SCHEDULE: Goldman Sachs Discloses 2.4% Stake in TC Energy

Goldman Sachs Group and its subsidiary Goldman Sachs & Co. LLC 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 jointly filed an Amendment No. 2 to Schedule 13G regarding their beneficial ownership in TC Energy Corporation.
• As of December 31, 2025, the reporting persons beneficially owned an aggregate of 25,279,804.24 shares of TC Energy Corporation's Common Stock.
• This ownership represents 2.4% of the class of securities.
• The reporting persons hold shared voting power over 25,273,118.24 shares and shared dispositive power over 25,273,166.24 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, typical for institutional ownership disclosures. It provides transparency on Goldman Sachs' stake but offers no new operational or financial insights into TC Energy.

Positives

• Goldman Sachs' continued investment indicates a long-term interest in TC Energy Corporation.
• The certification states the investment is for ordinary course business, not for control, suggesting stability in the ownership structure.

Future Outlook

NA

Management Comments

• 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.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures by institutional investors holding significant, but non-controlling, stakes in public companies. Goldman Sachs' position in TC Energy Corporation, a major North American energy infrastructure company, reflects ongoing institutional interest in the energy sector, particularly in companies with stable asset bases like pipelines and utilities.

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional holder's stake, potentially reinforcing confidence.
• Management: Awareness of a large institutional holder, but no indication of active control or influence.

Next Steps

• Goldman Sachs will continue to monitor its beneficial ownership in TC Energy Corporation.
• Further amendments to Schedule 13G will be filed if there are material changes to the ownership stake (e.g., exceeding 1% change).

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of an institutional ownership stake and does not contain new information regarding TC Energy's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Goldman Sachs' 2.4% stake is a passive investment, held in the ordinary course of business, and does not suggest an intent to influence control. Therefore, a 'hold' recommendation is appropriate, maintaining existing positions based on the company's fundamentals rather than this ownership update.

Keywords

TC Energy Corporation, Goldman Sachs, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Ownership, SEC Filing, Energy Sector