Hey there,
TC Energy remains one of the largest midstream companies on the TSX - but the recent split has definitely impacted 'what' investors are getting. In terms of TC Energy itself, it is intended to be a higher-growth business focusing primarily on natural gas, nuclear and hydrogen. As for South Bow, it will be a liquid pipeline play with lower-growth and will be focused on increasing capacity on underutilized points in the system. Keep in mind, this is not yet complete - only expected to be completed in the second-half of 2024.
With that in mind, what you decide to keep or sell depends on what your goals are. TC Energy still has pretty high debt loads and if you want our view of the spinoff (which hasn't changed), you can check out our newsletter from back when it was first announced :
https://www.stocktrades.ca/tc-energy-spinoff-earnings-reports/
This will give you a fee for our thoughts on the company and the proposed spinoff. Not much has changed TBH and it is still in a wait-and-see situation. If they can execute on their strategy, they will be in good shape going into Fiscal 2025. Debt load remains an issue and persistently high rates don't help the company. That said, once rates drop (and they will eventually) then it will be in a better position.
Mat