SCHEDULE: Bank of Montreal Discloses 5.75% Stake in TC Energy

Bank of Montreal and its affiliates have reported a collective beneficial ownership of 5.75% in TC Energy Corp. common shares as of December 31, 2025.

Summary

• Bank of Montreal, along with its various subsidiaries and affiliates, collectively beneficially owns 59,861,812 common shares of TC Energy Corp.
• This aggregate holding represents 5.75% of the total class of TC Energy Corp. common shares.
• The ownership is distributed across multiple BMO entities, including Bank of Montreal (parent), Bank of Montreal Holding Inc., BMO Nesbitt Burns Inc. Wealth Management, BMO Asset Management Inc., and BMO Nesbitt Burns Inc., among others.
• The filing is an Amendment No. 4 to a Schedule 13G, indicating an update to previously reported beneficial ownership.
• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of TC Energy Corp.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive development, as it confirms a significant, passive institutional investment in TC Energy, indicating ongoing confidence from a major financial entity without suggesting any immediate operational changes or challenges.

Positives

• Significant institutional ownership by a major financial institution like Bank of Montreal can signal confidence in TC Energy's long-term prospects and stability.
• The diversified holdings across various BMO subsidiaries (wealth management, asset management, brokerage) suggest broad institutional interest in TC Energy's common shares.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that TC Energy operates in the critical North American energy infrastructure sector, primarily focusing on natural gas pipelines, oil pipelines, and power generation. The disclosure of a significant 5.75% stake by Bank of Montreal, a major Canadian financial institution, underscores continued institutional confidence in the stability and long-term value proposition of established energy infrastructure companies, particularly given their essential role in energy transition and security.

Comparison to Industry Standards

• StockSavvy.ai observes that institutional ownership levels for large-cap energy infrastructure companies like TC Energy are typically high, reflecting their stable cash flows and dividend yields, which are attractive to long-term investors and financial institutions.
• While specific comparable ownership percentages are not provided in this filing, a 5.75% stake by a single financial group is a notable position, aligning with the common practice of major banks and asset managers holding substantial, passive stakes in blue-chip utility and infrastructure firms.

Stakeholder Impact

• Shareholders: The continued significant ownership by a major financial institution like Bank of Montreal may provide a sense of stability and validation for existing shareholders.
• Management: Confirms institutional support for the company's current strategic direction, as the ownership is stated to be for ordinary course of business and not for influencing control.

Key Dates

Recommendation

The filing is a routine Schedule 13G amendment disclosing a passive institutional ownership stake by Bank of Montreal. It does not contain new operational or financial information that would warrant a change in investment thesis. The significant, stable ownership by a major financial institution is generally a positive signal for long-term stability, but it does not provide a catalyst for a 'buy' or 'sell' recommendation based solely on this disclosure. Therefore, a 'hold' recommendation is appropriate for investors already positioned in TC Energy.

Keywords

TC Energy, Bank of Montreal, BMO, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Investor, Energy Sector, Pipeline, Utilities