicating a 4.7% increase from the prior year [5] - Mexico Natural Gas Pipelines reported a comparable EBITDA of C$233 million, up 8.9% from the previous year but missing estimates [7] - Power and Energy Solutions saw a comparable EBITDA of C$224 million, down 30% from the previous year due to lower contributions from Bruce Power and lower realized power prices [8] Operational Metrics - Canadian Natural Gas Pipelines deliveries averaged 27.6 billion cubic feet per day (Bcf/d), an 8% increase compared to the first quarter of 2024 [4] - U.S. Natural Gas Pipelines' daily average flows reached 31 Bcf/d, reflecting a 5% increase year over year [6] - Mexico Natural Gas Pipelines flows averaged 3.1 Bcf/d, up 6% from the first quarter of 2024 [7] Capital Expenditures and Financial Position - As of March 31, 2025, capital investments amounted to C$1.8 billion, with cash and cash equivalents of C$2 billion and long-term debt of C$45 billion, resulting in a debt-to-capitalization ratio of 61.1% [10][11] Future Guidance and Projects - TC Energy plans to bring approximately C$8.5 billion in projects online in 2025, including the Southeast Gateway pipeline project, while maintaining a focus on high-return projects [12][13] - The company expects comparable EBITDA for 2025 to be between C$10.7 billion and C$10.9 billion, with capital expenditures projected between C$6.1 billion and C$6.6 billion [14] Project Highlights - The Southeast Gateway pipeline is ready for service, with all contracted capacity secured and approval of regulated rates expected by the end of May [15][16] - The Northwoods project, an expansion of the ANR system, has been approved and is expected to provide 0.4 Bcf/d of capacity by late 2029 [17] - The Unit 5 Major Component Replacement project, valued at C$1.1 billion, is set to commence in Q4 2026 [18]

Core Viewpoint - TC Energy reported quarterly earnings of $0.66 per share, missing the Zacks Consensus Estimate of $0.70 per share, and down from $0.92 per share a year ago, indicating an earnings surprise of -5.71% [1][2] Financial Performance - The company posted revenues of $2.52 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.72%, and down from $3.15 billion year-over-year [2] - Over the last four quarters, TC Energy has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - TC Energy shares have increased by approximately 8.3% since the beginning of the year, contrasting with the S&P 500's decline of -5.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.58 on revenues of $2.5 billion, and for the current fiscal year, it is $2.63 on revenues of $10.43 billion [7] Industry Outlook - The Zacks Industry Rank for Alternative Energy - Other is currently in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]