TC Energy is under regulatory scrutiny after a formal comment to the Federal Energy Regulatory Commission questioned an apparent expansion of the Northwoods Project footprint and requested extended public consultation. The stock has gained 29.6% year to date and delivered a 60.4% one-year total shareholder return, trading at around CA$99.59. A narrative fair value estimate of CA$96.09 suggests the shares are about 4% overvalued, while a P/E-based view pegs fair value at 26.2 times earnings versus the current 29.4 times, above the Canadian Oil and Gas industry average of 24.7 times. The valuation tension hinges on whether strong North American natural gas demand from LNG exports, coal-to-gas switching, data centers, and electrification can persist against long-term renewable pressures.
TC Energy CorpRegulatory scrutiny from FERC over Northwoods Project expansion and extended public consultation request.