TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,700 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses. It also has regulated natural gas storage facilities with a total working gas capacity of 532 billion cubic feet. In addition, it has approximately 4,900 kilometers of liquids pipeline system that connects Alberta crude oil pipeline to refining markets in Illinois, Oklahoma, and Texas. Further, the company owns or has interests in seven power generation facilities with a combined capacity of approximately 4,300 megawatts that are powered by natural gas and nuclear fuel sources located in Alberta, Ontario, Québec, and New Brunswick; and owns and operates approximately 118 billion cubic feet of non-regulated natural gas storage capacity in Alberta. The company was formerly known as TransCanada Corporation and changed its name to TC Energy Corporation in May 2019. TC Energy Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.

TC Energy Corporation

Bloom Energy BE is scheduled to release second-quarter 2025 results on July 31, after market close. The company delivered an earnings surprise of 142.9% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Key Factors That May Impact BEP’s Q2 Results
Bloom Energy’s second-quarter earnings are expected to have benefited from its expanding domestic and international commercial capability. The company continues to gain from its fuel cell technology, which helps provide clean, reliable and affordable energy solutions.
The bottom line is likely to have benefited from the surging energy demand from data centers. Its on-site power generation solutions should have enhanced energy efficiency, lowered emissions, and provided fast, reliable power, helping data centers meet their growing operational needs more sustainably.
Bloom Energy's second-quarter top line is expected to have continued to benefit from its current projects in South Korea, a highly significant market for the company. Through the partnership with SK ecoplant, Bloom Energy is able to build and maintain its market leadership in both the hydrogen economy and electricity generation.
BEP’s Q2 Expectations
The Zacks Consensus Estimate for earnings is pegged at breakeven.
The Zacks Consensus Estimate for revenues is pinned at $381.39 million, indicating a year-over-year increase of 13.6%.
What the Zacks Model Unveils
Our proven model does not predict an earnings beat for Bloom Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here as you will see below.
Bloom Energy Corporation Price and EPS Surprise
Earnings ESP: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, Bloom Energy carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks to Consider
Investors may consider the following players from the same sector as these have the right combination of elements to post an earnings beat this reporting cycle.
TC Energy TRP is likely to come up with an earnings beat when it announces second-quarter results on July 31, before market open. It has an Earnings ESP of +0.96% and a Zacks Rank #3 at present.
TRP’s long-term (three to five years) earnings growth rate is 4%. The company delivered an average earnings surprise of 4.83% for the trailing four quarters.
Chevron CVX is expected to come up with an earnings beat when it reports second-quarter results on Aug. 1, before market open. It has an Earnings ESP of +3.63% and a Zacks Rank #3 at present.
CVX’s long-term earnings growth rate is 8.74%. The Zacks Consensus Estimate for second-quarter earnings is pinned at $1.66 per share.
ONEOK OKE is expected to post an earnings beat when it announces second-quarter results on Aug. 4, after market close. It has an Earnings ESP of +1.50% and a Zacks Rank #3 at present.
OKE’s long-term earnings growth rate is 7.68%. The Zacks Consensus Estimate for second-quarter earnings is pinned at $1.39 per share.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Bloom Energy to Report Q2 Earnings: What's in Store for the Stock?

Shell plc SHEL is set to release second-quarter results on July 31. The current Zacks Consensus Estimate for the to-be-reported quarter is earnings of $1.13 per share on revenues of $73.7 billion.
Let’s delve into the factors that might have influenced the integrated energy behemoth’s results in the June quarter. But it’s worth taking a look at SHEL’s previous-quarter performance first.
Highlights of Q1 Earnings & Surprise History
In the last reported quarter, Europe’s largest oil company beat the consensus mark on the back of higher natural gas realizations. SHEL had reported earnings per ADS (on a current cost of supplies basis, excluding items — the market’s preferred measure) — of $1.84, well above the Zacks Consensus Estimate of $1.54. However, revenues of $70.2 billion came in more than 12% below the Zacks Consensus Estimate due to lower LNG sales.
Shell beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, resulting in an earnings surprise of 1.7%, on average. This is depicted in the graph below:
Shell PLC Unsponsored ADR Price and EPS Surprise
Trend in Estimate Revision
The Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 42.6% drop year over year. The Zacks Consensus Estimate for revenues, meanwhile, suggests a 1.8% decrease from the year-ago period.
Factors to Consider
Shell recently issued an updated outlook for the second quarter of 2025, signaling challenges with several parts of its business dealing with headwinds. The company expects second-quarter average production for its Integrated Gas division to be 900,000-940,000 barrels of oil equivalent per day compared with 927,000 achieved in the January-March period. LNG output is now expected to be between 6.4 million and 6.8 million tons, and gas trading results are likely to be weaker than in the first quarter. On the traditional drilling side, production is expected to decline to 1.66-1.76 million barrels of oil equivalent per day, due to both scheduled maintenance and the sale of its Nigerian SPDC assets.
Still, Shell's refining margins look strong, rising from $6.20 per barrel in the first quarter to $8.90 per barrel in the second. This is supported by better utilization of its refineries. However, the company’s chemicals business is expected to report a loss due to unplanned shutdowns at its Monaca plant. Shell’s renewables and energy solutions segment’s bottom line will likely be between $400 million loss and $200 million profit. The Zacks Consensus Estimate for Shell's EPS is pegged at $1.44, down 27% from last year, as the company relies on its marketing and refining arms to offset broader weaknesses.
What Does Our Model Say?
The proven Zacks model does not conclusively show that Shell is likely to beat estimates in the second quarter of 2025. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. But that’s not the case here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Earnings ESP: Shell has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are pegged at $1.13 per share each.
Zacks Rank: Shell currently carries a Zacks Rank #3, which increases the predictive power of ESP. However, the company’s 0.00% ESP makes surprise prediction difficult this earnings season.
Stocks to Consider
While an earnings beat looks uncertain for Shell, here are some firms from the energy space that you may want to consider on the basis of our model:
TC Energy TRP has an Earnings ESP of +0.96% and a Zacks Rank #3. The firm is scheduled to release earnings on July 31.
You can see the complete list of today’s Zacks #1 Rank stocks here.
TC Energy beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 4.8%. Valued at around $49 billion, TC Energy has gained 12.8% in a year.
Northern Oil and Gas NOG has an Earnings ESP of +7.98% and a Zacks Rank #3. The firm is scheduled to release earnings on July 31.
Northern Oil and Gas beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 14.8%. Valued at around $2.8 billion, Northern Oil ad Gas has lost 29.2% in a year.
Chevron Corporation (CVXCVX) has an Earnings ESP of +3,63% and a Zacks Rank #3. The firm is scheduled to release earnings on Aug. 1.
Over the past 30 days, the Zacks Consensus Estimate for Chevron’s 2025 earnings has moved up 5.7%. Valued at over $270 billion, Chevron is down 1.1% in a year.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the favorite stock to gain +100% or more in the months ahead. They include
Stock #1: A Disruptive Force with Notable Growth and Resilience
Stock #2: Bullish Signs Signaling to Buy the Dip
Stock #3: One of the Most Compelling Investments in the Market
Stock #4: Leader In a Red-Hot Industry Poised for Growth
Stock #5: Modern Omni-Channel Platform Coiled to Spring
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor. While not all picks can be winners, previous recommendations have soared +171%, +209% and +232%.
Download Atomic Opportunity: Nuclear Energy's Comeback free today.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Shell Q2 Earnings Preview: Can Refining Margins Save the Day?

