Tudor, Pickering, Holt on Friday maintained its buy rating on the share of TC Energy (TRP.TO) with a C$74.00 price target ahead of the company's second-quarter results.

"Expecting a very slight beat with TPHe Adj. EBITDA at $2,574MM compared to Street estimates of $2,560MM. Our FY'25 estimate now sits at $11,027MM compared to Street estimates of $10,958MM and 2025 guidance of $10.7-10.9B. Driving both the slight quarterly and annual beat is our US gas pipeline forecast. This is driven by not only Columbia Gas's new rates, but also Columbia Gulf, GTN, and Northern Border, which all have seen higher y/y contracting. For the quarter, we expect Canadian Pipelines to remain relatively flat q/q. We forecast Mexico pipelines to increase q/q, driven by Southeast Gateway starting to receive payments in May, partially offset by weaker results for Sur de Texas due to foreign exchange fluctuations. For the Power segment, we are modeling a step-up q/q mainly due to higher availability at Bruce, increasing from 87% in Q1 to 98% in Q2," analyst Zack Van Everen wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 65.90, Change: +0.31, Percent Change: +0.47