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 has a strong operating base, but its valuation already looks demanding for an energy infrastructure company. The multiples are noticeably above industry medians: P/E, P/S, P/B, and especially P/FCF point to a rich valuation relative to current cash flows and revenue. At the same time, the recent trend in P/E and P/B has generally been upward, which means the market has not become cheaper in valuing the business even amid moderate growth in results. On the other hand, profitability looks very solid: gross margin, operating margin, and net profit margin are above the industry median, while EBITDA and operating profit are growing, supporting the quality of the business. Revenue and earnings are also generally increasing, and net income and EBITDA are at comfortable absolute levels for an asset base of this scale. However, capital efficiency does not look outstanding: ROE, ROA, and ROI are below industry benchmarks, and their recent trend has weakened compared with stronger levels earlier. The balance sheet remains heavy: debt/equity is above the industry median, long-term debt is large, and liquidity is weak — current ratio and quick ratio are below 1, which is typical for a capital-intensive sector, but still adds risk. Dividend yield has declined compared with previous periods, so the dividend case is supporting the stock less strongly now than before. Equity and assets are growing, which is positive for stability, but this does not fully offset the high valuation and debt burden. Overall, the fundamentals are more quality-oriented than cheap: the business is stable, but the current price already reflects many of its strengths. For an investor, this implies a moderately cautious view on further upside and a more demanding approach to the entry point.

TC Energy Corporation

TC Energy appears fundamentally solid but expensive: strong margins and earnings growth are combined with high debt, weak liquidity, and elevated valuation multiples.

Expand Energy (EXE) came out with quarterly earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +9.02%. A quarter ago, it was expected that this oil and gas company would post earnings of $3.69 per share when it actually produced earnings of $3.83, delivering a surprise of +3.79%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Expand Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $1.83 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.04%. This compares to year-ago revenues of $2.02 billion. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Expand Energy shares have lost about 18% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Expand Energy?
While Expand Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Expand Energy was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.40 on $2.14 billion in revenues for the coming quarter and $8.41 on $9.65 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, TC Energy (TRP), is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30.
This energy infrastructure company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level.
TC Energy's revenues are expected to be $2.74 billion, up 1.5% from the year-ago quarter.
Should You Invest in Expand Energy Corporation (EXE)?
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Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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Expand Energy Corporation (EXE) : Free Stock Analysis Report
TC Energy Corporation (TRP) : 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.