CNX Resources Corporation CNX is scheduled to release second-quarter 2025 results on July 24, before market open. The company delivered an earnings surprise of 21.9% in the last reported quarter. (See the Zacks Earnings Calendar to stay ahead of market-making news.)
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Key Factors That May Impact CNX's Q2 Results
CNX Resources is expected to have benefited from its completed acquisition of Apex Energy during the first quarter of 2025. It is likely to have gained from increased production capacity, access to undeveloped acreage and further enhanced free cash flow per share. The acquisition also provides CNX with a larger operational scale and enhances its footprint in the Marcellus and Utica shale regions.
CNX Resources’ second-quarter 2025 results are expected to continue to benefit from its focus on technology development, combined with its asset base and operational expertise, which positions it to responsibly develop resources and deploy free cash flow for long-term value creation.
The company’s ability to generate free cash flow might have allowed it to continue paying down debt (that will reduce interest expenses) and buying back shares, thereby boosting its bottom line in the yet-to-be-reported quarter.
CNX’s Q2 Expectations
The Zacks Consensus Estimate for earnings is pegged at 38 cents per share, indicating a year-over-year increase of 5.6%. The Zacks Consensus Estimate for revenues is pinned at $456.5 million, indicating a year-over-year increase of 31.9%.
The consensus mark for total production volumes is pegged at 158.66 billion cubic feet equivalent, up 18.4% year over year.
The consensus estimate for average natural gas sales price is pinned at $2.97 per thousand cubic feet equivalent, up 85.6% year over year.
The Zacks Consensus Estimate for realized natural gas price is pegged at $2.45 per thousand cubic feet, down 2.4% from the year-ago quarter’s registered figure.
What the Zacks Model Unveils
Our proven model does not predict an earnings beat for CNX Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here as you will see below.
CNX Resources Corporation. Price and EPS Surprise
Earnings ESP: The company’s Earnings ESP is -13.38%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, CNX Resources carries a Zacks Rank #3. You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks to Consider
Investors may consider the following players from the same sector as these have the right combination of elements to post an earnings beat this reporting cycle.
TC Energy TRP is likely to come up with an earnings beat when it announces second-quarter results on July 31, before market open. It has an Earnings ESP of +3.60% and a Zacks Rank #3 at present.
TRP’s long-term (three to five years) earnings growth rate is 4%. The company delivered an average earnings surprise of 4.83% for the trailing four quarters.
ONEOK OKE is expected to post an earnings beat when it announces second-quarter results on Aug. 4, after market close. It has an Earnings ESP of +6.04% and a Zacks Rank #3 at present.
OKE’s long-term earnings growth rate is 7.68%. The Zacks Consensus Estimate for second-quarter earnings is pinned at $1.38 per share.
Occidental Petroleum OXY is expected to come up with an earnings beat when it reports second-quarter results on Aug. 6, after market close. It has an Earnings ESP of +2.17% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for OXY’s second-quarter earnings is pinned at 31 cents per share. The company delivered an average earnings surprise of 24.34% for the trailing four quarters.
One Big Gain, Every Trading Day
To help you take full advantage of this market, you’re invited to access every stock recommendation in all our private portfolios - for just $1.
Zacks private portfolio services that closed 256 double and triple-digit winners in 2024 alone. That’s about one big gain every day the market was open. Of course, not all our picks are winners, but members have seen recent gains as high as +627% +1,340%, and +1,708%.
Imagine how much you could profit with a steady stream of real-time picks from all our services that cover a number of strategies to suit a variety of investing and trading styles.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

CNX Resources to Report Q2 Earnings: What's in Store for the Stock?

Looking at the universe of stocks we cover at Dividend Channel, on 6/30/25, Nucor Corp. (Symbol: NUE), FMC Corp. (Symbol: FMC), and TC Energy Corp (Symbol: TRP) will all trade ex-dividend for their respective upcoming dividends. Nucor Corp. will pay its quarterly dividend of $0.55 on 8/11/25, FMC Corp. will pay its quarterly dividend of $0.58 on 7/17/25, and TC Energy Corp will pay its quarterly dividend of $0.85 on 7/31/25. As a percentage of NUE's recent stock price of $128.21, this dividend works out to approximately 0.43%, so look for shares of Nucor Corp. to trade 0.43% lower — all else being equal — when NUE shares open for trading on 6/30/25. Similarly, investors should look for FMC to open 1.38% lower in price and for TRP to open 1.81% lower, all else being equal.
Below are dividend history charts for NUE, FMC, and TRP, showing historical dividends prior to the most recent ones declared.
Nucor Corp. (Symbol: NUE):
FMC Corp. (Symbol: FMC):
TC Energy Corp (Symbol: TRP):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 1.72% for Nucor Corp., 5.51% for FMC Corp., and 7.24% for TC Energy Corp.
In Thursday trading, Nucor Corp. shares are currently trading flat, FMC Corp. shares are down about 1.3%, and TC Energy Corp shares are down about 0.5% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Ex-Dividend Reminder: Nucor, FMC and TC Energy

