Core Viewpoint - TC Energy (TRP) is anticipated to report a year-over-year decline in earnings due to lower revenues for the quarter ended September 2025, with the actual results having a significant impact on its near-term stock price [1][2]. Earnings Expectations - The upcoming earnings report is scheduled for November 6, and if the results exceed expectations, the stock may rise; conversely, a miss could lead to a decline [2]. - The consensus estimate for TC Energy's quarterly earnings is $0.56 per share, reflecting a year-over-year decrease of 26.3%, while revenues are projected at $2.64 billion, down 11.8% from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised down by 2.93%, indicating a reassessment by analysts regarding the company's earnings prospects [4]. - The Most Accurate Estimate for TC Energy is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -1.07%, suggesting a bearish outlook from analysts [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict the deviation of actual earnings from consensus estimates, with a positive reading being a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [9][10]. - TC Energy currently holds a Zacks Rank of 3 (Hold), making it challenging to predict an earnings beat conclusively [12]. Historical Performance - In the last reported quarter, TC Energy was expected to post earnings of $0.56 per share but actually delivered $0.59, resulting in a surprise of +5.36% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Industry Comparison - Excelerate Energy (EE), another player in the Zacks Alternative Energy - Other industry, is expected to report earnings of $0.30 per share for the same quarter, indicating a year-over-year change of -14.3%, with revenues projected at $306.62 million, up 58.5% from the previous year [18][19].

Core Viewpoint - TC Energy Corporation will hold a teleconference on November 6, 2025, to discuss its third quarter financial results and provide updates on its financial outlook and strategic priorities for 2026 [1][2]. Group 1: Teleconference Details - The teleconference will feature TC Energy's President and CEO François Poirier, CFO Sean O'Donnell, and other executive team members discussing financial results and strategic objectives [2]. - Participants can join the call by dialing 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll) without a passcode, and are encouraged to call in 15 minutes early [3]. - A live webcast will be available on TC Energy's website, with a replay accessible two hours after the call until midnight ET on November 13, 2025 [4]. Group 2: Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico, and is responsible for moving over 30% of the continent's cleaner-burning natural gas [5]. - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy across North America and enabling LNG exports to global markets [5]. - TC Energy's common shares are traded on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP [6].

Market Overview - The infrastructure sector delivered positive returns in Q3, although it lagged behind global equities due to a risk-on market environment driven by animal spirits [3] - U.S. utilities, renewables, and North American natural gas and pipelines performed well, supported by high demand for power from AI-focused data centers [4][12] - European utilities faced challenges, particularly U.K. water utilities, which were negatively impacted by rising interest rates [4] Sector Performance - North American rails showed strong performance following news of a proposed merger, which could unlock significant value [5] - French toll roads declined due to political uncertainty and rising sovereign risk linked to the French budget fallout [6] - Communication towers were the weakest performers, experiencing slower growth in carrier capital expenditures during the current 5G cycle [6] Regional Highlights - The U.S. and Canada were the top contributors for the quarter, with Entergy and TC Energy leading the performance [7] - Entergy, a regulated electric utility, saw its share price increase due to ongoing data center deals [7] - TC Energy manages extensive natural gas pipelines and power assets, benefiting from stable cash flows and favorable project origination conditions [8] Detractors - Severn Trent and Vinci were the largest detractors, with Severn Trent facing concerns over U.K. fiscal policy [9] - Vinci operates a significant portion of France's toll road network and was affected by political uncertainty, although its operations remained stable [10] Future Outlook - Strong opportunities are anticipated in the infrastructure sector driven by decarbonization and energy transition, particularly in electric utilities across the U.S., EU, and U.K. [11] - Investments in electric and water utilities are expected to enhance grid resiliency and accommodate increased load growth due to reshoring and AI-focused data centers [12] Portfolio Highlights - The infrastructure strategy saw positive contributions from four out of seven sectors, with electric and gas utilities and airports being the top contributors [15] - The strategy underperformed relative to the FTSE Global Core Infrastructure 50/50 Index, primarily due to stock selection issues in the electric and water utility sectors [16] - Top contributors to absolute returns included Entergy, TC Energy, and WEC Energy, while Vinci and Severn Trent were the main detractors [17] Investment Actions - A new position was initiated in Spanish electric utility Iberdrola, while positions in Eletrobras, United Utilities, and Pembina Pipeline were exited [18]

Core Points - TC Energy Corporation announced the closing of a US$350 million offering of 6.250% Fixed-for-Life Junior Subordinated Notes due Nov. 1, 2085 [1] - The net proceeds from the offering will be used to redeem its Cumulative Redeemable First Preferred Shares, Series 11, on Nov. 28, 2025, at a price of $25.00 per share [2] - A final quarterly dividend of $0.2094375 per Series 11 Share is expected to be declared, payable on the same date as the redemption [3] Financial Details - The Notes were issued through a syndicate of underwriters, co-led by Morgan Stanley, BofA Securities, J.P. Morgan, RBC Capital Markets, and Wells Fargo [1] - The redemption of Series 11 Shares aims to reduce indebtedness and support general corporate purposes [2] - The Series 11 Shares will cease to be entitled to dividends after the redemption date and will be delisted from the Toronto Stock Exchange [3] Company Overview - TC Energy is a leader in North American energy infrastructure, moving over 30% of the continent's cleaner-burning natural gas [6] - The company focuses on strategic ownership and low-risk investments in power generation, contributing to affordable and sustainable energy [6] - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [7]