Expand Energy (EXE) Q2 Earnings Beat Estimates

NOV Inc. NOV is set to release second-quarter 2026 results on July 28. The Zacks Consensus Estimate for earnings is pegged at 16 cents per share, and that for revenues is pinned at $2.1 billion.
Let us delve into the factors that are likely to have influenced NOV’s performance in the second quarter. But first, it is worth taking a look at NOV’s performance in the last reported quarter.
Highlights of Q1 Earnings & Surprise History
In the last reported quarter, the Houston, TX-based oil and gas equipment company missed the consensus mark due to conflict in the Middle East, which disrupted logistics, delayed deliveries and increased operational costs. NOV reported adjusted earnings of 15 cents per share, missing the Zacks Consensus Estimate of 17 cents. However, revenues of $2.05 billion beat the Zacks Consensus Estimate by $2 million. NOV’s earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average negative surprise of 40.3%.
This is depicted in the graph below:
NOV Inc. Price and EPS Surprise
NOV Stock’s Trend in Estimate Revision
The Zacks Consensus Estimate for second-quarter 2026 earnings has remained unchanged over the past 30 days. The estimated figure indicates a 44.8% year-over-year decrease. The Zacks Consensus Estimate for revenues indicates a 4.7% decrease from the year-ago period.
Factors to Consider Ahead of NOV’s Q2 Release
NOV makes money by selling tools and equipment used to drill and produce oil and gas. These include things like drill bits, pipes and machinery for onshore and offshore drilling.
The company’s outlook appears somewhat positive for the second quarter of 2026, as much of the first-quarter weakness stemmed from shipment delays rather than lost demand, with several deferred deliveries expected to be recognized in the quarter to be reported. NOV had reported its strongest first-quarter Energy Equipment order intake since 2019, record bookings in its fiberglass business and a 2.5-year high drill pipe backlog, supporting healthy revenue conversion. Strong offshore demand, record profitability in the subsea flexible pipe business, rising adoption of digital services and drill bit market share gains further strengthen the outlook. In addition, ongoing cost-reduction initiatives, including facility consolidations and workforce optimization, should partially offset inflationary pressures and support margin performance.
However, on a bearish note, NOV could still miss expectations as persistent Middle East disruptions continue to delay shipments, inflate freight costs and weigh on manufacturing efficiency. Management also expects the Energy Equipment and Energy Products & Services segments to post year-over-year revenue declines in the to-be-reported quarter, while weak global drilling activity, tariff-related costs and an unfavorable aftermarket revenue mix remain near-term headwinds.
What Does Our Model Say About NOV Stock?
The proven Zacks model predicts an earnings beat for NOV this time around. 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. That is exactly the case here.
NOV’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is +19.69%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
NOV’s Zacks Rank: NOV currently carries a Zacks Rank #2.
Other Stocks to Consider
Here are some other firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.
Enterprise Products Partners L.P. EPD has an Earnings ESP of +1.37% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Enterprise Products is scheduled to release earnings on July 30. The Zacks Consensus Estimate for 2026 earnings indicates year-over-year growth of about 9.8%. Valued at around $84.1 billion, EPD’s shares have gained 23.1% in a year.
TC Energy Corporation TRP has an Earnings ESP of +5.53% and a Zacks Rank #3 at present. It is scheduled to release earnings on July 30.
The Zacks Consensus Estimate for TRP’s 2026 earnings indicates year-over-year growth of about 8.4%. Valued at around $72.8 billion, TRP’s shares rose 48.2% in a year.
Oil States International, Inc. OIS currently has an Earnings ESP of +27.27% and a Zacks Rank #3. It is scheduled to release earnings on July 30.
Notably, the Zacks Consensus Estimate for OIS’ 2026 earnings indicates year-over-year growth of about 43.2%. Valued at around $525.5 million, OIS’ shares have jumped 50.1% in a year.
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NOV to Report Q2 Earnings: What's in Store for the Stock?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Global X MLP & Energy Infrastructure ETF (Symbol: MLPX) where we have detected an approximate $153.0 million dollar outflow -- that's a 4.2% decrease week over week (from 49,287,506 to 47,207,506). Among the largest underlying components of MLPX, in trading today TC Energy Corp (Symbol: TRP) is up about 0.5%, Enbridge Inc (Symbol: ENB) is off about 0.4%, and Kinder Morgan Inc. (Symbol: KMI) is relatively unchanged. For a complete list of holdings, visit the MLPX Holdings page » The chart below shows the one year price performance of MLPX, versus its 200 day moving average:
Looking at the chart above, MLPX's low point in its 52 week range is $57.66 per share, with $78.36 as the 52 week high point — that compares with a last trade of $73.85. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further MLPX Research:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Global X MLP & Energy Infrastructure ETF Experiences Big Outflow

In recent trading, shares of TC Energy Corp (Symbol: TRP) have crossed above the average analyst 12-month target price of $56.73, changing hands for $57.17/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 6 different analyst targets within the Zacks coverage universe contributing to that average for TC Energy Corp, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $52.14. And then on the other side of the spectrum one analyst has a target as high as $60.96. The standard deviation is $3.144.
But the whole reason to look at the average TRP price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with TRP crossing above that average target price of $56.73/share, investors in TRP have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $56.73 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover TC Energy Corp:
Recent TRP Analyst Ratings Breakdown
»
Current
1 Month Ago
2 Month Ago
3 Month Ago
Strong buy ratings:
2
1
1
2
Buy ratings:
1
1
1
1
Hold ratings:
3
5
6
4
Sell ratings:
1
0
0
0
Strong sell ratings:
0
0
0
0
Average rating:
2.39
2.57
2.63
2.29
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on TRP — FREE.
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 Reaches Analyst Target Price