Cheniere Energy, Inc. LNG reported a first-quarter 2025 adjusted profit of $1.57 per share, which missed the Zacks Consensus Estimate of $2.81. Moreover, the bottom line decreased from the year-ago quarter’s level of $2.13 per share. The underperformance can be attributed to an increase in operating costs and expenses.
Revenues totaled $5.4 billion, beating the Zacks Consensus Estimate of $4.4 billion and increasing 28% from the year-ago quarter’s level of $4.3 billion. The increase in revenues can be attributed to the strength in liquefied natural gas (“LNG”) shipments. During the period, Cheniere Energy loaded 608 trillion British thermal units (TBtu) of LNG, ahead of the consensus mark of 586 TBtu.
Cheniere Energy, Inc. Price, Consensus and EPS Surprise
Cheniere Energy, Inc. price-consensus-eps-surprise-chart | Cheniere Energy, Inc. Quote
LNG’s Key Q1 2025 Highlights
As part of its comprehensive capital allocation strategy, Cheniere allocated over $1.3 billion in the first quarter of 2025 toward accretive growth initiatives, strengthening its balance sheet and delivering returns to its shareholders. During the quarter, the company repurchased approximately 1.6 million shares of common stock for around $350 million and repaid $300 million in consolidated long-term debt. It maintained its quarterly dividend of 50 cents per share of common stock to be paid on May 19, 2025.
In March 2025, Cheniere announced that it had achieved the substantial completion of the first train of the CCL Stage 3 Project. In the same month, the company announced that its CCL Midscale Trains 8 & 9 Project received authorization from the Federal Energy Regulatory Commission to site, construct and operate the project.
The oil and gas storage and transportation company reported consolidated adjusted EBITDA of $1.9 billion in the first quarter of 2025, up about 5.6% from the year-ago quarter’s level. This improvement was driven by higher total margins per metric million British thermal units of liquefied natural gas delivered during the 2025 period compared to the corresponding 2024 period.
Distributable cash flow (DCF) was $1.3 billion. In the reported quarter, the company shipped 168 cargoes compared with 166 in the year-ago period.
(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
LNG’s Costs & Balance Sheet
Costs and expenses amounted to $4.5 billion for the first quarter, up 44.7% from the prior-year quarter’s level.
As of March 31, 2025, Cheniere had approximately $2.5 billion of cash and cash equivalents. Its net long-term debt amounted to $22.5 billion, with a debt-to-capitalization of 69.1%.
LNG’s 2025 Guidance
The company expects consolidated adjusted EBITDA in the range of $6.5-$7 billion for 2025.
It also expects DCF in the band of $4.1-$4.6 billion.
LNG’s Project Updates
Sabine Pass Liquefaction (SPL) Project: The company, through its partners, operates liquefaction and export facilities with a total production capacity of approximately 30 mtpa (million tons per annum) of liquefied natural gas.
SPL Expansion Project: The company, through its partners, is developing an expansion adjacent to the SPL Project, known as the SPL Expansion Project, with an anticipated production capacity of up to approximately 20 mtpa of LNG, including potential debottlenecking opportunities.
In February 2024, certain subsidiaries of Cheniere Partners submitted applications to the Federal Energy Regulatory Commission (FERC) for site approval to construct and operate the SPL Expansion Project. Additionally, these subsidiaries applied to the Department of Energy (DOE) for authorization to export LNG to both Free Trade Agreement (FTA) and non-FTA countries, excluding debottlenecking activities. In October 2024, the DOE granted authorization to export LNG to FTA countries.
CCL Project: The company, in partnership with its collaborators, operates liquefaction and export facilities at the Corpus Christi LNG terminal, with a total production capacity of around 16 mtpa.
CCL Stage 3 Project: The company, in partnership with its collaborators, is advancing an expansion adjacent to the CCL Project, referred to as the CCL Stage 3 Project. This expansion involves the development of seven midscale trains, with a total projected production capacity exceeding 10 mtpa of LNG. Substantial completion for the first train of the CCL Stage 3 Project was achieved in March 2025.
As of March 31, 2025, the project is 82.5% complete and remains under active construction. The expected timeline for substantial completion is between the first half of 2025 and the second half of 2026. Key milestones include engineering, which is 98.2% complete, procurement at 99.8%, subcontract work at 89.8% and construction progress at 53.7%.
CCL Midscale Trains 8 & 9 Project: Cheniere, in partnership with its collaborator, is developing two additional midscale trains, known as the CCL Midscale Trains 8 & 9 Project, with an anticipated total production capacity of approximately 3 mtpa of LNG. This expansion will be located adjacent to the CCL Stage 3 Project.
In March 2023, Cheniere’s certain subsidiaries submitted an application to the FERC for authorization to site, construct and operate the CCL Midscale Trains 8 & 9 Project. In April 2023, it also applied to the DOE for approval to export LNG to both FTA and non-FTA countries. In July 2023, the company received authorization from the DOE to export LNG to FTA countries. In March 2025, it received authorization from the FERC to site, construct and operate the CCL Midscale Trains 8 & 9 Project and also anticipates receiving all remaining necessary regulatory approvals in order to FID the project in 2025.
LNG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Energy Earnings
While we have discussed LNG’s first-quarter results in detail, let’s see how other energy companies have fared this earnings season.
The energy infrastructure provider TC Energy Corporation TRP reported first-quarter 2025 adjusted earnings of 66 cents per share, which missed the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line decreased from 92 cents in the year-ago period. This underperformance could be attributed to weak Power and Energy Solutions segment results.
TRP’s quarterly revenues of $2.5 billion also missed the Zacks Consensus Estimate by $18 million. The figure decreased 19.8% year over year.
As of March 31, 2025, TC Energy’s capital investments amounted to C$1.8 billion. TRP had cash and cash equivalents worth C$2 billion and long-term debt of C$45 billion, with a debt-to-capitalization of 61.1% as of the same date.
Oil and gas equipment and services provider TechnipFMC plc FTI reported first-quarter 2025 adjusted earnings of 33 cents per share, which missed the Zacks Consensus Estimate of 36 cents, primarily due to a 4.8% year-over-year increase in costs and expenses. However, the bottom line increased from the year-ago quarter’s reported profit of 22 cents, driven by improved performance in the Subsea segment.
The company’s revenues of $2.2 billion missed the Zacks Consensus Estimate by 1.1%. However, the top line increased from the year-ago quarter’s reported figure of $2 billion.
Houston, TX-based oil and gas equipment and services provider Baker Hughes BKR reported first-quarter 2025 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 47 cents. The bottom line also improved from the year-ago level of 43 cents.
As of March 31, 2025, Baker had cash and cash equivalents of $3,277 million. Baker had a long-term debt of $5,969 million at the end of the reported quarter, with a debt-to-capitalization of 25.9%.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TechnipFMC plc (FTI) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Cheniere Energy, Inc. (LNG) : Free Stock Analysis Report
Baker Hughes Company (BKR) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Cheniere Energy Q1 Earnings Miss Estimates, Revenues Rise Y/Y

