11:41 AM EST, 02/14/2025 (MT Newswires) -- (Adds comment and updates shares.)

TC Energy ( TRP ) on Friday reported a drop in comparable earnings in the fourth quarter while increasing its dividend.

Comparable earnings fell to $1.09 billion, or $1.05 per share, down from $1.40 billion, or $1.35, in the year-prior quarter.

Comparable EBITDA from continuing operations also declined to $2.62 billion from $2.72 billion.

The company's board approved a quarterly dividend increase of 3.3% for the quarter ending March 31 to $0.85 per share, equivalent to $3.40 per share on an annualized basis.

TC Energy ( TRP ) expects full-year 2025 comparable EBITDA from continuing operations of $10.7 to $10.9 billion. Comparable EPS for 2025 is expected to be lower than in 2024.

The company on Jan. 20 achieved mechanical completion of the Southeast Gateway pipeline project. TC Energy ( TRP ) is finalizing project completion activities to achieve a May 1 in-service date.

National Bank of Canada reiterated its outperform rating on the company's shares and $74.00 price target after the earnings release.

National Bank said it expects "little change" to TC Energy ( TRP ) estimates, citing the in-line quarter that confirmed significant progress towards the company's 4.75x D/EBITDA target, as well as its unchanged 2025 outlook.

TC Energy ( TRP ) shares were last seen down $1.80 to $65.40 on the Toronto Stock Exchange.

Price: 65.41, Change: -1.80, Percent Change: -2.67