The Williams Companies, Inc. WMB reported first-quarter 2026 adjusted earnings per share of 73 cents, which beat the Zacks Consensus Estimate of 65 cents. The bottom line increased from the year-ago period’s level of 60 cents, driven mainly by a 12.5% decrease in costs and expenses. Moreover, better-than-expected performance of its Transmission, Power & Gulf, Northeast G&P, West and Gas & NGL Marketing Services segments also contributed, with increases of 17.2%, 1.9%, 15.8% and 46.5%, respectively, from the year-ago quarter’s level.
The Tulsa, OK-based oil and gas storage and transportation company’s revenues of $3 billion missed the Zacks Consensus Estimate of $3.3 billion. The figure decreased marginally by 0.6% from the year-ago quarter’s reported revenues. This can be attributed to lower service revenues tied to commodity contracts and an increased loss from commodity derivative instruments.
Williams Companies, Inc. (The) Price, Consensus and EPS Surprise
Williams Companies, Inc. (The) price-consensus-eps-surprise-chart | Williams Companies, Inc. (The) Quote
Adjusted EBITDA totaled $2.3 billion in the quarter under review, which was up 13.3% year over year. Cash flow from operations amounted to $1.6 billion, up 12% from the corresponding quarter of 2025.
WMB’s Q1 Segmental Analysis
Transmission, Power & Gulf: The segment reported an adjusted EBITDA of $1 billion, up 17.2% from the year-ago quarter’s level. The increase was driven by contributions from Transco’s higher net rates and expansion projects, new Gulf volumes associated with Shenandoah, Whale and Ballymore, and higher storage revenues due to winter storms and higher rates. However, the figure missed the Zacks Consensus Estimate by 0.8%.
Northeast G&P: Driven primarily by higher volumes at Ohio Valley Midstream and higher gathering volumes and rates at Bradford within Appalachia Midstream, this segment registered an adjusted EBITDA of $524 million. This represents a 1.9% increase from $514 million in the year-earlier quarter. It beat the Zacks Consensus Estimate of $513 million.
West: This segment focuses on the gathering and processing of assets in the Western United States. Adjusted EBITDA for this segment totaled $410 million, up 15.8% from the prior-year quarter’s level of $354 million. Strong results were fueled by Louisiana Energy Gateway, which was placed into service, as well as higher gathering volumes, including contributions from the 2025 Rimrock and Saber acquisitions. Moreover, the figure beat the Zacks Consensus Estimate of $389 million.
Gas & NGL Marketing Services: The segment posted $227 million in adjusted EBITDA, a year-over-year increase from $155 million, driven by higher gas marketing margins due to winter storms. The figure surpassed the Zacks Consensus Estimate of $150 million.
Other: This segment posted an adjusted EBITDA of $83 million, representing a 20.2% decrease from $104 million in the year-earlier quarter, caused by unfavorable changes in net realized results from upstream operations, including the impact of the divested South Mansfield interests. However, the figure beat the Zacks Consensus Estimate of $71 million.
WMB’s Costs, Capex & Balance Sheet
In the reported quarter, total costs and expenses of $1.7 billion decreased almost 12.5% from the year-ago quarter’s figure.
Total capital expenditure (capex) was $1.3 billion. As of March 31, 2026, this Zacks Rank #3 (Hold) company had cash and cash equivalents of $950 million and a long-term debt of $30 billion, with a debt-to-capitalization of 66.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
WMB’s 2026 Guidance
The company reaffirmed its 2026 Adjusted EBITDA outlook in the range of $8.05 billion to $8.35 billion. It now projects 2026 growth capital expenditures of $7 billion to $7.6 billion, while maintenance capex is expected to range between $850 million and $950 million. Williams Companies also expects its 2026 leverage ratio to average around 4.1x. In addition, the company raised its annualized dividend by 5% to $2.10 per share for 2026, up from $2 in 2025. The 2026 growth capex and debt-to-adjusted EBITDA guidance exclude certain reimbursable long-lead equipment costs.
Important Earnings at a Glance
While we have discussed WMB’s first-quarter results in detail, let us take a look at three other key reports in this space.
TC Energy Corporation TRP reported first-quarter 2026 adjusted earnings of 72 cents per share, which beat the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line increased from 66 cents reported in the year-ago period. This outperformance was driven by robust results from all the reportable segments of the company.
This North American energy infrastructure provider's quarterly revenues of $2.8 billion missed the Zacks Consensus Estimate by 5%. However, the figure increased 11.5% year over year.
As of March 31, 2026, TC Energy’s capital investments amounted to C$1.3 billion. The company had cash and cash equivalents worth C$1.1 billion and long-term debt of C$45.4 billion, with a debt-to-capitalization of 60% as of the same date.
Northern Oil and Gas, Inc. NOG reported first-quarter 2026 adjusted earnings per share of 74 cents, which beat the Zacks Consensus Estimate of 71 cents. The outperformance reflects strong production. However, the bottom line declined from the year-ago adjusted profit of $1.33 due to weaker natural gas prices and a 77% increase in operating expenses.
The Minnetonka, MN-based oil and gas exploration and production company reported oil and gas sales of $539.9 million, beating the Zacks Consensus Estimate of $511 million, supported by higher crude oil realizations. However, the top line decreased from the year-ago figure of $576.9 million. The year-over-year decline was mainly due to lower oil and gas sales during this quarter.
As of March 31, 2026, Northern Oil had $37 million in cash and cash equivalents. The company had a long-term debt of $2.6 billion, with a debt-to-capitalization of 58.8%.
Imperial Oil Limited IMO reported first-quarter 2026 adjusted earnings per share of $1.41, which missed the Zacks Consensus Estimate of $1.67 and decreased from the year-ago quarter’s $1.75 due to lower net income in the upstream segment and a lower average realized price for synthetic crude.
Revenues of $9.1 billion missed the Zacks Consensus Estimate of $9.8 billion due to weak performance in both the Upstream and Downstream segments. However, the top line increased from the year-ago quarter’s level of $8.7 billion.
As of March 31, 2026, Imperial Oil had cash and cash equivalents of C$1 billion. Total debt of the company amounted to C$4 billion, with a debt-to-capitalization of 14.9%.
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Williams Companies Q1 Earnings Beat Estimates, Revenues Miss

