TC Energy (TRP) Stock on December 3, 2025: Latest News, Dividend Yield and 2028 Growth Forecast

TC Energy Corporation (TSX: TRP, NYSE: TRP) remains in the spotlight on December 3, 2025, as investors digest fresh Q3 results, a reaffirmed multi‑year growth outlook, a rich dividend stream and a stream of new analyst and institutional activity around the stock.

On the New York Stock Exchange, TC Energy shares closed at $53.80 on December 2, 2025, implying a market capitalization of about $53.78 billion and a roughly 7% increase in market value over the past year. ^[1] On the Toronto Stock Exchange, the Canadian listing (TRP.TO) last traded at C$75.24 on December 2, slipping 0.9% on the day but remaining in a rising medium‑term trend. ^[2]

Below is a deep dive into the latest news, forecasts and analyses as of December 3, 2025 – structured for readers following TC Energy on Google News or Discover.

1. TC Energy stock snapshot on 3 December 2025

U.S. listing (NYSE: TRP)
Last close (Dec 2, 2025): $53.80
Pre‑market indication (Dec 3): $53.95 (+0.28%) ^[3]
Market cap: $53.78 billion, enterprise value $105.12 billion. ^[4]
Canadian listing (TSX: TRP)
Last close (Dec 2, 2025): C$75.24, down 0.9% on the session. ^[5]

Technical research site StockInvest characterizes TRP.TO as trading in a wide, upward‑sloping trend, with support around C$74.43 and resistance near C$75.67. It labels the stock a “hold/accumulate” candidate, noting average daily volatility of about 1.5% and a forecast trading range of roughly C$74.6–75.8 for December 3. ^[6]

For long‑term investors, TC Energy remains a large‑cap, low‑beta midstream and power name: MarketBeat data put the stock’s beta at about 0.73, underscoring its more defensive trading behaviour versus the broader equity market. ^[7]

2. Q3 2025: resilient earnings and a longer runway

On November 6, 2025, TC Energy reported its third‑quarter 2025 results and updated its medium‑term financial outlook. ^[8] Key highlights from continuing operations include:

Comparable earnings: C$0.8 billion, or C$0.77 per common share, versus C$0.9 billion or C$0.86 a year earlier. ^[9]
Net income to common shareholders: C$0.8 billion or C$0.78 per share, down from C$1.3 billion or C$1.29 in Q3 2024. ^[10]
Comparable EBITDA: Around C$2.7 billion, up roughly 10% year‑over‑year, driven primarily by natural gas pipelines. ^[11]

Reuters notes that on an adjusted basis the company earned C$0.77 per share versus a consensus near C$0.80, a modest miss on most data sets. ^[12] Investing.com, using a slightly different consensus, frames the result as a small beat versus an expected C$0.76. ^[13] Either way, the picture is one of largely in‑line EPS, with a clear positive: double‑digit growth in EBITDA.

Operationally, management pointed to:

Solid performance across its North American natural gas pipeline network, which moves over 30% of the gas consumed on the continent. ^[14]
Lower contributions from U.S. gas pipelines due to weaker U.S. gas prices, with segment net income falling to C$801 million from C$1.3 billion a year ago. ^[15]
Around C$8 billion of projects placed into service in 2025 and a growing backlog of sanctioned growth projects. ^[16]

The key message from management: robust fundamentals and project execution are offsetting short‑term commodity and volume headwinds, supporting a stronger multi‑year outlook.

3. Extending the growth outlook through 2028

Alongside Q3 results, TC Energy extended its comparable EBITDA growth outlook out to 2028. ^[17]

Management now expects:

Comparable EBITDA 2025: C$10.8–11.0 billion. ^[18]
2026 EBITDA: C$11.6–11.8 billion, implying 6–8% year‑over‑year growth. ^[19]
2028 EBITDA: C$12.6–13.1 billion, corresponding to 5–7% average annual growth from 2025 to 2028. ^[20]

CEO François Poirier anchored this outlook on three main pillars: ^[21]

Exploding demand for natural gas – TC now forecasts North American gas demand to rise by about 45 billion cubic feet per day by 2035, driven by LNG exports, coal‑to‑gas switching and surging electricity demand from AI data centres. ^[22]
Supportive policy and permitting trends – recent Canadian and U.S. policy actions are seen as helping large gas and power projects move forward more efficiently. ^[23]
A steady cadence of projects – the company has sanctioned more than C$5 billion of low‑risk growth projects over the past 12 months and expects the typical project size to rise from C$500 million to around C$1 billion. ^[24]

For investors, the implication is that TC Energy is positioning itself as a “growth utility”–style infrastructure play: not a hyper‑growth stock, but one offering mid‑single‑digit earnings growth layered on top of a sizeable dividend.

4. Dividend profile: 25 years of growth and fresh ex‑div dates

For many shareholders, TC Energy is first and foremost a dividend stock.

