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’s picture looks strong in terms of earnings and margins, but the valuation is already noticeably ahead of the underlying fundamentals. P/E of 25.83, P/S of 5.30, P/B of 2.22, and P/FCF of 23.98 are all materially above the industry median, indicating an expensive valuation relative to the sector. At the same time, operating profitability is strong: operating margin of 53.94% and gross margin of 70.43% are above industry benchmarks, while net profit margin of 22.19% also looks solid. Revenue, EBITDA, operating income, and net income remain large and generally stable, which supports the investment case. However, the efficiency trend is not perfect: ROE of 9.34%, ROA of 2.88%, and ROI of 3.68% are below the industry median, and return on tangible equity also lags stronger peers. The balance sheet burden remains the main risk: debt/equity of 1.54 is significantly above the industry median, while current ratio of 0.61 and quick ratio of 0.54 indicate weak short-term liquidity. Long-term debt is very large in absolute terms, and total liabilities are high relative to capital, which limits room for aggressive re-rating. On the other hand, cash on hand has increased to $1.50 billion, and equity remains around $27 billion, which mitigates the risk but does not eliminate it. Dividend yield has declined from higher levels last year to 1.51, so the dividend factor does not currently look supportive of the valuation. Overall, this is a mature, profitable, and high-margin business, but with expensive multiples and a notable debt load. For an investor, this means there is upside potential in the share price, but it should be limited and more conservative than the current operating forecast suggests.

TC Energy Corporation

Сильный индекс, значительно вырос. Быки резко укрепили уверенность в своих позициях.

Strong index, significantly up. Bulls sharply strengthened confidence in their positions.

Сильный индекс, значительно вырос. Рынок на стороне быков.

Strong index, significantly up. The market is on the bulls' side.

Сильный индекс, значительно упал. Отток средств из лонгов резко увеличился и находится на высоком уровне.

Strong index, significantly down. The outflow of funds from longs has increased sharply and is at a high level.

Strong margins and stable earnings support TRP, but expensive multiples, weak liquidity, and high debt limit re-rating potential.

Investors in TC Energy Corp (Symbol: TRP) saw new options become available today, for the December 18th expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 86 days until expiration the newly available 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 December 18th contracts and identified one put and one call contract of particular interest.
The put contract at the $60.00 strike price has a current bid of 50 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $60.00, but will also collect the premium, putting the cost basis of the shares at $59.50 (before broker commissions). To an investor already interested in purchasing shares of TRP, that could represent an attractive alternative to paying $60.63/share today.
Because the $60.00 strike represents an approximate 1% 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 56%. 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 0.83% return on the cash commitment, or 3.54% 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 $60.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $62.50 strike price has a current bid of 35 cents. If an investor was to purchase shares of TRP stock at the current price level of $60.63/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $62.50. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 3.66% if the stock gets called away at the December 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 $62.50 strike highlighted in red:
Considering the fact that the $62.50 strike represents an approximate 3% 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 58%. 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 0.58% boost of extra return to the investor, or 2.45% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example, as well as the call contract example, are both approximately 25%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $60.63) to be 19%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Further TRP Research:

Interesting TRP Put And Call Options For December 18th

(RTTNews) - TC Energy Corporation (TRP), an energy infrastructure company, said that it has inked a deal to sell Energía Occidente de México, the entity that owns the Guadalajara-Manzanillo Pipeline, to affiliates of ESENTIA Energy Development, S.A.B. de C.V. for C$560 million. The transaction is expected to close in the first half of 2027.
François Poirier, CEO of TC Energy, said: "This transaction reflects our continued focus on portfolio optimization and long-term value creation. The transaction will support our disciplined capital allocation strategy, creating optionality to redeploy proceeds from a mature asset towards high-value growth opportunities across our North American footprint."
Post transaction, TC Energy will continue to own and operate its broader Mexico natural gas pipeline network, including around 3,300 kilometers of pipeline and 8.7 Bcf/d of installed natural gas transportation capacity.
The 313-kilometre Guadalajara-Manzanillo pipeline transports up to 500 MMcf/d of natural gas, connecting imported LNG supply near Manzanillo and continental gas supply near Guadalajara to power plants and industrial customers in the states of Colima and Jalisco.

