Investment Q&A

PPL comments are posted.

ENB EPS of 46c missed estimates of 52c. Revenue of $14.6B beat estimates nicely. EBITDA of $4.26B matched estimates. Enbridge's 4Q Ebitda will likely rise by low-single digits, enabling the company to approach the top of its reaffirmed C$19.4-$20 billion full-year guidance. Gas Distribution cash-flow expansion will slow with comparisons normalizing after cycling through utility acquisitions. Gas Transmission Ebitda gains could stay strong, fueled by successful rate-case settlements, M&A over the past year and new project starts. Solid Mainline volume could offset weakness in Gulf Coast and Mid-Continent throughput, mitigating pressure on Liquids. Dollar strength continues to be a tailwind. Renewable Power Ebitda could fall amid tough comparisons to elevated investment tax credits a year ago. Enbridge sanctioned C$3 billion in new projects, taking the backlog to C$35 billion and supporting growth through 2030.

TRP EPS of 77c matched estimates; revenue of $3.7B missed estimates of $3.77B. EBITDA of $2,65B was inline. TC Energy's Ebitda growth could reach 13% in 4Q as it likely comes close to the high end of C$10.8-C$11 billion guidance. Mexico Natural Gas Pipelines should be the main driver amid easy Southeast Gateway comparisons. Steady gains in Canadian Natural Gas Pipelines' earnings will probably persist, supported by NGTL flows and rates and Coastal GasLink contributions. The US gas business' Ebitda might be bolstered by the April 1 Columbia Gas rate settlement and new projects that started, such as the WR project on its ANR system, as well as US dollar tailwinds.  Power & Energy Solutions cash flow will likely decline due partly to planned maintenance on Bruce Power Unit 2. TC Energy's Ebitda could grow 6-7% in 2026, driven by C$8.2 billion in projects placed into service this year and C$4 billion in 2026.

Our rank for adds: ENB, PPL, TRP