TC Energy Corporation TRP reported first-quarter 2026 adjusted earnings of 72 cents per share, which beat the Zacks Consensus Estimate of 70 cents. Moreover, the bottom line increased from 66 cents reported in the year-ago period. This outperformance was driven by robust results from all the reportable segments of the company.
This North American energy infrastructure provider's quarterly revenues of $2.8 billion missed the Zacks Consensus Estimate by 5%. However, the figure increased 11.5% year over year.
TC Energy Corporation Price, Consensus and EPS Surprise
TC Energy’s comparable EBITDA increased to C$3.1 billion from C$2.7 billion in the prior year.
TRP’s board of directors declared a quarterly dividend of 87.75 Canadian cents per common share for the quarter ending June 30, 2026, translating to an annualized dividend rate of C$3.51. The dividend will be payable on July 31, 2026, to its shareholders of record on June 30.
TRP’s Q1 Segmental Information
Canadian Natural Gas Pipelines reported a comparable EBITDA of C$919 million, up 3.3% from the year-ago quarter’s level. TRP reported that Canadian Natural Gas Pipelines deliveries averaged 29.7 billion cubic feet per day (Bcf/d), marking a 3% increase from the year-ago quarter’s level and achieving a new all-time delivery record of 33.2 Bcf on Jan. 22, 2026. The company posted that Canadian Mainline Western receipts averaged 5 Bcf/d, in line with the year-ago quarter’s level.
U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,497 million, indicating a 9.5% increase from the prior-year quarter’s actual. U.S. Natural Gas Pipelines recorded daily average flows of 32.6 Bcf/d, marking a 5% increase from the first quarter of 2025. The segment also reached a new all-time delivery record of 39.9 Bcf on Jan. 29, 2026. Deliveries to LNG facilities averaged 3.9 Bcf/d, up 12% from the prior-year quarter.
Mexico Natural Gas Pipelines reported a comparable EBITDA of C$432 million, up 85.4% from the year-ago quarter’s reported figure of C$233 million. TRP reported that Mexico Natural Gas Pipelines flows in the first quarter averaged 2.8 Bcf/d, which was lower than the year-ago quarter’s level due to adjustments made to the pipeline flows. Additionally, deliveries to power generation facilities averaged 1.2 Bcf/d in the first quarter of 2026, in line with first-quarter 2025.
Power and Energy Solutions registered a comparable EBITDA of C$243 million, up 8.5% from the year-ago quarter’s level of C$224 million. The company reported that Bruce Power achieved 88.2% availability in the first quarter of 2026, impacted by a planned outage on Unit 8. Additionally, the cogeneration power plant fleet achieved 99.5% availability in the first quarter of 2026.
TRP’s Expenditure and Balance Sheet
As of March 31, 2026, TC Energy’s capital investments amounted to C$1.3 billion.
The company had cash and cash equivalents worth C$1.1 billion and long-term debt of C$45.4 billion, with a debt-to-capitalization of 60% as of the same date.
TRP’s 2026 Guidance
This Zacks Rank #3 (Hold) company reaffirmed its 2026 outlook, expecting its strong operational and financial momentum to continue into 2026. The company anticipates its full-year 2026 comparable EBITDA to be between C$11.6 billion and C$11.8 billion, with comparable earnings per share also projected to be higher than 2025 levels.
TRP’s management expects to place approximately C$4 billion of projects into service during the year, which will contribute to this growth. The company also anticipates net capital expenditures for 2026 to be in the range of C$5.5 billion to C$6 billion.
Looking at its operations, the Bruce Power segment is expected to achieve availability in the low 90% range for the year, with Unit 3 returning to service as planned.
Looking further ahead, TRP anticipates fully allocating its C$6 billion annual net capital expenditure target through 2030. Furthermore, given the strength of the project pipeline, the company anticipates it has the visibility to potentially surpass this level of investment in the latter part of the decade. All new projects are expected to achieve build multiples within the targeted 5-7 times range.
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 TRP’s first-quarter results in detail, let us take a look at three other key reports in this space.
Halliburton Company HAL reported first-quarter 2026 adjusted net income per share of 55 cents, beating the Zacks Consensus Estimate of 49 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 60 cents due to softer activity in the North American region and the negative impact of geopolitical conflict in the Middle East, which hurt both of the company’s segments.
Meanwhile, revenues of $5.4 billion were 0.3% lower year over year but beat the Zacks Consensus Estimate of $5.3 billion.
Halliburton reported first-quarter capital expenditure of $192 million. As of March 31, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization ratio of 39.6.
Range Resources Corporation RRC reported first-quarter 2026 adjusted earnings of $1.52 per share, which beat the Zacks Consensus Estimate of $1.33. The bottom line also improved from the prior-year level of 96 cents.
Total quarterly revenues of $1,018.3 million topped the Zacks Consensus Estimate of $919.3 million. The top line increased from the prior-year figure of $854 million.
Strong quarterly results can be attributed to higher gas-equivalent production and increased natural gas price realization.
At the end of the first quarter, Range Resources reported a total debt of $819.3 million, net of deferred financing costs.
EQT Corporation EQT reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
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TC Energy's Q1 Earnings Surpass Estimates, Revenues Miss

