SCHEDULE 13G/A: Bank of Montreal Discloses 6.72% Stake in TC Energy Corp Through Latest SEC Filing

Bank of Montreal and its various subsidiaries have filed an amended Schedule 13G, revealing an aggregate beneficial ownership of 6.72% of TC Energy Corp's common shares as of March 31, 2025.

Summary

• Bank of Montreal, along with its subsidiaries and affiliates, has filed an Amendment No. 3 to Schedule 13G regarding its beneficial ownership in TC Energy Corp.
• As of March 31, 2025, the aggregate amount of common shares beneficially owned by Bank of Montreal and its reporting entities is 69,826,748 shares.
• This aggregate ownership represents 6.72% of the total class of TC Energy Corp's common shares.
• Key reporting entities include Bank of Montreal Holding Inc. (3.9% ownership), BMO Nesbitt Burns Inc. Wealth Management (2.56% ownership), BMO Private Investment Counsel Inc. (1.34% ownership), BMO Asset Management Inc. (0.18% ownership), BMO Nesbitt Burns Inc. (0.5% ownership), and Bank of Montreal, Toronto Branch (2.81% ownership).
• The filing indicates that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of TC Energy Corp.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain qualitative information that would indicate a positive or negative sentiment. It is neutral.

Future Outlook

This Schedule 13G filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding TC Energy Corp's future outlook.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing indicates a significant institutional stake held by Bank of Montreal in TC Energy Corp, a major player in the North American energy infrastructure sector. Such disclosures provide transparency into large passive investment positions by financial institutions, which can signal long-term confidence in the company's fundamentals within its industry.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, potentially influencing market perception of stability and institutional confidence.
• Investors: Offers insight into the holdings of a major financial institution, which can be a factor in investment decisions.

Key Dates

Keywords

TC Energy Corp, Bank of Montreal, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Ownership, SEC Filing, Energy Sector, Pipeline Company, Investment Management