Raymond James analyst Michael Barth, CFA has maintained their neutral stance on TRP stock, giving a Hold rating yesterday.
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Michael Barth, CFA’s rating is based on a combination of factors including TC Energy’s recent financial performance and future guidance. The company’s adjusted EBITDA for the third quarter came in slightly below expectations, driven by lower contributions from various segments such as U.S. Gas Pipelines and Mexico Gas Pipelines. Despite this modest miss, the guidance for fiscal year 2026 remains in line with both Raymond James’ estimates and consensus, indicating stability in the company’s financial outlook.
Furthermore, the guidance for fiscal year 2028, although slightly below Raymond James’ previous estimates, aligns with the consensus and suggests potential for meeting targets with adjustments for foreign exchange rates. The capital expenditure for the quarter exceeded expectations, but this is attributed to timing issues rather than a significant change in strategy. Overall, the neutral bottom line reflects a balance between the modest miss and the consistent future guidance, leading to the Hold rating.
In another report released yesterday, Jefferies also maintained a Hold rating on the stock with a C$73.00 price target.
TRP’s price has also changed slightly for the past six months – from C$69.610 to C$71.270, which is a 2.38% increase.