Key Points
Higher oil prices should fuel faster growth this year.
The company could finally find a partner to develop Lake Charles LNG.
It should start seeing some multiple expansion.
Energy Transfer (NYSE: ET) has already soared more than 20% this year. That pushed the master limited partnership's (MLP) unit price up almost to $20.
I think the energy stock has a lot further to run. I believe that the market is massively underpricing the potential that oil prices will remain higher for longer, with the potential for a significant spike if the U.S. launches new attacks against Iran. Add in a couple of other catalysts, and I predict the MLP's unit price will hit $25 this year, a more than 25% increase from its current price.
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Oil-fueled upside potential
Energy Transfer doesn't produce any oil and has limited direct exposure to commodity prices. However, the pipeline company should still benefit from higher oil prices.
One way is through the roughly 10% of its earnings that have some commodity price exposure. The company's oil-linked earnings will be higher this year.
Additionally, Energy Transfer should benefit from higher volumes across its liquids pipelines and marine export terminals due to the war-fueled boost in U.S. energy exports. Energy Transfer's Nederland terminal is a key hub supporting oil releases from the U.S. Strategic Petroleum Reserve. Additionally, NGL exports from Nederland and other marine terminals will surge this year to offset Middle Eastern supply disruptions. The company will earn higher fee-based income from these higher volumes. Higher earnings from higher oil prices should continue to drive Energy Transfer's unit price higher this year.
Lake Charles LNG optionality
Energy Transfer announced the suspension of its Lake Charles LNG development last year. The company opted to halt work on the proposed liquefied natural gas (LNG) export terminal to focus on other higher-return, lower-risk natural gas infrastructure projects. However, while Energy Transfer ceased development, it remains open to discussions with third parties interested in developing the project.
The Strait of Hormuz closure has likely piqued interest in restarting this development. It has disrupted 20% of global LNG supplies, driving prices up by one-third this year. The prolonged closure of that crucial energy waterway is likely prompting many countries to diversify their LNG supply. That could enable Energy Transfer to find a development partner willing to take over the project, adding a meaningful long-term value driver for its gas pipeline business. Signing a deal to restart Lake Charles could give its unit price a nice boost.
Multiple expansion potential
While Energy Transfer's unit price has surged this year, it still trades at the lowest valuation among large-scale energy midstream companies:
There's no discernible reason for the discounted valuation. Energy Transfer is in its strongest financial position in history. While the company's earnings growth rate slowed last year due to lower commodity prices and fewer growth catalysts, it will accelerate in 2026. Energy Transfer currently expects its earnings to grow by 9% to 11.5% this year. It could grow even faster if oil prices remain elevated. Energy Transfer should continue growing at a healthy clip in the coming years as more expansion projects enter commercial service, primarily gas pipelines to support higher power demand from AI data centers and other catalysts.
I predict that this will finally be the year the market recognizes Energy Transfer's improved financial profile and growth prospects, driving valuation multiple expansion closer to the peer group average.
Multiple upside catalysts
Energy Transfer hasn't traded above $25 in more than a decade. I think that will change this year as multiple upside catalysts fuel a further rally in its unit price. Add in the MLP's 6.8%-yielding distribution, and it should continue to generate high-octane total returns this year.
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Matt DiLallo has positions in Enbridge, Energy Transfer, Enterprise Products Partners, and Kinder Morgan. The Motley Fool has positions in and recommends Enbridge and Kinder Morgan. The Motley Fool recommends Enterprise Products Partners and Tc Energy. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: Energy Transfer Will Hit $25 in 2026

