TC Energy (TRP.TO)

Not adding now because it's run up so much. Likes that its growth is now from smaller projects that are more likely to go through with minimal regulatory issues. Still a forever hold.

All these companies carry heavy debt. Once slip up and their cash flow is in trouble. He prefers companies with high cash flow and low capex, like Apple and Meta. Not for him, but if interest rates continue to fall in Canada, dividend stocks like this could look stable and attractive. Pays a good 4.7% dividend.

He owned it for a while. Had a big run-up last year but thinks it is pretty much done now with a lot of insider selling. Tends to have big swings.

Defensive assets are garnering less and less of a bid as people become more comfortable with economic risk. Used this name as a source of cash to add more beta to portfolios. Great company, but relative price performance has started to back off for the pipelines group. Pipelines carry a lot of debt, and financing costs could get more expensive if long-term yields stay high.

Catalyst was spinoff of South Bow oil pipelines, so remaining energy would be "clean". 

Defensive. Pays a 4.8% dividend. Natural gas demand will endure. No tariff worries. Data centres need power, and he doubts tariffs will impact Canadian energy supply.

Great run second half last year, has gone sideways since then. Now breaking out above $68, which is quite positive. It's had lots of time to digest and consolidate.

It oversold for a while and is not a fast growing company but data centres need gas to provide their demands for electricity. Pipelines are good for recession and TRP is up 4% since Feb.19.

This is the one he likes in the space. Part of its business is very utility-like. Steady dividend, which will rise over time. Dividend also looks attractive in the face of an economic slowdown when interest rates would fall. Hold for the long haul.

More pipeline builds would certainly be an opportunity for growth for this name, but that's not why he owns it.

Likes the pipeline space for income, and this one is fine. She owns PPL instead, and see her Top Picks.

A great business, good valuations, pays under a 5% dividend.

Likes it short and long term. They touch 30% of all LNG and 25% natural gas in North America. There was data centre hype in this stock, but faded after DeepSeek last week. Pays a 5% dividend yield. Likes it more after spinning off South Bow, a pure play natural gas company.

Lightening up on TRP to diversify makes sense, as long as you aren't paying capital gains tax and it's in a registered account. KEY works well from here, and PPL slightly better.

For the past 6 months, the chart has been sharply up. Pays a lovely yield. He would add at current levels. Strong technicals. He likes pipelines. Energy should do fine at least for the first half of 2025.

Even if that were to happen, you'd want to put your exposure to energy in the pipelines. We are going to see increased volumes, barring a recession in the States or NA. Fantastic news for pipelines. Not worried so much about what the price actually is, the way a driller or downstream producer would be. Relatively decent dividend.