TC Energy (NYSE:TRP) Now Covered by StockNews.com

StockNews.com assumed coverage on shares of TC Energy (NYSE:TRP) (TSE:TRP) in a report released on Wednesday. The brokerage issued a hold rating on the pipeline company’s stock.

Several other equities analysts have also recently weighed in on TRP. BMO Capital Markets raised their price target on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. 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 report on Monday, September 30th. The Goldman Sachs Group lifted their target price on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday, October 21st. Finally, JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, TC Energy currently has an average rating of “Hold” and a consensus price target of $55.67.

TC Energy Stock Up 0.7 %

NYSE TRP opened at $49.02 on Wednesday. The stock’s 50-day moving average price is $47.57 and its 200-day moving average price is $43.79. The company has a market capitalization of $50.88 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 4.05 and a beta of 0.82. TC Energy has a 52 week low of $31.83 and a 52 week high of $50.37. 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 issued its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) 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 company had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. On average, equities research analysts predict that TC Energy will post 3 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 dividend on an annualized basis and a yield of 6.71%. TC Energy’s payout ratio is 78.95%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Canada Pension Plan Investment Board boosted its stake 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 worth $737,609,000 after buying an additional 10,065,000 shares during the last quarter. Legal & General Group Plc raised its holdings in TC Energy by 4.1% in the 2nd quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock worth $450,749,000 after purchasing an additional 467,497 shares during the period. CIBC Asset Management Inc raised its holdings in TC Energy by 2.6% in the 2nd quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company’s stock worth $322,584,000 after purchasing an additional 214,689 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in TC Energy by 156.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock worth $321,778,000 after purchasing an additional 4,126,801 shares during the period. Finally, Geode Capital Management LLC raised its holdings in TC Energy by 8.3% in the 3rd quarter. Geode Capital Management LLC now owns 4,712,660 shares of the pipeline company’s stock worth $225,890,000 after purchasing an additional 360,548 shares during the period. 83.13% of the stock is owned by institutional investors.

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.