Market dataIncome framework read
Dividend CompanyTSXCanada

TRP.TO

TC Energy

EnergyPlain dividendQuarterly

Market Snapshot

$84.31

+$0.90 (1.08%)

Toronto

Yield

4.16%

Rate $3.51

Next Payment

—

Ex-date 2026-09-29

52wk Position

48.42%

-15.84% below high

Updated —

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

At Risk DRIP footing

TRP.TO is close to the defended zone at default inputs. Price creep cushion is 4.08%, so small price moves can matter.

3

Main watch item

Editorial framework

Price creep cushion is narrow

TRP.TO has a default price creep cushion of 4.08%. A modest move higher can weaken synthetic DRIP coverage.

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

At Risk
Cash
$87.75
APR
1.041
Coverage
1.041

At Risk. Coverage is above breakeven but inside the defended margin. Monitor price creep or top up shares.

Price Creep

Defended price ceiling

Max defended
$87.75
Cushion
$3.44
Cushion %
4.08%
Current $84.31Break $87.75

Smart Recommendation

TRP.TO is close enough to defend, but small price moves can weaken the rung.

Research Signals

Payout sustainability

Moderate

5mo ago

DRIP availability

Available

5mo ago

Tax character

Eligible dividend

5mo ago

Distribution history

Multi-decade

5mo ago

Structure complexity

Moderate

5mo ago

Income trend

Stable

5mo ago

Account suitability

Non-reg: eligible div

5mo 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

$84.31

Previous close

$83.41

Day range

$82.55 - $84.31

52wk range

$69.41 - $100.18

Market cap

87.8B

Volume

5.2M

Avg volume

4.4M

Exchange

Toronto

Dividend and distribution

Forward rate

$3.51

Trailing rate

$3.46

Forward yield

4.16%

Trailing yield

4.14%

Per payment

$0.88

Cadence

Quarterly

Next ex-date

Sep 29, 2026

Next pay

Oct 30, 2026

Last dividend

$0.88

Last dividend date

Sep 29, 2026

Performance

Daily change

$0.90

Daily change %

1.08%

52wk position

48.42%

Below 52wk high

-15.84%

Above 52wk low

21.47%

Open

$82.57

Earnings and financials

Trailing EPS

3.51

Forward EPS

3.92

Revenue

15.7B

Revenue growth

5.70%

Profit margin

22.91%

Operating margin

44.25%

Payout ratio

98.43%

Free cash flow

1.3B

Total cash

2.5B

ROE

11.83%

ROA

3.67%

Debt/equity

170.37

Beta

0.95

Valuation

Trailing P/E

24.02

Forward P/E

21.51

Price/sales

5.6

Price/book

3.48

Enterprise value

157.6B

EV/EBITDA

15.86

Analyst facts

Target mean

$99.78

Target high

$109.00

Target low

$78.00

Recommendation mean

1.88

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

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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.