On November 6, 2025, the board declared a quarterly common share dividend of C$0.85 per share for the quarter ending December 31, 2025. The payout is scheduled for January 30, 2026 to holders of record on December 31, 2025. ^[25]

Key dividend facts:

The C$0.85 payout equates to C$3.40 annually and represents TC Energy’s 25th consecutive year of dividend growth, according to the company’s dividend history. ^[26]
Based on the U.S. share price of $53.80 and a forward annual dividend of about $2.43 per NYSE share, the current forward yield is roughly 4.5%. ^[27]
A separate notice from broker Futu highlights that the U.S. OTC line (TCEYF) went ex‑dividend on December 1, 2025, for a $0.23025 per share cash dividend payable on December 31, 2025. ^[28]

Dividend trackers such as DividendMax confirm that TC Energy typically pays four regular dividends per year, with dividend cover around 1.5x. ^[29]

Combined with management’s guidance for 5–7% EBITDA growth, the company is effectively signalling a strategy of moderate earnings growth plus a high single‑digit total return profile driven by income and limited expansion of the payout ratio.

5. Capital structure moves: new hybrid notes and preferred redemption

TC Energy has also been active on the liability management front.

On October 9, 2025, the company announced that its subsidiary TransCanada PipeLines Limited had closed a US$350 million issue of 6.25% fixed‑for‑life junior subordinated notes due 2085. ^[30]

Net proceeds are earmarked for:

The redemption of all Cumulative Redeemable First Preferred Shares, Series 11 (TRP.PR.G) on November 28, 2025, at C$25.00 per share, and
General debt reduction and other corporate purposes. ^[31]

The redemption means Series 11 preferred shares will cease paying dividends and be delisted from the TSX after the redemption date. A final quarterly dividend of C$0.2094375 per Series 11 share is scheduled for November 28, 2025, to holders of record on November 17. ^[32]

From an equity‑holder’s perspective, these steps:

Slightly simplify the capital structure,
Lock in long‑dated hybrid capital at 6.25%, and
Help manage leverage while preserving flexibility for new projects.

6. Institutional flows: 1832 trims, HSBC adds

Fresh regulatory filings are giving a snapshot of how institutional money is positioning around TC Energy:

On December 3, 2025, MarketBeat reported that 1832 Asset Management L.P. trimmed its TRP position by 0.4% in Q2 2025, selling 55,359 shares. The Canadian manager still holds 14,223,225 shares, worth about $694 million, or roughly 1.37% of the company, making TC Energy its 21st‑largest holding. ^[33]
A day earlier, another MarketBeat note highlighted that HSBC Holdings PLC had increased its TRP stake, purchasing an additional 56,072 shares in the latest quarter. ^[34]

Both pieces emphasise that roughly 83% of TC Energy’s shares are held by hedge funds and other institutions, underscoring the stock’s status as a core holding in many income‑oriented and infrastructure portfolios. ^[35]

Institutional repositioning has been modest in scale rather than a wholesale shift, suggesting refining of positions rather than a broad vote of “no confidence” or “all‑in” enthusiasm.

7. Analyst ratings and 12‑month price targets

Street views: Moderate Buy with meaningful upside

Across major brokerages tracked by MarketBeat, TC Energy currently carries a “Moderate Buy” consensus rating. Recent summaries point to two “Strong Buy” ratings, six “Buy” recommendations and four “Hold” ratings, with an average target price of about 84 (currency not explicitly specified, but generally interpreted as Canadian dollars given the coverage). ^[36]

Recent high‑profile moves include:

BMO Capital (Investing.com coverage) upgraded TC Energy from Market Perform to Outperform on November 7, 2025, lifting its target from C$73 to C$83. BMO cited:
- Strong execution on the growth pipeline,
- A self‑funded balance sheet, and
- Strategically important gas and nuclear assets that justify a higher EV/EBITDA multiple of 13.5x versus 12.5x previously. ^[37]
RBC Capital Markets most recently maintained a Buy rating and raised its price target from 74 to 84 (again, generally interpreted in Canadian dollars). StockAnalysis, which consolidates analyst forecasts, shows RBC’s November 7 update as the latest published target and pegs the 12‑month price objective at 84, implying about 56% upside from the current U.S. share price. ^[38]

Dividend‑oriented research platforms such as Dividend.com, meanwhile, show a more conservative picture, with forward yield estimates around 4.5% and a focus on payout sustainability rather than capital appreciation. ^[39]

Consensus fundamentals forecast

StockAnalysis compiles estimates from Wall Street analysts (financials in CAD) and currently shows: ^[40]

Revenue 2025: C$15.43 billion, up 12.0% from C$13.77 billion in 2024.
Revenue 2026: C$16.30 billion, implying another 5.6% growth.
EPS 2025: C$3.59, down 18.8% from C$4.43 in 2024 (reflecting spin‑off and other non‑recurring effects).
EPS 2026: C$3.83, a 6.6% rebound.

Taken together, the Street is effectively modelling top‑line growth with a temporary dip in earnings quality, followed by a gradual recovery as the portfolio re‑sets after the liquids business spin‑off and capital recycling.

