SCHEDULE: Goldman Sachs Discloses 2.4% Stake in TC Energy

The Goldman Sachs Group and its affiliate have reported a 2.4% beneficial ownership stake in TC Energy Corporation as of December 31, 2025.

Summary

• The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC collectively beneficially own 25,279,804.24 shares of TC Energy Corporation's Common Stock.
• This ownership represents 2.4% of the total class of securities.
• The reporting entities hold shared voting power over 25,273,118.24 shares and shared dispositive power over 25,273,166.24 shares.
• The filing is an Amendment No. 2 to a Schedule 13G, indicating previous disclosures of ownership.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of TC Energy.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as moderately positive, as a significant institutional stake from Goldman Sachs, held in the ordinary course of business, can signal confidence in TC Energy's stability and long-term value, without implying activist pressure.

Positives

• A significant stake by a major financial institution like Goldman Sachs can be interpreted as a vote of confidence in TC Energy's long-term prospects and stability.
• The investment is stated to be held in the ordinary course of business, suggesting a passive, non-activist position, which typically avoids potential corporate governance disputes.

Negatives

• The 2.4% stake is below the 5% threshold that would trigger more detailed Schedule 13D filings, indicating a non-controlling, passive investment with limited direct influence.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that TC Energy is a major North American energy infrastructure company. A significant, albeit passive, stake by a global financial powerhouse like Goldman Sachs suggests continued institutional interest in the energy sector, particularly in established infrastructure players. This could reflect a view on the stability of cash flows from pipeline assets or a long-term outlook on energy demand.

Stakeholder Impact

• Shareholders: Increased institutional ownership may lend credibility and stability to the stock, potentially attracting other investors.
• Management: The passive nature of the stake (under Rule 13d-1(b)) suggests no immediate pressure or influence on management decisions.

Key Dates

Recommendation

The filing indicates a significant, passive institutional investment by Goldman Sachs in TC Energy. While this signals confidence from a major player, it does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation. The stake is below the threshold for activist involvement, suggesting a long-term, ordinary course holding. Therefore, a 'hold' recommendation is appropriate for existing investors, while potential investors should conduct further due diligence on TC Energy's fundamentals.

Keywords

TC Energy Corporation, Goldman Sachs, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investment, Energy Sector, Pipeline Company