Core Viewpoint - TC Energy Corporation is considering an offering of U.S. Junior Subordinated Notes to redeem its outstanding preferred shares, reduce debt, and for general corporate purposes [1][2]. Group 1: Offering Details - The offering, if successful, will utilize net proceeds to redeem Cumulative Redeemable First Preferred Shares, Series 11 [2]. - There is no certainty regarding the completion, timing, or terms of the offering [2]. - The Notes would be issued via a prospectus supplement to TCPL's short form base shelf prospectus dated December 5, 2024 [3]. Group 2: Company Overview - TC Energy is a leader in North American energy infrastructure, operating across Canada, the U.S., and Mexico [5]. - The company moves over 30% of the cleaner-burning natural gas used in North America and has strategic investments in power generation [5]. - TC Energy's common shares are traded on the Toronto and New York stock exchanges under the symbol TRP [6].

Group 1: Energy Infrastructure Development - Alberta Premier Danielle Smith announced a commitment of $14 million to initiate a new oil pipeline project to the British Columbia coast, aiming to transport up to one million barrels of crude oil per day to Asian markets [3][8] - The project is backed by a technical advisory group that includes major Canadian crude pipeline operators such as Enbridge Inc., Trans Mountain Corp., and South Bow Corp, but faces significant opposition from British Columbia's Premier and Coastal First Nations due to environmental concerns [4][8] - The Alberta government plans to submit a formal application to the federal Major Projects Office by spring 2026, with potential operations starting in the early 2030s [3][8] Group 2: Trade Agreement Review - The review process for the USMCA trade agreement has officially begun, with all three signatory nations initiating public consultations ahead of the mandated July 2026 review [5][8] - U.S. and Mexican officials have indicated that upcoming negotiations may lean towards bilateral discussions rather than trilateral, suggesting a focus on specific trade irritants [5][6] - Premier Smith has expressed a preference for a bilateral trade agreement with the U.S., potentially excluding Mexico, due to concerns over Mexico's trade surplus with the U.S. and its investment ties with China [6][8]

Core Insights - TC Energy Corporation (TRP) is realigning its investment focus towards the United States, prioritizing it as a key growth market amid changing energy policies in Canada [1][2] - The company is also expanding its liquefied natural gas (LNG) capacity in Canada while exploring growth opportunities in Mexico [1][6] U.S. Energy Market Focus - Under CEO Francois Poirier, TRP is accelerating investments in the U.S. due to higher returns driven by strong energy demand and regulatory incentives [2][3] - An $8.5 billion investment plan over the next five years is aimed at expanding U.S. energy infrastructure, particularly in Texas and the Midwest [3][8] Expansion into Mexico - TRP is exploring growth opportunities in Mexico, including expanding the Topolobampo pipeline to enhance cross-border natural gas trade [4][5] - This initiative supports Mexico's energy needs and aims to create a tri-national energy corridor integrating Canada, the U.S., and Mexico [5] Commitment to Canada's LNG Projects - Despite focusing on U.S. and Mexican markets, TRP remains committed to Canada's LNG Canada project, which is crucial for exporting LNG to Asia [6][7] - The Coastal GasLink pipeline expansion is essential for transporting natural gas from Canada to the LNG export terminal, requiring significant capital investment [7][8] Balancing Strategy - TRP's investment strategy balances immediate opportunities in the U.S. with long-term projects in Canada, reflecting a sophisticated approach to risk and opportunity [9][10] - The dual-market focus positions TRP as a dominant energy infrastructure provider across North America, enhancing energy security [10][12] Future Outlook - TRP's investments align with geopolitical trends favoring energy independence and sustainability, addressing the growing demand for natural gas [11][12] - The company's strategy aims to strengthen North America's energy security while supporting the global transition to cleaner fuel sources [13]

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Core Viewpoint - Kayne Anderson Energy Infrastructure Fund, Inc. reported its financial position as of August 31, 2025, highlighting a strong net asset value and significant asset coverage ratios under the Investment Company Act of 1940 [1][2]. Financial Summary - The Company's net assets totaled $2.3 billion, with a net asset value per share of $13.82 as of August 31, 2025 [2]. - Total assets amounted to $3,234.7 million, which included investments of $3,223.1 million and cash and cash equivalents of $8.9 million [3]. - The asset coverage ratio for senior securities representing indebtedness was 723%, while the total leverage coverage ratio was 522% [2]. Liabilities Overview - Total liabilities were reported at $347.1 million, which included a credit facility of $50 million, notes of $350 million, and a deferred tax liability of $294.2 million [3]. Investment Composition - The Company had 169,126,038 common shares outstanding and invested primarily in Midstream Energy Companies (94%), with smaller allocations to Power Infrastructure (3%) and Other (3%) [5]. - The ten largest holdings included significant investments in companies such as The Williams Companies, Inc. ($344 million), Enterprise Products Partners L.P. ($327.1 million), and Energy Transfer LP ($323.8 million) [5]. Investment Objective - The Company aims to provide a high after-tax total return with a focus on cash distributions to stockholders, investing at least 80% of its total assets in securities of Energy Infrastructure Companies [7].