TC Energy Sets New Dividend Rates and Conversion Terms for Series 5 and 6 Preferred Shares

The latest announcement is out from TC Energy ( (TSE:TRP) ).

TC Energy has confirmed it will not redeem its Cumulative Redeemable First Preferred Shares, Series 5 and Series 6, on Jan. 30, 2026, instead allowing investors in both series to either retain their existing shares or convert them on a one-for-one basis between a fixed and a floating dividend structure. Holders of Series 5 shares who keep them will receive a fixed annual dividend rate of 4.501 per cent for the five-year term beginning Jan. 30, 2026, while those who opt to switch to Series 6, and existing Series 6 holders who remain, will receive a floating quarterly dividend initially set at 3.732 per cent for the three months from Jan. 30 to April 30, 2026, with the rate reset every quarter. The company has set a Jan. 16, 2026, 5 p.m. ET deadline for beneficial owners to instruct their brokers on conversion elections, and it has outlined automatic one-for-one conversions between the two series if fewer than one million shares of either series remain outstanding after Jan. 30, 2026. Investors will also have recurring opportunities to convert between the two series every five years starting in 2031, underscoring TC Energy’s continued use of preferred share structures to manage its capital base while offering shareholders a choice between rate stability and potential upside from floating dividends.

The most recent analyst rating on (TSE:TRP) stock is a Buy with a C$83.00 price target. To see the full list of analyst forecasts on TC Energy stock, see the TSE:TRP Stock Forecast page.

Spark’s Take on TSE:TRP Stock

According to Spark, TipRanks’ AI Analyst, TSE:TRP is a Outperform.

TC Energy’s overall stock score reflects strong earnings call performance and corporate events, which are the most significant factors. Financial performance is solid but challenged by high leverage and revenue decline. Technical analysis and valuation suggest moderate growth potential with attractive dividends.

To see Spark’s full report on TSE:TRP stock, click here.

More about TC Energy

TC Energy is a major North American energy infrastructure company operating pipelines and related assets across Canada, the U.S. and Mexico. It primarily transports cleaner-burning natural gas—moving over 30 per cent of the continent’s supply—and holds strategic, low-risk investments in power generation that support industrial demand and affordable energy for consumers.

Average Trading Volume: 5,201,034

Technical Sentiment Signal: Buy

Current Market Cap: C$79.58B

For detailed information about TRP stock, go to TipRanks’ Stock Analysis page.