TC Energy (NYSE:TRP) Shares Gap Down to $48.37

TC Energy Co. (NYSE:TRP) (TSE:TRP)’s share price gapped down before the market opened on Wednesday . The stock had previously closed at $48.37, but opened at $44.46. TC Energy shares last traded at $43.96, with a volume of 480,841 shares changing hands.

Analyst Ratings Changes

TRP has been the subject of a number of recent analyst reports. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday. Finally, StockNews.com assumed coverage on TC Energy in a research note on Friday, September 27th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $43.50.

TC Energy Price Performance

The company has a market cap of $43.63 billion, a P/E ratio of 22.46, a PEG ratio of 3.80 and a beta of 0.81. 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 fifty day moving average price of $45.00 and a two-hundred day moving average price of $40.72.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.29. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same period last year, the firm posted $0.71 EPS. On average, sell-side analysts anticipate that TC Energy Co. will post 3.08 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders 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 dividend yield of 6.44%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s dividend payout ratio (DPR) is currently 146.39%.

Hedge Funds Weigh In On TC Energy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors increased its holdings in TC Energy by 2.7% during the first 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. Capital International Investors grew its position in TC Energy by 11.8% during the fourth quarter. Capital International Investors now owns 55,161,245 shares of the pipeline company’s stock valued at $2,155,419,000 after acquiring an additional 5,822,056 shares during the last quarter. Vanguard Group Inc. lifted its stake in TC Energy by 1.6% in the first 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. Capital World Investors boosted its stake in shares of TC Energy by 0.5% during the fourth quarter. Capital World Investors now owns 37,412,046 shares of the pipeline company’s stock valued at $1,461,583,000 after purchasing an additional 181,091 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings in TC Energy by 20.5% in the 4th quarter. 1832 Asset Management L.P. now owns 19,786,834 shares of the pipeline company’s stock worth $773,467,000 after acquiring an additional 3,366,443 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

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.