Wednesday, May 7, 2025
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 16 major stocks, including Verizon Communications Inc. (VZ), Bristol-Myers Squibb Co. (BMY) and Canadian Pacific Kansas City Ltd. (CP), as well a micro-cap stock Nova LifeStyle, Inc. (NVFY). The Zacks microcap research is unique as our research content on these small and under-the-radar companies is the only research of its type in the country.
These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Ahead of Wall Street
The daily 'Ahead of Wall Street' article is a must-read for all investors who would like to be ready for that day's trading action. The article comes out before the market opens and attempts to make sense of that morning's economic releases and how they will affect that day's market action. You can read this article for free on our home page and can actually sign up there to get an email notification as this article comes out each morning.
You can read today's AWS here >>> Pre-Markets in the Green: Disney Beats, Fed Report Awaits
Today's Featured Research Reports
Shares of Verizon Communications have gained +12.8% over the past six months against the Zacks Wireless National industry’s gain of +13.5%. The company recorded relatively healthy first-quarter 2025 results with both the top and bottom lines beating the Zacks Consensus Estimate.
With one of the most efficient wireless networks in the U.S., the company continues to deploy advanced technologies to deliver faster peak data speeds and capacity for customers, driven by customer-focused planning, disciplined engineering and constant strategic investment. Its focus on mix-and-match pricing across wireless and home broadband offerings has contributed to solid customer additions. The continued expansion of 5G mmWave in multiple markets is a positive development.
However, fierce competition from major players is hurting VZ’s profits. Heavy promotional spending and discounts to drive subscriber growth are putting pressure on margins. Macroeconomic challenges remain a concern.
(You can read the full research report on Verizon Communications here >>>)
Bristol-Myers Squibb shares have outperformed the Zacks Medical - Biomedical and Genetics industry over the past year (+14.3% vs. -17.6%). The company reported better-than-expected first quarter results driven by higher demand for Opdivo, Breyanzi, Reblozyl and Camzyos. Consequently, the annual guidance was raised to reflect this performance. Recent label expansions of blockbuster oncology drug Opdivo should fuel further growth.
However, generic competition for Revlimid, Pomalyst, Sprycel and Abraxane is adversely impacting revenue growth. While the performance of new drugs such as Opdualag, Camzyos and Cobenfy is encouraging, they will take some time to make a significant contribution to the top line.
Nonetheless, Bristol Myers’ efforts to streamline operations should boost the bottom line. Shares of the company are driven by the encouraging efforts to boost both top-line and bottom-line growth.
(You can read the full research report on Bristol-Myers Squibb here >>>)
Shares of Canadian Pacific have declined -9.4% over the past year against the Zacks Transportation - Rail industry’s decline of -12.6%. The company’s high operating expenses continue to weigh on the company's bottom line. CP's highly leveraged balance sheet is also a cause for worry. High capex may also create headwinds. Considering all these factors, investors are advised not to bet on the stock now. They should wait for a better entry point.
Nevertheless, following the approval of the merger with Kansas City Southern, the company is known as Canadian Pacific Kansas City Limited. The deal is anticipated to draw synergies (annually) of $1 billion within three years.
The merged entity has started to offer a daily premium intermodal service between the U.S. Midwest and Mexico. The Zacks analyst is impressed with Canadian Pacific Kansas City's efforts to reward its shareholders through dividends and share repurchases.
(You can read the full research report on Canadian Pacific here >>>)
Nova LifeStyle’s shares have underperformed the Zacks Furniture industry over the past year (-51.6% vs. -28.1%). This microcap company with market capitalization of $14 million is facing ongoing losses, revenue contraction, high administrative costs and execution risk in portfolio revamp challenge scalability and margin stability amid macro demand sensitivity.
Nevertheless, Nova LifeStyle’s 2024 gross margin rose to 44% from 38% as the firm exited low-margin products and boosted average selling price (ASP) by 43%, despite a 12.6% sales decline. Operating expenses fell 9.2%, lowering net loss to $5.6 million from $7.7 million, but general and administrative costs rose 19.8%, and research and development (R&D) cuts limited innovation gains.
A revamped product mix and North America focus (97.4% of sales) support pricing power, yet a 39% volume drop and Asian market exit signal weak demand. Sourcing diversification to Vietnam, India and Malaysia mitigates trade risk, though reliance on third-party vendors raises delivery and quality concerns.
(You can read the full research report on Nova LifeStyle here >>>)
Other noteworthy reports we are featuring today include Diageo plc (DEO), TC Energy Corp. (TRP) and Edwards Lifesciences Corp. (EW).
Mark Vickery
Senior Editor
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
Today's Must Read
Diverse Product Portfolio, Strategic Alliances Aid Verizon (VZ)
New Drugs Fuel Bristol Myers (BMY) Amid Generic Competition
Canadian Pacific (CP) Rides on Dividends Amid Rising Expenses
Featured Reports
Productivity Initiatives to Aid Diageo (DEO) Amid Inflation
Per the Zacks analyst, Diageo is refining its $2 billion productivity program to drive efficiency across the business while ensuring long-term sustainable growth and balancing cost savings.
TC Energy's (TRP) Vast Pipeline Network Fuels Future Growth
The Zacks analyst believes that TC Energy's robust pipeline infrastructure and gas storage assets offer a solid foundation for future growth, but its debt of over C$45 billion remains a concern.
Edwards (EW) Rides on Solid TMTT Sales and Global Prospects
Edwards' strong TMTT sales globally is a major positive. Per the Zacks analyst, differentiated therapies, positive pivotal trial results and favorable real-world clinical outcomes are the key drivers.
Strong Demand, Expansion Actions Aid Nucor (NUE)
While Nucor faces headwinds from weak selling prices, it will benefit from strong demand in its major markets and efforts to boost production capacity, per the Zacks analyst.
Healthy Demand Aid Equity Residential (EQR) Amid High Supply
Per the Zacks Analyst, healthy demand to sustain the occupancy level and support revenue growth for Equity Residential. However, elevated supply in some markets and high interest expenses ail.
Defense Orders Drive Leidos (LDOS), Amid Labor Shortage
Per the Zacks analyst, Leidos Holdings is likely to benefit from increasing defense order growth from the Pentagon and US allies. Yet labor shortage result in delays and likely impact operating result
Strategic Buyouts to Aid Genuine Parts (GPC) Amid Tariff Woes
Acquisitions of MPEC and Walker has strengthened Genuine Parts' NAPA store network and Midwest footprint. However, cost pressures due to tariffs may limit the firm's profits, per the Zacks analyst.
New Upgrades
Juniper (JNPR) Rides on Healthy Demand Trends, AI Focus
Per the Zacks analyst, solid momentum in the Cloud and Enterprise verticals will likely drive Juniper's top line. A strong focus on advancing the AI networking portfolio is a tailwind.
Encompass Health (EHC) Gains From Expansionary Measures
The Zacks Analyst believes that Encompass Health's expansion through de novo hospitals will drive patient volumes and profit levels.
Paylocity (PCTY) Rides on Strong Demand for Cloud Solutions
Per the Zacks analyst, Paylocity is benefiting from strong adoption of its cloud-based Human Capital Management (HCM) and payroll software solutions tailored for mid-sized businesses.
New Downgrades
Rising Expenses & Oil Price Volatility Ail SM Energy (SM)
Per the Zacks analyst, SM Energy's profits suffer due to falling oil prices and rising lease operating and transportation costs, threatening future revenue and cash???flow stability.
PC Market Weakness Hurts Dell Technologies (DELL) Prospects
Per the Zacks analyst, Dell is suffering from a challenging macroeconomic environment. It suffers from stiff competition in the PC market from the likes of HP and Lenovo.
Soft OSB Segment & Macro Woes Hurt Louisiana-Pacific (LPX)
Per the Zacks analyst, Louisiana-Pacific is hurting from to lower selling prices and decreased sales volumes in the OSB segment. Also, rising costs from expected tariffs are added concerns.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Bristol Myers Squibb Company (BMY) : Free Stock Analysis Report
Verizon Communications Inc. (VZ) : Free Stock Analysis Report
Diageo plc (DEO) : Free Stock Analysis Report
Canadian Pacific Kansas City Limited (CP) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Nova Lifestyle, Inc (NVFY): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Top Research Reports for Verizon Communications, Bristol-Myers Squibb & Canadian Pacific