TC Energy To Sell Energía Occidente De México For C$560 Mln

In trading on Monday, shares of TC Energy Corp (TSX: TRP.TO) crossed below their 200 day moving average of $66.54, changing hands as low as $66.34 per share. TC Energy Corp shares are currently trading down about 1% on the day. The chart below shows the one year performance of TRP shares, versus its 200 day moving average: {{ InlineImage1 }}
Looking at the chart above, TRP's low point in its 52 week range is $57.71 per share, with $74.44 as the 52 week high point — that compares with a last trade of $66.35.
Click here to find out which 9 other Canadian stocks recently crossed below their 200 day moving average »

TRP Crosses Below Key Moving Average Level

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TC Energy (TRP) Q2 2026 Earnings Call Transcript

TC Energy Corporation TRP reported second-quarter 2026 adjusted earnings of 68 cents per share, beating the Zacks Consensus Estimate of 61 cents by 11.48%. Adjusted earnings per share in Canadian cents rose 15.3% year over year, supported by higher contributions across all four operating segments.
Canada-based oil and gas storage and transportation company’s quarterly revenues of $2.86 billion beat the Zacks Consensus Estimate of $2.75 billion by 4.12% and increased 5.6% year over year.
TC Energy Corporation Price, Consensus and EPS Surprise
Comparable EBITDA advanced 12% to C$2.95 billion, aided by strong pipeline utilization and Bruce Power availability.
TRP’s board of directors declared a quarterly dividend of 87.75 Canadian cents per common share for the quarter ending Sept. 30, 2026, equivalent to $3.51 on an annualized basis. The common share dividend is payable on Oct. 30 to its shareholders of record on Sept. 29, 2026.
TRP's Segment EBITDA Advances
Canadian Natural Gas Pipelines generated comparable EBITDA of C$961 million, up 4.1% from C$923 million in the year-ago quarter. The improvement primarily reflected higher flow-through depreciation on the NGTL and Canadian Mainline systems, along with increased incentive earnings on NGTL.
U.S. Natural Gas Pipelines’ comparable EBITDA increased 11.8% to C$1.22 billion. Mexico Natural Gas Pipelines delivered C$409 million, up 28.2%, driven by contributions from the Southeast Gateway pipeline and higher earnings from Sur de Texas. Power and Energy Solutions’ comparable EBITDA climbed 19.9% to C$361 million on stronger Bruce Power results.
TC Energy's Pipeline Volumes Improve
Canadian Natural Gas Pipelines’ deliveries averaged 24.2 billion cubic feet per day (Bcf/d), up 1% year over year. Canadian Mainline Western receipts averaged 4.6 Bcf/d, representing a 4% increase from the prior-year quarter.
U.S. pipeline flows increased 5% to 27 Bcf/d, while deliveries to liquefied natural gas facilities rose 13% to 3.9 Bcf/d. Mexico pipeline flows declined 5% to 3.4 Bcf/d, primarily due to pipeline flow adjustments. Deliveries to Mexican power-generation facilities remained unchanged at 1.4 Bcf/d.
TRP's Power Assets Deliver Strong Availability
Bruce Power achieved 98.5% availability during the quarter and recorded no forced outage days. Its Unit 3 reactor returned to service following a major component replacement project more than seven months ahead of the schedule committed to Ontario’s Independent Electricity System Operator.
The Unit 3 refurbishment also cost 15% less than the Unit 6 program. Bruce Power expects to return approximately C$150 million to Ontario ratepayers because of the favorable project performance. Meanwhile, TC Energy’s cogeneration power plant fleet recorded availability of 89.6%, reflecting planned spring outages.
TC Energy's Growth Backlog Expands
TRP sanctioned C$700 million of projects during the second quarter, bringing total projects approved in 2026 to approximately C$3 billion. The company also increased its pending-approval portfolio to roughly C$7 billion and identified more than C$20 billion of additional projects in origination.