The following companies are expected to report earnings prior to market open on 05/01/2026. Visit our Earnings Calendar for a full list of expected earnings releases.
Exxon Mobil Corporation (XOM)is reporting for the quarter ending March 31, 2026. The oil company's consensus earnings per share forecast from the 5 analysts that follow the stock is $1.07. This value represents a 39.20% decrease compared to the same quarter last year. In the past year XOM has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 1.79%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for XOM is 13.83 vs. an industry ratio of 19.00.
Chevron Corporation (CVX)is reporting for the quarter ending March 31, 2026. The oil company's consensus earnings per share forecast from the 4 analysts that follow the stock is $0.92. This value represents a 57.80% decrease compared to the same quarter last year. In the past year CVX has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 5.56%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CVX is 13.60 vs. an industry ratio of 19.00.
Linde plc (LIN)is reporting for the quarter ending March 31, 2026. The chemical company's consensus earnings per share forecast from the 7 analysts that follow the stock is $4.27. This value represents a 8.10% increase compared to the same quarter last year. In the past year LIN has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 0.48%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for LIN is 28.35 vs. an industry ratio of 15.60, implying that they will have a higher earnings growth than their competitors in the same industry.
Aon plc (AON)is reporting for the quarter ending March 31, 2026. The insurance brokers company's consensus earnings per share forecast from the 9 analysts that follow the stock is $6.33. This value represents a 11.64% increase compared to the same quarter last year. AON missed the consensus earnings per share in the 1st calendar quarter of 2025 by -6.13%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for AON is 16.99 vs. an industry ratio of 14.20, implying that they will have a higher earnings growth than their competitors in the same industry.
Colgate-Palmolive Company (CL)is reporting for the quarter ending March 31, 2026. The consumer company's consensus earnings per share forecast from the 9 analysts that follow the stock is $0.95. This value represents a 4.40% increase compared to the same quarter last year. In the past year CL has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 4.4%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CL is 21.95 vs. an industry ratio of 9.60, implying that they will have a higher earnings growth than their competitors in the same industry.
TC Energy Corporation (TRP)is reporting for the quarter ending March 31, 2026. The alternative energy company's consensus earnings per share forecast from the 5 analysts that follow the stock is $0.70. This value represents a 6.06% increase compared to the same quarter last year. TRP missed the consensus earnings per share in the 1st calendar quarter of 2025 by -5.71%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for TRP is 23.17 vs. an industry ratio of 21.40, implying that they will have a higher earnings growth than their competitors in the same industry.
Imperial Oil Limited (IMO)is reporting for the quarter ending March 31, 2026. The consensus earnings per share forecast from the 2 analysts that follow the stock is $1.67. IMO reported earnings of $1.75 per share for the same quarter a year ago; representing a a decrease of -4.57%. In the past year IMO has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 3.68%. Dominion Energy, Inc. (D)is reporting for the quarter ending March 31, 2026. The electric power utilities company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.89. This value represents a 4.30% decrease compared to the same quarter last year. In the past year D has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 6.25%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for D is 17.36 vs. an industry ratio of 17.10, implying that they will have a higher earnings growth than their competitors in the same industry.
Cboe Global Markets, Inc. (CBOE)is reporting for the quarter ending March 31, 2026. The consensus earnings per share forecast from the 9 analysts that follow the stock is $3.33. CBOE reported earnings of $2.5 per share for the same quarter a year ago; representing a a increase of 33.20%.Ares Management Corporation (ARES)is reporting for the quarter ending March 31, 2026. The finance/investment management company's consensus earnings per share forecast from the 7 analysts that follow the stock is $1.34. This value represents a 22.94% increase compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for ARES is 17.97 vs. an industry ratio of 12.90, implying that they will have a higher earnings growth than their competitors in the same industry.
LyondellBasell Industries NV (LYB)is reporting for the quarter ending March 31, 2026. The chemical company's consensus earnings per share forecast from the 6 analysts that follow the stock is $0.31. This value represents a 6.06% decrease compared to the same quarter last year. Zacks Investment Research reports that the 2026 Price to Earnings ratio for LYB is 13.47 vs. an industry ratio of 13.50.
Church & Dwight Company, Inc. (CHD)is reporting for the quarter ending March 31, 2026. The consumer company's consensus earnings per share forecast from the 9 analysts that follow the stock is $0.93. This value represents a 2.20% increase compared to the same quarter last year. In the past year CHD has beat the expectations every quarter. The highest one was in the 4th calendar quarter where they beat the consensus by 2.38%. Zacks Investment Research reports that the 2026 Price to Earnings ratio for CHD is 25.65 vs. an industry ratio of 9.60, implying that they will have a higher earnings growth than their competitors in the same industry.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Pre-Market Earnings Report for May 1, 2026 : XOM, CVX, LIN, AON, CL, TRP, IMO, D, CBOE, ARES, LYB, CHD

