TC Energy (TRP) Beats Q2 Earnings and Revenue Estimates

Company Performance - TC Energy reported quarterly earnings of $0.69 per share, exceeding the Zacks Consensus Estimate of $0.65 per share, but down from $0.71 per share a year ago, representing an earnings surprise of 6.15% [1] - The company posted revenues of $2.99 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 7.56%, compared to $2.85 billion in the same quarter last year [2] - Over the last four quarters, TC Energy has consistently surpassed consensus EPS and revenue estimates [2] Stock Outlook - TC Energy shares have increased approximately 8.5% since the beginning of the year, while the S&P 500 has gained 15.8% [3] - The company's earnings outlook is crucial for future stock performance, with current consensus EPS estimates at $0.68 for the coming quarter and $3.05 for the current fiscal year [4][7] - The estimate revisions trend for TC Energy is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Alternative Energy - Other industry, to which TC Energy belongs, is currently ranked in the bottom 22% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can significantly affect individual stock performance [5][8]