The Canadian Stock I Simply Refuse to Sell

Have you ever had a stock that keeps soaring and shows no signs of slowing? The stock’s growth instills neither fear of overvaluation or a future correction. You are confident in holding this stock, even at its all-time high, and refuse to sell it. One such stock that brings such confidence is TC Pipelines (TSX:TRP). You might know it as TransCanada Pipeline or TC Energy. All these names represent one stock that trades under the ticker TRP.

Why this Canadian stock is worth holding

At any given point in time, this stock is worth holding onto. Firstly, TC Energy’s 100% share price rally since October 2023 is driven by the spin-off of the liquids pipeline business and $8 billion worth of gas pipelines coming online in 2025. The accelerated expansion of natural gas infrastructure couldn’t have been timed better.

TC Energy’s biggest revenue generator is the US Natural Gas Pipeline. It is benefiting from the growing capacity of natural gas-fired power plants that data centres are using. The next big growth is from Canadian Natural Gas pipelines. The Natural Gas Transmission Line, popularly known as NGTL, connects Alberta gas pipelines to LNG Canada.

The rapid expansion is likely to stabilize at an annual capital expenditure of $6 billion through 2029, with an expected uptick in 2030. The capex requirement for the latter half of the decade is pending approval. This disciplined capital allocation is expected to grow TC Energy’s comparable Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 6% to $11.7 billion in 2026.

The new asset addition has pushed up TC Energy’s share price. The company can sustain this high share price as long as pipelines are built on time and on budget. The stock may not be a buy at its current high price as the stock price rally has reduced the dividend yield to 3.8%. However, it is a stock worth holding on to, especially if you bought it on or before 2023 and 2024 and locked in a dividend yield of over 6%.

Is there more upside for this Canadian stock?

Most of the time, people hold the stock as they see more upside to its share price. But when the stock reaches its all-time high, the probability of more upside reduces. TC Energy’s capex stabilization hints at flat growth. Moreover, the onset of summer in June could bring a seasonal dip in the share price as natural gas consumption for heating slows.

The stock price could fall mid-single digits between June and September 2026, before surging in winter. That could be a good entry point. You could see the share price rise every winter. So, while there is upside, it’s the regular seasonal growth and trough, and no exponential rally as such.

The key reason to own this stock is dividend growth and a dividend reinvestment plan (DRIP). They could compound your income by accumulating income-generating shares. You could consider owning this stock for a decade in the DRIP option and enjoy a minimum of 3% growth in dividends per share every year.

Investor takeaway

TC Energy’s low-risk business model, disciplined financial allocation, and growing demand for natural gas could sustain the high share price. Its regular cash flow from toll money it charges for transmitting through its pipelines could keep dividends flowing even during a crisis.

The post The Canadian Stock I Simply Refuse to Sell appeared first on The Motley Fool Canada.

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More reading

• The Best Dividend Stocks to Buy and Hold Forever
• Here’s the Average Canadian TFSA and RRSP at Age 35
• 2 Dividend Stocks Worth Holding for the Next 7 Years
• Canadian Defensive Stocks to Buy Now for Stability
• How $30,000 Split Across Three TSX Stocks Can Generate $1,566 in Dividends

Fool contributor Puja Tayal has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.