Investors in TC Energy Corp (Symbol: TRP) saw new options begin trading today, for the June 18th expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 83 days until expiration the newly trading contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the TRP options chain for the new June 18th contracts and identified one put and one call contract of particular interest.
The put contract at the $62.50 strike price has a current bid of 30 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $62.50, but will also collect the premium, putting the cost basis of the shares at $62.20 (before broker commissions). To an investor already interested in purchasing shares of TRP, that could represent an attractive alternative to paying $63.98/share today.
Because the $62.50 strike represents an approximate 2% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 60%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 0.48% return on the cash commitment, or 2.11% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for TC Energy Corp, and highlighting in green where the $62.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $65.00 strike price has a current bid of 15 cents. If an investor was to purchase shares of TRP stock at the current price level of $63.98/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $65.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 1.83% if the stock gets called away at the June 18th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if TRP shares really soar, which is why looking at the trailing twelve month trading history for TC Energy Corp, as well as studying the business fundamentals becomes important. Below is a chart showing TRP's trailing twelve month trading history, with the $65.00 strike highlighted in red:
Considering the fact that the $65.00 strike represents an approximate 2% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 54%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 0.23% boost of extra return to the investor, or 1.03% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 26%, while the implied volatility in the call contract example is 22%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $63.98) to be 20%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Also see:
SEC Filing Alerts Service
PAGP Stock Predictions
Home Furnishing Stores Dividend Stocks
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

June 18th Options Now Available For TC Energy (TRP)