Coterra Energy Inc. CTRA reported first-quarter 2025 adjusted earnings per share of 78 cents, which beat the Zacks Consensus Estimate of 76 cents. The bottom line also outperformed the year-ago quarter’s 50 cents per share. This was largely attributed to stronger-than-expected operational performance, particularly in daily oil equivalent and natural gas production volumes.
This oil and gas exploration and production firm’s operating revenues of $1.9 billion missed the Zacks Consensus Estimate by $37 million. This can be attributed to weaker oil price realizations. However, the figure was outstandingly higher than the year-ago figure of $1.4 billion, driven by increased output volumes.
Coterra Energy Inc. Price, Consensus and EPS Surprise
Coterra Energy Inc. price-consensus-eps-surprise-chart | Coterra Energy Inc. Quote
On May 5, 2025, Coterra's board of directors declared a quarterly dividend of 22 cents per share to its common shareholders of record on May 15. The payout, which represents a 3.4% annualized yield, will be made on May 29.
In addition to the shareholder return in the form of dividends, the Houston, TX-based independent oil and gas company actively engaged in share repurchases during the quarter. The company repurchased 0.9 million shares for $24 million at an average price of $27.54 per share. As of March 31, 2025, CTRA has $1.1 billion remaining under its $2 billion share repurchase authorization.
Consequently, during the quarter, total shareholder returns reached $192 million, comprising $168 million in declared dividends and $24 million in share repurchases. During the quarter, the company also focused on debt reduction and repaid debt of about $250 million.
Coterra Energy has a shareholder return strategy whereby it returns 50% of its annual free cash flow to its shareholders via dividend payouts and share repurchases. However, in 2025, after the payment of the base dividend, the company is largely focused on debt reduction and expects to retire the outstanding $750 million term loans, which will mature in 2027 and 2028.
Moreover, in April 2025, CTRA added two Marcellus rigs, which are expected to keep running into the second half of 2025. By the second half of 2025, the company plans to reduce Permian activity to seven rigs from its original plan of 10 rigs. During the quarter, it also closed the previously announced acquisitions of Franklin Mountain Energy and Avant Natural Resources.
(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
CTRA’s Production & Price Realizations
The average first-quarter daily production increased 8.8% to 746.8 thousand barrels of oil equivalent (Mboe) from the year-ago level of 686.1 Mboe. Moreover, the figure surpassed the Zacks Consensus Estimate of 740 Mboe. The daily production of natural gas increased 2.8% year over year to 3,043.8 million cubic feet (Mmcf) per day. The figure surpassed the Zacks Consensus Estimate of 2914 Mmcf.
Turning to specific production types, oil production rose 37.8% to 141.2 thousand barrels (MBbl) per day. However, the figure missed the Zacks Consensus Estimate of 144 MBbl. On the other end, natural gas liquids (NGL) production increased 8.9% to 98.3 MBbl per day in the quarter under review. However, the figure missed the Zacks Consensus Estimate of 111 MBbl.
Regarding pricing, the average sales price for crude oil was $69.73 per barrel, indicating a 7.2% decrease from the prior-year level of $75.16. The figure slightly missed the Zacks Consensus Estimate of $70 per barrel.
The average realized natural gas price was $3.28 per thousand cubic feet compared with $2 in the year-earlier period. However, the figure slightly surpassed the consensus estimate of $3.25 per thousand cubic feet.
The average realized NGL was $23.23 per barrel compared with $21.09 in the year-earlier period. The figure surpassed the consensus estimate of $22.47 per barrel.
CTRA’s Q1 Costs & Expenses
In the quarter under discussion, the average unit cost rose to $18.55 per barrel of oil equivalent from the previous year's $15.94. This increase was due to Coterra's total operating expenses of $1202 million, which increased 21.2% from the year-ago quarter’s $992 million.
CTRA’s Financial Position
Cash flow from operations went up 33.6% to $1.1 billion, while CTRA’s cash capital expenditure for drilling and development totaled $472 million. The company’s free cash flow for the quarter amounted to $663 million.
As of March 31, 2025, the company had $186 million in cash and cash equivalents with no debt outstanding under its $2 billion revolving credit facility. This resulted in the company’s total liquidity of about $2.2 billion. Coterra Energy had a long-term debt (net) of $4.3 billion as of the same date, indicating a debt-to-capitalization of 23.1%.
CTRA’s Guidance for Q2 & 2025
Coterra Energy has lowered its full-year 2025 capital expenditures range from the existing $2.1-$2.4 billion to $2-$2.3 billion. Following the completion of its recent acquisitions in January, the company ended the first quarter with 13 rigs operating in the Permian. While Coterra’s initial plan projected running 10 rigs in the second half of 2025, it now intends to scale back to seven rigs during that period.
Moving to the second quarter guidance, CTRA expects total equivalent production in the range of 710 to 760 thousand barrels of oil equivalent per day, with oil production in the band of 147 to 157 thousand barrels of oil per day and natural gas production between 2,700 and 2,850 MMcfpd. For the upcoming quarter, the company expects its capital expenditures to be in the range of $575 to $650 million.
Furthermore, Coterra expects an estimated discretionary cash flow (non-GAAP) of approximately $4.3 billion and free cash flow (non-GAAP) of around $2.1 billion for 2025 with commodity price assumptions of about $63 per bbl WTI (West Texas Intermediate) and $3.70 per mmbtu (metric million British thermal unit) Henry Hub.
CTRA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a Glance
While we have discussed CTRA’s first-quarter results in detail, let us take a look at three other key reports in this space.
The energy infrastructure providerTC Energy Corporation TRP reported first-quarter 2025 adjusted earnings of 66 cents per share, which missed the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line decreased from 92 cents in the year-ago period. This underperformance could be attributed to weak Power and Energy Solutions segment results.
TRP’s quarterly revenues of $2.5 billion also missed the Zacks Consensus Estimate by $18 million. The figure decreased 19.8% year over year.
As of March 31, 2025, TC Energy’s capital investments amounted to C$1.8 billion. TRP had cash and cash equivalents worth C$2 billion and long-term debt of C$45 billion, with a debt-to-capitalization of 61.1% as of the same date.
Oil and gas equipment and services provider TechnipFMC plc FTI reported first-quarter 2025 adjusted earnings of 33 cents per share, which missed the Zacks Consensus Estimate of 36 cents, primarily due to a 4.8% year-over-year increase in costs and expenses. However, the bottom line increased from the year-ago quarter’s reported profit of 22 cents, driven by improved performance in the Subsea segment.
The company’s revenues of $2.2 billion missed the Zacks Consensus Estimate by 1.1%. However, the top line increased from the year-ago quarter’s reported figure of $2 billion.
As of March 31, FTI had cash and cash equivalents worth $1.2 billion and long-term debt of $410.8 million, with a debt-to-capitalization of 11.8%.
Houston, TX-based oil and gas equipment and services provider Baker Hughes BKR reported first-quarter 2025 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 47 cents. The bottom line also improved from the year-ago level of 43 cents.
As of March 31, 2025, Baker had cash and cash equivalents of $3,277 million. Baker had a long-term debt of $5,969 million at the end of the reported quarter, with a debt-to-capitalization of 25.9%.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TechnipFMC plc (FTI) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Baker Hughes Company (BKR) : Free Stock Analysis Report
Coterra Energy Inc. (CTRA) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Coterra Energy Q1 Earnings Surpass Estimates, Revenues Miss

