Market dataIncome framework read
Dividend CompanyTSXCanada

TRP.TO

TC Energy

EnergyPlain dividendQuarterly

Market Snapshot

$98.67

-$0.06 (-6.08%)

Toronto

Yield

3.56%

Rate $3.51

Next Payment

Next pay in 37 days

Ex-date 2026-06-30

52wk Position

99.77%

-0.08% below high

Updated just now

Income Intelligence Summary

Deterministic interpretation from Prospyr's income framework and available market data.

Framework readout
1

Income reliability

Derived from payout history

Quarterly income profile is visible

TRP.TO has an income profile aligned with its dividend company role. Provider data shows 4 recent payout records.

2

DRIP defense

Editorial framework

Default DRIP test is not defended

TRP.TO does not cover one full share per payment at the default 100-share test. Coverage is 0.89.

3

Main watch item

Editorial framework

DRIP coverage is the weak point

TRP.TO is below the defended default DRIP zone. The practical watch item is share count versus current price, not just stated yield.

Decision Area

Distribution and DRIP Defense

Payout history, default DRIP coverage, and price creep pressure using market data where available.

Distribution Chart

Last 12 payments

Confirmed Expected

Coverage Ratio Test

DRIP defense check

Failed
Cash
$87.75
APR
0.889
Coverage
0.889

Rung failed. Restore immediately or rebalance the holding.

Price Creep

Defended price ceiling

Max defended
$87.75
Cushion
-$10.92
Cushion %
-11.07%
Current $98.67Break $87.75

Smart Recommendation

TRP.TO is not defended at these inputs; top up shares, lower TPR, or test alternatives.

Research Signals

Payout sustainability

Moderate

1mo ago

DRIP availability

Available

1mo ago

Tax character

Eligible dividend

1mo ago

Distribution history

Multi-decade

1mo ago

Structure complexity

Moderate

1mo ago

Income trend

Stable

1mo ago

Account suitability

Non-reg: eligible div

1mo ago

Structure Overview

TC Energy (TRP) is a major Canadian pipeline and energy infrastructure company that spun off its liquids pipeline assets as South Bow Corporation in 2024. Post-spin-off, TRP is focused on natural gas pipelines and power, which changes the asset and cash flow profile that underpinned its prior dividend trajectory. The multi-decade dividend history predates the structural change; verify the current payout policy for the reorganized entity.

Canadian Planning Notes

  • 1The South Bow spin-off in 2024 changed TRP's portfolio, income mix, and future dividend growth guidance; plan around post-spin metrics rather than historical pre-spin data.
  • 2Eligible dividends qualify for the tax credit; DRIP is available but verify availability with your broker after the restructuring.
  • 3TRP is cross-listed on the NYSE; use the TSX listing for CAD-denominated income.

Market Facts

Market Data

A factual market, distribution, valuation, and financial snapshot for this holding.

Market Data

Market data

Updated facts where available

Price

$98.67

Previous close

$98.73

Day range

$97.35 - $98.75

52wk range

$63.34 - $98.75

Market cap

102.8B

Volume

4.8M

Avg volume

5.4M

Exchange

Toronto

Dividend and distribution

Forward rate

$3.51

Trailing rate

$3.43

Forward yield

3.56%

Trailing yield

3.47%

Per payment

$0.88

Cadence

Quarterly

Next ex-date

Jun 30, 2026

Next pay

Jul 31, 2026

Last dividend

$0.88

Last dividend date

Mar 31, 2026

Performance

Daily change

-$0.06

Daily change %

-6.08%

52wk position

99.77%

Below 52wk high

-0.08%

Above 52wk low

55.78%

Open

$98.39

Earnings and financials

Trailing EPS

3.39

Forward EPS

3.86

Revenue

15.5B

Revenue growth

6.60%

Profit margin

22.23%

Operating margin

47.50%

Payout ratio

N/A

Free cash flow

267.3M

Total cash

1.5B

ROE

11.33%

ROA

3.59%

Debt/equity

166.51

Beta

0.98

Valuation

Trailing P/E

29.11

Forward P/E

25.58

Price/sales

6.64

Price/book

4.1

Enterprise value

171B

EV/EBITDA

17.54

Analyst facts

Target mean

$93.61

Target high

$103.00

Target low

$78.00

Recommendation mean

2.29

Recommendation key

buy

Analysts

23

Canadian Context

Account placement

Non-registered

Eligible Canadian dividends qualify for the dividend tax credit, which can improve after-tax income in taxable accounts.

TFSA: Tax-free growth and withdrawals.

RRSP: Tax-deferred growth, with withdrawals taxed as regular income.

Eligible dividend tax credit

Total credit
$345.27
Effective rate
34.53%

Broker DRIP status

Questrade

Available

Wealthsimple

Available

RBC Direct Investing

Available

TD Direct Investing

Available

Run Your Numbers

Carry this holding into a calculator

Use a planning tool that matches this holding's structure, payout timing, and income use case.

Run dividend calculationTest DRIP durability

Compare With Peers

Similar income profiles

Compare in Dividend Compare Engine

ARX.TO

ARC Resources

Quarterly

BKR

Baker Hughes

Quarterly

CNQ.TO

Canadian Natural Resources

Quarterly

Related Holdings

ENB.TO

Enbridge

Quarterly

PPL.TO

Pembina Pipeline

Quarterly

KEY.TO

Keyera

Quarterly

XEI.TO

iShares S&P/TSX Composite High Dividend Index ETF

Monthly

BNS.TO

Bank of Nova Scotia

Quarterly

This profile is informational only and does not constitute licensed financial advice. Signal values, planning notes, market data, and structure summaries may not reflect the most current issuer disclosures. Always verify current payout policy, ex-dividend dates, financial statements, and issuer communications before making any investment decision.