New projects include the Central Virginia Capacity expansion, with an estimated cost of $300 million, and the $100-million Clark project. These U.S. developments are supported by 20-year take-or-pay contracts and have a weighted-average build multiple of approximately 5.8 times. TC Energy also approved C$100 million of expansion facilities on the NGTL system.
TRP’s Expenditure and Balance Sheet
The company placed approximately C$1.8 billion of projects into service during the first six months of 2026. These included the Bison XPress project, Bruce Power Unit 3 and capacity additions on the NGTL system.
Capital spending totaled C$1.12 billion in the second quarter, down from C$1.38 billion a year earlier. Net cash provided by operations increased to C$2.22 billion from C$2.17 billion, while comparable funds generated from operations rose to C$2 billion from C$1.96 billion.
The company had cash and cash equivalents worth C$277 million and long-term debt of C$14.71 billion, with a debt-to-capitalization of 62.7% as of the same date.
TC Energy's 2026 Outlook Strengthens
Management now expects comparable EBITDA to reach the upper end of its C$11.6-C$11.8 billion guided range. Comparable earnings per share are still projected to exceed the 2025 level. Net capital expenditures are expected between C$5.5 billion and C$6 billion.
TRP continues to target comparable EBITDA of C$12.6-C$13.1 billion in 2028. Management cited strong asset availability, rate-case outcomes, project execution, commercial optimization and technology initiatives as key drivers. The company remains committed to achieving its long-term debt-to-EBITDA target of 4.75 times.
TRP Targets Demand-Led Long-Term Growth
TC Energy raised its forecast for incremental North American natural gas demand through 2035 to be 51 Bcf/d, representing a 40% increase from 2025 levels. Power generation accounts for more than half of the latest forecast increase, reflecting growing electricity and data-center requirements.
This Zacks Rank #3 (Hold) company is also advancing artificial intelligence initiatives designed to improve pipeline operations. Management expects these efforts to contribute C$100 million of incremental EBITDA in 2026 and indicated that it was roughly halfway toward that target after the first two quarters. 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 second-quarter results in detail, let us take a look at three other key reports in this space.
Houston, TX-based oil and gas equipment and services provider Halliburton HAL posted second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. Halliburton’s outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level.
As of June 30, 2026, Halliburton had approximately $2 billion in cash and cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%.
Fort Worth, TX-based oil and gas exploration and production company Range Resources Corporation RRC reported second-quarter 2026 adjusted earnings of 79 cents per share, up 19.7% from 66 cents a year ago. Range Resources’ bottom line topped the Zacks Consensus Estimate of 56 cents by 41.1%. Strong quarterly results are driven by higher production and improved price realization.
The company’s net debt was $880.8 million at June 30, 2026, down 28% from $1.22 billion at year-end 2025. Range Resources repurchased $78 million of shares and paid $24 million in dividends during the quarter.
Houston, TX-based oil and gas storage and transportation company Kinder Morgan, Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents per share in the year-ago quarter. Strong quarterly results benefited from broad-based segment growth, led by higher natural gas transportation and gathering volumes. Natural gas transport volumes rose 7%, while gathering volumes increased 26%.
As of June 30, 2026, Kinder Morgan reported $89 million in cash and cash equivalents. Kinder Morgan’s net debt stood at $32.03 billion at quarter-end. The net debt-to-adjusted EBITDA ratio improved to 3.6X from 3.8X at the end of 2025.
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TC Energy Q2 Earnings and Revenues Beat Estimates, Rise Y/Y

