SCHEDULE 13G/A: Goldman Sachs Discloses 5.4% Stake in TC Energy Corporation

The Goldman Sachs Group, Inc. and its subsidiary Goldman Sachs & Co. LLC have reported a beneficial ownership of 5.4% in TC Energy Corporation as of December 31, 2024.

Summary

• The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC jointly reported beneficial ownership of 56,089,480.46 common shares of TC Energy Corporation.
• This ownership represents 5.4% of TC Energy Corporation's outstanding common shares.
• The filing is an Amendment No. 1 to a Schedule 13G, indicating an update to a previously reported ownership position.
• The reporting entities hold shared voting power over 56,088,355.46 shares and shared dispositive power over 56,088,403.46 shares.
• The shares are certified to be held in the ordinary course of business and not for the purpose of changing or influencing control of TC Energy Corporation.

Sentiment

Score: 5

Explanation: The document is a neutral, factual report of beneficial ownership. It neither indicates positive nor negative performance for the issuer, but rather a significant institutional holding.

Positives

• Significant institutional ownership by a major financial entity like Goldman Sachs may indicate confidence in TC Energy Corporation's long-term prospects.
• The filing confirms that Goldman Sachs's stake is held in the ordinary course of business, not for control purposes, which can reduce concerns about activist investor intervention.

Negatives

• The document does not provide specific negative financial or operational details about TC Energy Corporation.

Risks

• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer. Any deviation from this certification could lead to regulatory scrutiny.

Future Outlook

The document does not contain forward-looking statements or guidance regarding TC Energy Corporation's future performance or strategic outlook, as it is a beneficial ownership report from an institutional investor.

Management Comments

• The document does not contain direct quotes or paraphrased statements from TC Energy Corporation's management. It includes certifications from Goldman Sachs's attorney-in-fact regarding the nature of their shareholding.

Industry Context

This filing indicates a significant institutional investment by Goldman Sachs in TC Energy Corporation, a major player in the North American energy infrastructure sector, primarily involved in natural gas pipelines, oil pipelines, and power generation. Such an investment reflects continued institutional interest in stable, dividend-paying energy infrastructure assets, which are often viewed as defensive plays in volatile markets due to their regulated revenue streams and long-term contracts.

Comparison to Industry Standards

• This document is a standard beneficial ownership disclosure (Schedule 13G) and does not contain financial or operational results of TC Energy Corporation that would allow for a direct comparison to industry standards or specific comparable companies/projects.
• The 5.4% stake held by Goldman Sachs is a notable institutional position, aligning with typical large-scale institutional investments in established energy infrastructure companies like Enbridge Inc., Kinder Morgan, or Williams Companies, which also attract significant passive institutional holdings due to their stable cash flows and essential services.

Stakeholder Impact

• The disclosure of Goldman Sachs's 5.4% stake may be viewed positively by shareholders as it signifies significant institutional confidence in TC Energy Corporation.
• No direct impact on employees, customers, suppliers, or creditors of TC Energy Corporation is indicated by this ownership filing.

Next Steps

• The document does not outline any specific future actions, events, or milestones for TC Energy Corporation. Goldman Sachs will continue to file amendments to this Schedule 13G if their beneficial ownership significantly changes (e.g., crosses a 1% threshold up or down, or falls below 5%).

Key Dates

Keywords

TC Energy Corporation, Goldman Sachs, Schedule 13G, Beneficial Ownership, Common Shares, Institutional Investor, Energy Sector, Pipeline Company, North American Energy Infrastructure