Targa Resources Corp. TRGP reported first-quarter 2025 adjusted earnings of 91 cents per share, which missed the Zacks Consensus Estimate of $2.04 as Permian Basin volumes fell short of estimates.
The bottom line also decreased from the year-ago quarter’s level of $1.22. The year-over-year decrease in earnings can be attributed to increased operating expenses and product costs.
Total quarterly revenues of $4.6 billion were in line with the prior-year quarter’s level. However, the top line missed the Zacks Consensus Estimate of $5.3 billion. The weak quarterly revenues can be attributed to lower sale of commodities.
The company’s adjusted EBITDA for the first quarter totaled $1.2 billion, up from $966.2 million in the prior-year period.
Targa Resources, Inc. Price, Consensus and EPS Surprise
Targa Resources, Inc. price-consensus-eps-surprise-chart | Targa Resources, Inc. Quote
A Closer Look at TRGP’s Q1 Results
On April 10, 2025, Targa raised its quarterly cash dividend to $1 per common share, or $4 on an annualized basis. Total cash dividends of approximately $217 million will be distributed on May 15, 2025, to its shareholders of record as of the close of business on April 30, 2025.
Targa repurchased 651,163 shares of its common stock in this quarter, spending approximately $124.9 million (at an average price of $191.86 per share). As of March 31, 2025, the company had $890.5 million remaining in its share repurchase program.
Targa also provided an update on its several ongoing projects. It informed that in its G&P segment, construction is being carried on at its 275 MMcf/d Pembrook II, East Pembrook, and East Driver plants in Permian Midland and its 275 MMcf/d Bull Moose II and Falcon II plants in Permian Delaware.
In TRGP’s L&T segment, construction is being carried on at its Delaware Express pipeline expansion, its 150 MBbl/d Train 11 and Train 12 fractionators in Mont Belvieu, and its GPMT LPG Export Expansion. The company expects its Pembrook II plant to begin operations by the third quarter of 2025.
(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)
TRGP’s Segmental Performance
Gathering and Processing: The segment recorded an operating margin of $602.2 million, up 8% from $556.4 million recorded in the year-ago period. The figure, however, missed the Zacks Consensus Estimate of $615 million.
The year-over-year improvement reflects higher Permian Basin volumes, which increased 11.3% year over year to an average of 6,006 MMcf/d but missed the consensus mark of 6,123 MMcf/d. The addition of the Roadrunner II plant, the Greenwood II plant and the Bull Moose plant also contributed to the outperformance.
Logistics and Transportation: This unit reflects TRGP’s downstream operations. Its operating margin of $646.7 million increased 22% year over year but missed the Zacks Consensus Estimate of $671 million. The year-over-year rise can be attributed to higher pipeline transportation and fractionation margin, and raised marketing margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes, primarily due to the company’s Permian Gathering and Processing systems. The addition of train 9 & 10 and the in-service of the Daytona NGL Pipeline also contributed to the improvement.
TRGP’s fractionation volumes totaled 979.9 thousand barrels per day, up 23% from 797.2 recorded a year ago. The Zacks Consensus Estimate for the same was pegged at 1,084 thousand barrels per day. NGL pipeline transportation volumes rose 18% year over year, export volumes increased 2% and NGL sales declined 3% in the same period.
Costs, Capex & Balance Sheet
Targa incurred product costs of $3.3 billion, which increased marginally 1% from the year-ago quarter’s figure. At the same time, the company reported operating expenses of $303.6 million, up 9% from the year-ago quarter’s level of $278 million.
The company spent $594.5 million on growth capital programs compared with $685.8 million in the year-ago period.
As of March 31, 2025, TRGP had cash and cash equivalents of $151.4 million and long-term debt of $15.5 billion, with a debt-to-capitalization of around 85.8%.
TRGP’s 2025 Guidance
For 2025, Targa projects its full-year adjusted EBITDA of $4.65-$4.85 billion. The company anticipates significant growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025, surpassing the records set in 2024. The growth is expected toward the second half of 2025.
Targa’s estimated net growth capital expenditures for 2025 remain unchanged. The figure is projected to be between $2.6 billion and $2.8 billion. Net maintenance capital expenditures also remain unchanged at $250 million.
TRGP currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a Glance
While we have discussed TRGP’s first-quarter results in detail, let us take a look at three other key reports in this space.
The energy infrastructure providerTC Energy Corporation TRP reported first-quarter 2025 adjusted earnings of 66 cents per share, which missed the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line decreased from 92 cents in the year-ago period. This underperformance could be attributed to weak Power and Energy Solutions segment results.
TRP’s quarterly revenues of $2.5 billion also missed the Zacks Consensus Estimate by $18 million. The figure decreased 19.8% year over year.
As of March 31, 2025, TC Energy’s capital investments amounted to C$1.8 billion. TRP had cash and cash equivalents worth C$2 billion and long-term debt of C$45 billion, with a debt-to-capitalization of 61.1% as of the same date.
Oil and gas equipment and services provider TechnipFMC plc FTI reported first-quarter 2025 adjusted earnings of 33 cents per share, which missed the Zacks Consensus Estimate of 36 cents, primarily due to a 4.8% year-over-year increase in costs and expenses. However, the bottom line increased from the year-ago quarter’s reported profit of 22 cents, driven by improved performance in the Subsea segment.
The company’s revenues of $2.2 billion missed the Zacks Consensus Estimate by 1.1%. However, the top line increased from the year-ago quarter’s reported figure of $2 billion.
As of March 31, FTI had cash and cash equivalents worth $1.2 billion and long-term debt of $410.8 million, with a debt-to-capitalization of 11.8%.
Houston, TX-based oil and gas equipment and services provider Baker Hughes BKR reported first-quarter 2025 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 47 cents. The bottom line also improved from the year-ago level of 43 cents.
As of March 31, 2025, Baker had cash and cash equivalents of $3,277 million. Baker had a long-term debt of $5,969 million at the end of the reported quarter, with a debt-to-capitalization of 25.9%.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TechnipFMC plc (FTI) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Baker Hughes Company (BKR) : Free Stock Analysis Report
Targa Resources, Inc. (TRGP) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Targa Resources Q1 Earnings Miss Estimates, Expenses Increase Y/Y