8. Quant and technical models: mixed messages

Alongside traditional analyst coverage, several quant and technical services are publishing their own TRP views:

StockInvest (TRP.TO) – Ratings tilt slightly positive, but the site concludes that recent short‑term negative signals and overbought readings justify a “hold/accumulate” stance. It expects a possible trading range between C$73.8 and C$81.8 over the next three months, corresponding to an estimated 90% probability interval. ^[41]
StockScan (TRP) – Its technical dashboard currently labels TRP a “Strong Buy” based on 17 indicators, with a majority flashing bullish signals (especially medium‑term moving averages and ADX). ^[42]
- However, the same model’s long‑term price forecasts are extremely bearish, projecting average prices of roughly $36 in 2026, $42 in 2027, and as low as $24 by 2030, all well below today’s $53.80 level. ^[43]

These algorithmic forecasts often rely heavily on historical price patterns without fully incorporating fundamental changes, such as TC’s 2024 liquids spin‑off or its updated 2028 EBITDA growth outlook. As a result, investors typically treat such outputs as scenario stress‑tests rather than base‑case expectations.

9. Strategic backdrop: from South Bow spin‑off to LNG and AI demand

TC Energy has been reshaping its portfolio over the last two years:

On October 1, 2024, the company completed the spin‑off of its liquids pipelines business into a separate pure‑play company, South Bow. Management argues that running midstream oil and gas liquids separately from the gas and power franchise will allow each to pursue tailored strategies and capital structures. ^[44]
The retained TC Energy platform now centres on a 93,600‑km (58,100‑mile) natural gas network, supplemented by power generation and storage assets, and supplying roughly one‑third of North American gas demand. ^[45]

The Q3 earnings call and Reuters coverage make clear that management views LNG exports and the power needs of AI data centres as structural growth engines that should support new pipeline and power investments well beyond 2028. ^[46]

Combined with continued credit‑rating agency scrutiny (for example, long‑standing coverage by Morningstar DBRS) and active capital market access, TC Energy is aiming to position itself as a core regulated‑like infrastructure name with secular gas and power tailwinds. ^[47]

10. Key risks investors should watch

Despite the constructive medium‑term story, investors considering TC Energy stock today should remain aware of several material risks:

Regulatory and permitting risk
Large cross‑border pipelines and power projects remain exposed to shifting environmental regulations, Indigenous consultation outcomes, and court challenges in Canada, the U.S. and Mexico. Delays or cancellations can dent returns and tie up capital.
Leverage and interest‑rate sensitivity
With enterprise value nearly twice its equity market cap and a history of using hybrid capital and preferred shares, TC Energy is sensitive to funding costs. The recent US$350 million junior subordinated note at 6.25% illustrates the new, higher‑rate environment. ^[48]
Commodity and volume exposure
While TC’s revenues are largely fee‑based, lower U.S. gas prices in Q3 contributed to weaker results at its largest segment, showing that volumes and contract renewals are still influenced by broader commodity cycles. ^[49]
Project execution and cost overrun risk
TC and its peers have faced cost overruns in the past on large projects; continued success in delivering C$500 million–1 billion projects on time and budget is crucial to achieving the promised 5–7% EBITDA growth. ^[50]
Currency risk for cross‑listed investors
U.S. investors in TRP (NYSE) are effectively holding a CAD‑denominated cash flow stream translated into USD, introducing an additional FX factor into returns.

11. Bottom line: is TC Energy stock attractive at today’s price?

As of December 3, 2025, the investment case for TC Energy (TRP) can be summed up as follows:

Positives

A large, diversified natural‑gas‑focused infrastructure network with long‑lived assets that are difficult to replicate. ^[51]
A 25‑year dividend‑growth track record, with a forward yield around the mid‑4% range and board commentary that supports continued payouts. ^[52]
A 5–7% annual EBITDA growth outlook through 2028, underpinned by AI‑driven electricity demand and expanding LNG exports. ^[53]
A growing backlog of sanctioned projects and recent capital‑structure actions (junior notes and preferred redemption) that target balance‑sheet resilience. ^[54]
A Moderate Buy / Buy‑leaning analyst consensus, with major banks like BMO and RBC seeing meaningful upside to C$83–84. ^[55]

Challenges

Earnings per share have fallen year‑over‑year even as EBITDA grows, reflecting spin‑off effects, higher interest costs and non‑recurring items. ^[56]
Leverage is still elevated for a utility‑style name, making disciplined capital allocation and project execution essential. ^[57]
Some quantitative long‑term models (like StockScan’s) foresee substantial share price declines over the next decade, highlighting how sensitive forecasts can be to historical price behaviour and modelling choices. ^[58]

For income‑oriented investors comfortable with regulated‑style infrastructure risk and moderate leverage, TC Energy at current prices offers:

A solid starting yield,
Reasonable growth prospects tied to structural demand for natural gas and power, and
Potential capital appreciation if management delivers on its 2028 EBITDA roadmap and the market re‑rates the stock toward the C$80‑plus targets favoured by several analysts.

For more conservative or short‑term traders, the stock may feel less compelling given:

The recent run‑up from its 12‑month lows,
Mixed EPS trends, and
Ongoing regulatory and political uncertainty around large energy infrastructure.

As always, prospective buyers should weigh TC Energy in the context of their own risk tolerance, time horizon and broader portfolio, and consider consulting a qualified financial adviser before making investment decisions.