Brokerages Set TC Energy Co. (NYSE:TRP) Target Price at $48.50

Shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) have earned an average rating of “Hold” from the nine ratings firms that are currently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, two have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $55.67.

A number of brokerages have recently issued reports on TRP. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. StockNews.com started coverage on shares of TC Energy in a report on Monday, November 18th. They issued a “hold” rating on the stock. Veritas upgraded TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. Finally, BMO Capital Markets increased their price target on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday.

TC Energy Stock Performance

TRP stock opened at $49.85 on Tuesday. TC Energy has a twelve month low of $31.83 and a twelve month high of $50.37. The firm has a market cap of $51.74 billion, a price-to-earnings ratio of 13.81, a PEG ratio of 4.22 and a beta of 0.81. The business’s fifty day simple moving average is $47.22 and its two-hundred day simple moving average is $43.22. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. Analysts predict that TC Energy will post 2.98 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be issued a $0.822 dividend. This is a boost from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.29 dividend on an annualized basis and a yield of 6.60%. TC Energy’s dividend payout ratio is presently 67.31%.

Institutional Investors Weigh In On TC Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRP. Capital Research Global Investors lifted its position in shares of TC Energy by 2.7% in the first quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock valued at $2,297,701,000 after acquiring an additional 1,492,315 shares in the last quarter. Vanguard Group Inc. boosted its stake in 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 purchasing an additional 653,031 shares during the last quarter. Canada Pension Plan Investment Board raised its position in shares of TC Energy by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after buying an additional 10,065,000 shares during the last quarter. Murchinson Ltd. acquired a new position in TC Energy during the first quarter worth about $506,485,000. Finally, Legal & General Group Plc grew its stake in TC Energy by 4.1% during the 2nd quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock valued at $450,749,000 after acquiring an additional 467,497 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

About TC Energy

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.