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  5. ENB: Why do you feel that TRP is outperforming ENB in the past year, anything to do with what they are putting through the pipes, natural gas vs. [Enbridge Inc]
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Q: Why do you feel that TRP is outperforming ENB in the past year, anything to do with what they are putting through the pipes, natural gas vs. oil.
Thanks Again
Asked by eugene on January 06, 2026
5i Research Answer:

We do not think it is what the throughput is, but rather where TRP was. 14 to 16 months ago, it announced some big cost overuns and this hurt the stock's valuation and performance. With its outperformance vs ENB, valuation has now caught up, and both are 21X earnings now. We think both are fine for income and some growth, and would not really expect TRP big outperformance from this point on. 

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