Jefferies Maintains 'Hold' Rating on TC Energy Corporation (TRP) Despite Strong Quarterly Results

With strong upside potential and significant hedge fund interest, TC Energy Corporation (NYSE:TRP) secures a spot on our list of the 10 Must-Buy Canadian Stocks to Invest in.

Lloyd Byrne, an analyst at Jefferies, kept his Hold rating on TC Energy Corporation (NYSE:TRP) on July 20, 2025, noting balanced risks in spite of the company’s better-than-expected quarterly results. Strong results across Power & Energy and gas pipelines in the United States and Mexico helped drive higher EBITDA.

Furthermore, future asset sales may benefit from regulatory clearance of tolls on the Southeast Gateway. However, there was only a slight increase in FY25 EBITDA estimate and no change in capital expenditure guidance, indicating little immediate upside. Before a more optimistic picture can develop, investors are now waiting for further information regarding TC Energy Corporation (NYSE:TRP)’s growth capital plan and impending strategic objectives.

Operating pipelines, storage facilities, and power generation assets throughout Canada, the United States, and Mexico, TC Energy Corporation (NYSE:TRP) is a North American energy infrastructure corporation.

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