TC Energy Corporation TRP reported first-quarter 2025 adjusted earnings of 66 cents per share, which missed the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line decreased from 92 cents in the year-ago period. This underperformance could be attributed to weak Power and Energy Solutions segment results. (See the Zacks Earnings Calendar to stay ahead of market-making news.)
This energy infrastructure provider's quarterly revenues of $2.5 billion also missed the Zacks Consensus Estimate by $18 million. Moreover, the figure decreased 19.8% year over year.
TC Energy’s comparable EBITDA was C$2.7 billion for the reported quarter, up 1% from the year-ago period. The figure also exceeded our model estimate by 2.4%.
In addition, TRP’s board of directors declared a quarterly dividend of 85 Canadian cents per common share for the period ending June 30, 2025. The dividend will be paid on July 31, 2025, to its shareholders on record as of the close of business on June 30.
TC Energy Corporation Price, Consensus and EPS Surprise
TC Energy Corporation price-consensus-eps-surprise-chart | TC Energy Corporation Quote
TRP’s Segmental Information
Canadian Natural Gas Pipelines reported a comparable EBITDA of C$890 million, up 5.2% from the year-ago quarter’s level. This was driven by higher EBITDA in Canadian Natural Gas Pipelines, primarily due to increased flow-through costs and greater contributions from Coastal GasLink. Moreover, the figure beat our estimate of C$887.1 million.
The company reported that Canadian Natural Gas Pipelines deliveries averaged 27.6 billion cubic feet per day (Bcf/d), which increased 8% compared with the first quarter of 2024. Total NGTL System deliveries reached a new record of 17.8 Bcf on Feb. 18, 2025. Furthermore, Canadian Mainline receipts averaged 5 Bcf/d, reflecting a 14% rise compared with the first quarter of 2024.
U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1.4 billion, indicating a 4.7% increase from the prior-year quarter’s actual. Moreover, the figure beat our estimate of C$1.1 billion.
The company reported that its U.S. Natural Gas Pipelines’ daily average flows reached 31 Bcf/d, reflecting a 5% increase compared with the first quarter of 2024. GTN achieved a new record with 3.2 Bcf on Feb. 19, 2025. Additionally, deliveries to LNG facilities averaged 3.5 Bcf/d, up 5% compared with the first quarter of 2024.
Mexico Natural Gas Pipelines reported a comparable EBITDA of C$233 million, up 8.9% from the year-ago quarter’s reported figure of C$214 million. However, the figure missed our estimate of C$265.7 million.
The company reported that Mexico Natural Gas Pipelines flows averaged 3.1 Bcf/d, up 6% from the first quarter of 2024. Additionally, a new daily flow record of 4.1 Bcf was set on March 31, 2025.
Power and Energy Solutions registered a comparable EBITDA of C$224 million, down 30% from the year-ago quarter’s level of C$320 million. This decline was primarily due to lower contributions from Bruce Power, reflecting the start of the Unit 4 Major Component Replacement (“MCR”), along with lower realized power prices in Canadian Power and tighter natural gas storage spreads in Alberta. Moreover, the figure missed our estimation of C$317.8 million.
The company reported that Bruce Power achieved 87% availability in the first quarter of 2025, reflecting a planned outage on Unit 5. TC Energy achieved 98.6% availability in its cogeneration power plant fleet in first-quarter 2025, due to fewer forced outages and early completion of spring outages.
TRP’s Expenditure and Balance Sheet
As of March 31, 2025, TC Energy’s capital investments amounted to C$1.8 billion.
TRP had cash and cash equivalents worth C$2 billion and long-term debt of C$45 billion, with a debt-to-capitalization of 61.1% as of the same date.
TRP’s 2025 Guidance
TC Energy is set to bring approximately C$8.5 billion in projects online in 2025, including the Southeast Gateway pipeline project. For other projects scheduled for completion in 2025, the company is on track with timelines and has kept costs below initial projections. The company continues to focus on prioritizing high-return projects.
Moving forward, this Zacks Rank #3 (Hold) company plans to approve projects with an attractive risk/reward balance, while staying within the C$6 billion annual net capital expenditure limit and extending its project backlog through 2030 to secure growth. This strategy aims to drive comparable EBITDA growth, support a 3-5% annual dividend growth target and lower leverage over time.
The company expects comparable EBITDA for 2025 to be between C$10.7 billion and C$10.9 billion. TRP expects comparable earnings per common share to remain consistent with the guidance provided in its 2024 Annual Report, though lower than the prior-year levels. The company also expects capital expenditures to total between C$6.1 billion and C$6.6 billion on a gross basis and C$5.5 billion and C$6 billion on a net basis.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TRP’s Project Highlights
The Southeast Gateway pipeline is ready for service. The Comisión Nacional de Energía (“CNE”) has agreed to the contracted rate and accepted all requirements for in-service. Approval of the regulated rates from CNE is expected by the end of May, at which point the company anticipates the in-service of the Southeast Gateway pipeline.
While 100% of the capacity is contracted with CFE and there are no requests for interruptible service, approval of the regulated rate by the CNE is a standard procedure before commencing service. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13% under the original cost estimate in less than three years from the project’s final investment decision.
The Northwoods project, an expansion of the company’s ANR system, has been approved. This project is designed to provide 0.4 Bcf/d of capacity to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. It has an anticipated in-service date of late 2029 with an estimated cost of approximately $0.9 billion and is expected to deliver a compelling build multiple in the range of five to seven times.
The company received approval for the Unit 5 MCR final cost and schedule estimate from the Ontario Independent Electricity System Operator on April 2, 2025. The Unit 5 MCR, worth C$1.1 billion, is expected to commence in the fourth quarter of 2026, with a return to service in early 2030.
ANR and GLGT each filed Section 4 Rate Cases with FERC, requesting an increase to their respective maximum transportation rates, expected to become effective on Nov. 1, 2025, subject to refund. The company will pursue a collaborative process to find a mutually beneficial outcome with customers through settlement.
Important Earnings at a Glance
While we have discussed TRP’s first-quarter results in detail, let us take a look at three other key reports in this space.
Oil and gas equipment and services provider, Liberty Energy LBRT, reported a first-quarter 2025 adjusted net income of 4 cents per share, which marginally beat the Zacks Consensus Estimate of 3 cents. Liberty's outperformance indicated operational efficiencies as well as increased utilization of frac and wireline fleets. However, the bottom line underperformed the year-ago quarter’s reported figure of 48 cents due to a decline in service activity.
As of March 31, Liberty had approximately $24.1 million in cash and cash equivalents. The pressure pumper’s long-term debt of $210 million represented a debt-to-capitalization of 9.6%.
Another oil and gas equipment and services provider, Halliburton Company HAL, posted first-quarter 2025 adjusted net income per share of 60 cents. The figure met with the Zacks Consensus Estimate but was down from the year-ago quarter’s profit of 76 cents (adjusted). The numbers reflect softer activity in the region of North America, partly offset by international growth. Meanwhile, Halliburton’s revenues of $5.4 billion decreased 6.7% year over year but beat the Zacks Consensus Estimate of $5.3 billion.
As of March 31, 2025, Halliburton had approximately $1.8 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.8.
Houston, TX-based oil and gas equipment and services provider, Baker Hughes BKR, reported first-quarter 2025 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 47 cents. The bottom line also improved from the year-ago level of 43 cents.
As of March 31, 2025, Baker had cash and cash equivalents of $3,277 million. Baker had a long-term debt of $5,969 million at the end of the reported quarter, with a debt-to-capitalization of 25.9%.
Only $1 to See All Zacks' Buys and Sells
We're not kidding.
Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.
Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.
See Stocks Now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Halliburton Company (HAL) : Free Stock Analysis Report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Baker Hughes Company (BKR) : Free Stock Analysis Report
Liberty Energy Inc. (LBRT) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

