TC Energy Corporation

TSX:TRP Stock Report

Market Cap: CA$71.2b

TC Energy Valuation

Is TRP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TRP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
CA$42.94
Fair Value
61.1% overvalued intrinsic discount
20
Number of Analysts

Below Fair Value: TRP (CA$69.18) is trading above our estimate of fair value (CA$42.94)

Significantly Below Fair Value: TRP is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TRP?

Key metric: As TRP is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TRP. This is calculated by dividing TRP's market cap by their current earnings.
What is TRP's PE Ratio?
PE Ratio14.1x
EarningsCA$5.09b
Market CapCA$71.16b

Price to Earnings Ratio vs Peers

How does TRP's PE Ratio compare to its peers?

The above table shows the PE ratio for TRP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average20.2x
ENB Enbridge
22.2x3.3%CA$140.2b
PPL Pembina Pipeline
17.1x1.7%CA$31.5b
KEY Keyera
21.5x5.7%CA$9.6b
GEI Gibson Energy
19.9x11.0%CA$4.2b
TRP TC Energy
14.1x-2.3%CA$71.2b

Price-To-Earnings vs Peers: TRP is good value based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (20.2x).

Price to Earnings Ratio vs Industry

How does TRP's PE Ratio compare vs other companies in the CA Oil and Gas Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HAM Highwood Asset Management
1.2x-41.1%US$60.95m
ALPS.U Alpine Summit Energy Partners
1xn/aUS$24.02m
KUB.H Carcetti Capital
0.7xn/aUS$5.82m
GCOM Green Shift Commodities
1.3xn/aUS$3.81m
TRP 14.1xIndustry Avg. 11.2xNo. of Companies11PE0612182430+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TRP is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the Canadian Oil and Gas industry average (11.2x).

Price to Earnings Ratio vs Fair Ratio

What is TRP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TRP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.1x
Fair PE Ratio13.4x

Price-To-Earnings vs Fair Ratio: TRP is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (13.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TRP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$69.18
CA$70.30
+1.6%
9.6%CA$82.00CA$53.00n/a20
Jan ’26CA$66.99
CA$69.89
+4.3%
9.8%CA$82.00CA$53.00n/a19
Dec ’25CA$68.26
CA$69.47
+1.8%
10.5%CA$82.00CA$53.00n/a19
Nov ’25CA$64.61
CA$63.84
-1.2%
9.4%CA$78.00CA$53.00n/a19
Oct ’25CA$65.26
CA$62.74
-3.9%
7.4%CA$71.00CA$51.00n/a19
Sep ’25CA$62.42
CA$61.16
-2.0%
7.9%CA$70.00CA$49.00n/a19
Aug ’25CA$59.71
CA$57.97
-2.9%
7.0%CA$64.00CA$47.00n/a19
Jul ’25CA$51.86
CA$56.03
+8.0%
7.8%CA$64.00CA$44.00n/a19
Jun ’25CA$52.56
CA$55.79
+6.1%
7.4%CA$63.00CA$44.00n/a21
May ’25CA$49.15
CA$55.60
+13.1%
7.8%CA$63.00CA$44.00n/a21
Apr ’25CA$54.65
CA$56.17
+2.8%
7.4%CA$63.00CA$44.00n/a21
Mar ’25CA$53.92
CA$56.07
+4.0%
7.6%CA$63.00CA$44.00n/a21
Feb ’25CA$53.35
CA$55.03
+3.1%
7.8%CA$63.00CA$43.00n/a20
Jan ’25CA$51.76
CA$53.75
+3.8%
9.1%CA$63.00CA$39.00CA$66.9918
Dec ’24CA$51.06
CA$53.47
+4.7%
9.2%CA$63.00CA$39.00CA$68.2618
Nov ’24CA$48.52
CA$53.19
+9.6%
10.2%CA$63.00CA$38.00CA$64.6118
Oct ’24CA$46.71
CA$54.74
+17.2%
8.5%CA$63.00CA$45.00CA$65.2617
Sep ’24CA$49.51
CA$54.69
+10.5%
8.3%CA$63.00CA$45.00CA$62.4218
Aug ’24CA$47.39
CA$55.33
+16.8%
9.0%CA$63.00CA$45.00CA$59.7118
Jul ’24CA$53.54
CA$60.44
+12.9%
7.5%CA$68.00CA$50.00CA$51.8618
Jun ’24CA$53.72
CA$60.84
+13.3%
7.6%CA$68.00CA$50.00CA$52.5619
May ’24CA$56.37
CA$60.92
+8.1%
7.6%CA$68.00CA$50.00CA$49.1519
Apr ’24CA$52.57
CA$60.73
+15.5%
7.4%CA$68.00CA$51.00CA$54.6520
Mar ’24CA$54.91
CA$60.98
+11.0%
7.2%CA$68.00CA$51.00CA$53.9221
Feb ’24CA$54.11
CA$62.85
+16.2%
8.3%CA$73.00CA$51.00CA$53.3520
Jan ’24CA$53.98
CA$64.80
+20.0%
8.1%CA$74.00CA$52.00CA$51.7620
Analyst Price Target
Consensus Narrative from 20 Analysts
CA$70.30
Fair Value
1.6% undervalued intrinsic discount
20
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/20 22:37
End of Day Share Price 2025/01/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

TC Energy Corporation is covered by 43 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Harshit GuptaAccountability Research Corporation
Nathan HeywoodATB Capital Markets
Christine ChoBarclays