It has been about a month since the last earnings report for Constellation Energy Corporation (CEG). Shares have lost about 6.9% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Constellation Energy Corporation due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers.
Constellation Energy Q4 Earnings Surpass Estimates, Revenues Rise Y/Y
Constellation Energy Corporation reported fourth-quarter 2025 earnings of $2.30 per share, which surpassed the Zacks Consensus Estimate of $3.13 by 4.54%. However, the bottom line decreased 5.7% from the year-ago quarter’s figure of $2.44.
CEG’s Total Revenues
Revenues totaled $6.07 billion, which beat the Zacks Consensus Estimate of $5.48 billion by 10.7%. The top line also increased 12.8% from the year-ago figure of $5.38 billion.
Highlights of CEG’s Q4 Release
Total operating expenses were $5.48 billion, up 22.3% from $5.1 billion in the year-ago period.
Net interest expenses increased 8.8% to $113 million from $90 million in the year-ago period.
Constellation Energy’s owned output from the Salem and South Texas Project Generating Stations produced 45,459 gigawatt-hours (GWhs) in the fourth quarter of 2025 compared with 45,494 GWhs in the fourth quarter of 2024.
Renewable energy capture for the company’s wind, solar and run-of-river hydro fleet was 99.4% compared with 93.2% in the fourth quarter of 2024.
The Nuclear Regulatory Commission (NRC) has approved a 20-year initial license renewal for its Clinton Clean Energy Center and a 20-year subsequent license renewal for our Dresden Clean Energy Center, following a rigorous review of maintenance activities, plant equipment and safety systems at the two Illinois facilities. The approvals will allow the company to produce more clean energy over the long-term.
Development post Q4
On Jan. 7, 2026, Constellation Energy completed the acquisition of Calpine Corporation, creating the nation’s largest electricity producer. The combined company will deliver reliable, cleaner power by pairing our zero-emission nuclear fleet with Calpine’s leading natural gas and geothermal assets, supporting data centers, advanced manufacturing and critical infrastructure in the AI-driven economy.
CEG’s Financial Position
As of Dec. 31, 2025, Constellation Energy had cash and cash equivalents of $3.64 billion compared with $3.02 billion as of Dec. 31, 2024.
The company had a long-term debt of $7.25 billion as of Dec. 31, 2025, compared with $7.38 billion as of Dec. 31, 2024.
Cash provided in operating activities in 2025 amounted to $4.23 billion against $2.46 billion cash used in 2024.
Total capital expenditures in 2025 were $2.95 billion compared with $2.56 billion in 2024.
How Have Estimates Been Moving Since Then?
It turns out, estimates review have trended upward during the past month.
The consensus estimate has shifted 19.95% due to these changes.
VGM Scores
Currently, Constellation Energy Corporation has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Constellation Energy Corporation has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Constellation Energy Corporation is part of the Zacks Alternative Energy - Other industry. Over the past month, TC Energy (TRP), a stock from the same industry, has gained 1.3%. The company reported its results for the quarter ended December 2025 more than a month ago.
TC Energy reported revenues of $2.99 billion in the last reported quarter, representing a year-over-year change of +16.9%. EPS of $0.70 for the same period compares with $0.75 a year ago.
TC Energy is expected to post earnings of $0.75 per share for the current quarter, representing a year-over-year change of +13.6%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
TC Energy has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
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 $971 billion by 2028.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	28.66 15.11
Price/Sales	6.16 1.54
P/B	2.55 1.48
P/FCF	46.87 10.48

Indicator	TTM Median
ROE	8.93 13.44
ROA	2.79 6.52
ROI	3.55 8.43
Net Worth	69.07 1.79
Quick Ratio	0.57 0.99
Current Ratio	0.65 1.22

Indicator	TTM Median
Net Profit Margin	22.31 14.40
Operating Margin	53.27 19.19
Gross Margin	69.99 47.41
Return on tangible equity	13.78 16.32

Indicator	TTM Median
EPS	0.70 0.42
EPS Forecast	0.65 0.38
Revenue	2.81B 202.50M
Gross Profit	2.06B —
EBITDA	2.11B —

TC Energy Corporation

Recent quarterly and TTM performance

Valuation

Debts

Efficiency

Other ratios

Revenue