TC Energy's Q1 Earnings Miss Estimates, Revenues Decline Y/Y

TC Energy Corporation TRP has announced that it had detected a leak in the ANR pipeline system, following which its pipeline system was shut down on Wednesday. The leak was identified near Fennville, MI.
Per Reuters, the pipeline was damaged by a third party and the company promptly shut the affected part after learning of the incident due to safety concerns. However, the incident caused a natural gas outage in the region. Michigan Gas Utilities noted that approximately 5,200 homes suffered due to the outage in the region. TC Energy further mentioned that as repairs and maintenance work have been undertaken for the damaged pipeline, the gas outage in Fennville could last for several days.
TRP’s ANR pipeline system transports over 10 billion cubic feet of natural gas per day and has access to major gas-producing basins in North America. The pipeline spans approximately 9,300 miles and transports natural gas to the midwestern states in the United States.
TRP’s Zacks Rank and Key Picks
TRP, a leading energy infrastructure firm, currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the Energy sector are Archrock Inc. AROC, Nine Energy Service NINE and Kinder Morgan, Inc. KMI. While Archrock currently sports a Zacks Rank #1 (Strong Buy), Nine Energy Service and Kinder Morgan carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. It operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.
Kinder Morgan is a leading North American midstream player with a stable and resilient business model, largely driven by take-or-pay contracts. KMI’s stable business model shields it from commodity price volatility, resulting in predictable earnings and facilitating reliable capital returns to its shareholders.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
TC Energy Corporation (TRP) : Free Stock Analysis Report
Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report
Archrock, Inc. (AROC) : Free Stock Analysis Report
Nine Energy Service, Inc. (NINE) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

TC Energy Corporation

Sign up and unlock all the capabilities of the AI-screener