TC Energy Corporation TRP has a stronger operating outlook, backed by contracted cash flows, rising natural gas demand and a larger project pipeline. The question is whether those advantages are already reflected in the share price.
The stock’s income profile and improving execution remain attractive. Elevated leverage, heavy capital needs and a valuation above its historical norm argue for patience rather than an aggressive entry.
TC Energy’s Growth Case Is Getting Stronger
TC Energy’s regulated and contracted assets limit direct commodity-price exposure and support relatively predictable cash generation. Its 58,200-mile pipeline network links major supply basins with utility, industrial, power-generation and liquefied natural gas markets across North America.
Comparable EBITDA rose 12% year over year to C$2.95 billion in the second quarter of 2026. Management now expects full-year comparable EBITDA to reach the upper end of its C$11.6-C$11.8 billion guidance range, while its longer-term demand outlook calls for North American natural gas consumption to increase by roughly 51 billion cubic feet per day from 2025 to 2035.
TRP’s Valuation Leaves Less Room for Error
TRP trades at 14.4X trailing 12-month enterprise value to EBITDA. That is above its five-year median of 12.21X, although it remains below the relevant Zacks sub-industry multiple of 15.11X.
Image Source: Zacks Investment Research
The premium to TRP’s own history suggests investors already recognize better operating momentum and improved growth visibility. Continued project execution, supportive regulatory outcomes and sustained system utilization are therefore important. A setback in any of those areas could pressure a stock that offers less valuation cushion than it did historically.
TC Energy Faces Capital and Execution Risks
The company expects 2026 net capital expenditures of C$5.5-C$6 billion, and its expanding backlog could lift investment after 2028. That spending supports future earnings, but it may also absorb internally generated cash and increase dependence on external financing.
Construction inflation, labor and equipment costs, permitting delays, regulatory decisions and project overruns could weaken expected returns or postpone cash flows. Enbridge Inc. ENB also relies on regulated and long-term contracted infrastructure while managing a large capital backlog. The Williams Companies, Inc. WMB is expanding contracted natural gas projects tied to liquefied natural gas, power and industrial demand. Those peers reinforce the sector opportunity, but also show that capital discipline remains central to the investment case.
TRP’s Dividend Adds Income but Not a Margin of Safety
TRP’s reported dividend yield of 3.8% provides meaningful income, supported by infrastructure assets that generate recurring cash flows. The board declared a quarterly dividend of C$0.8775 per common share for the quarter ending Sept. 30, 2026.
The payout does not eliminate balance-sheet risk. TRP carries a debt-to-capital ratio of 60.64%, and projected near-term earnings growth is modest, with the 2026 earnings estimate only slightly above the 2025 result. The dividend improves total-return potential, but it should not be treated as protection against execution or valuation risk.
TRP’s Hold Signal Matches the Mixed Setup
TC Energy’s operations are improving, and long-term natural gas demand supports its development pipeline. The current price, leverage and capital requirements, however, leave limited room for disappointment.
The stock carries a Zacks Rank #3 (Hold), along with a Value Score of C, Growth Score of D, Momentum Score of C and VGM Score of D. The Hold rank supports maintaining an existing position rather than making a strong directional call, while the weaker Growth and VGM scores temper the case for fresh buying. Investors may be better served waiting for a more attractive valuation or clearer evidence that growth can outpace funding demands. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Is TC Energy Stock Worth Buying as Growth Meets a Premium Valuation?

(RTTNews) - TC Energy Corporation (TRP) will host a conference call at 8:30 AM ET on July 30, 2026, to discuss Q2 26 earnings results.
To access the live webcast, log on to https://www.tcenergy.com/investors/events/
To listen to the call, dial 1-833-752-3826 (US) or 1-647-846-8864 (International).
For a replay call, dial 1-855-669-9658 (US) or 1-412-317-0088 (International) Passcode 2418450.
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 Q2 26 Earnings Conference Call At 8:30 AM ET

(RTTNews) - TC Energy Corporation (TRP) revealed a profit for its second quarter that Increased, from last year
The company's bottom line totaled C$1.146 billion, or C$0.95 per share. This compares with C$1.002 billion, or C$0.83 per share, last year.
The company's revenue for the period rose 5.7% to C$3.957 billion from C$3.744 billion last year.
TC Energy Corporation earnings at a glance (GAAP) :
-Earnings: C$1.146 Bln. vs. C$1.002 Bln. last year. -EPS: C$0.95 vs. C$0.83 last year. -Revenue: C$3.957 Bln vs. C$3.744 Bln last year.
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 Announces Increase In Q2 Bottom Line

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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TC Energy Corporation

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