TC Energy Co. to Post FY2024 Earnings of $3.03 Per Share, National Bank Financial Forecasts (NYSE:TRP)

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Stock analysts at National Bank Financial cut their FY2024 EPS estimates for TC Energy in a research note issued to investors on Wednesday, October 2nd. National Bank Financial analyst P. Kenny now forecasts that the pipeline company will post earnings of $3.03 per share for the year, down from their prior forecast of $3.04. The consensus estimate for TC Energy’s current full-year earnings is $3.08 per share.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same period in the previous year, the firm earned $0.71 earnings per share.

A number of other research analysts have also recently weighed in on TRP. UBS Group upgraded shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Finally, StockNews.com initiated coverage on shares of TC Energy in a report on Friday, September 27th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $43.50.

TC Energy Price Performance

TC Energy stock opened at $44.34 on Friday. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. The company has a market capitalization of $44.34 billion, a price-to-earnings ratio of 22.86, a price-to-earnings-growth ratio of 3.80 and a beta of 0.81. The company’s 50 day simple moving average is $45.11 and its 200-day simple moving average is $40.77. TC Energy has a 1 year low of $32.51 and a 1 year high of $48.42.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a dividend of $0.702 per share. This represents a $2.81 annualized dividend and a yield of 6.33%. The ex-dividend date is Friday, September 27th. TC Energy’s dividend payout ratio (DPR) is presently 146.39%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in shares of TC Energy by 2.7% during the 1st quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock worth $2,297,701,000 after buying an additional 1,492,315 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of TC Energy by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock worth $1,650,505,000 after buying an additional 653,031 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of TC Energy by 107.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after buying an additional 10,065,000 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of TC Energy by 94.9% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after buying an additional 8,339,800 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in shares of TC Energy by 9.5% during the 1st quarter. TD Asset Management Inc now owns 16,763,150 shares of the pipeline company’s stock worth $674,366,000 after buying an additional 1,458,732 shares during the last quarter. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Company Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.