CA - TC Energy: Underperformance Closes Valuation Gap With Enbridge
2024-05-05 18:00:00 ET
Summary
- TRP reported strong Q1-2024 earnings, beating consensus estimates with adjusted EBITDA of $3.09 billion.
- Natural Gas segment performed exceptionally well, but the company just maintained its adjusted EBITDA guidance for the year.
- We examine the setup and tell you how we played it.
In our last coverage of TC Energy Corporation ( TRP:CA ) (TRP) we recognized the strong results that were helping deliver yet another dividend increase for the company. At the same time, we found TRP to be lagging in other metrics when benchmarked against other midstream companies in Canada. Ultimately, we came away with a "hold" rating as we continued to hold the shares as well....
TC Energy: Underperformance Closes Valuation Gap With Enbridge