TC Energy (NYSE:TRP) Stock Rating Upgraded by JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) from a neutral rating to an overweight rating in a report issued on Monday, MarketBeat.com reports.

A number of other research firms also recently issued reports on TRP. StockNews.com began coverage on shares of TC Energy in a report on Saturday, October 5th. They set a hold rating on the stock. Veritas raised shares of TC Energy to a strong sell rating in a report on Tuesday, October 8th. Barclays raised shares of TC Energy from an equal weight rating to an overweight rating in a report on Wednesday, July 17th. Finally, UBS Group raised shares of TC Energy from a neutral rating to a buy rating in a report on Monday, September 30th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, TC Energy presently has a consensus rating of Hold and an average target price of $43.50.

TC Energy Stock Performance

NYSE TRP opened at $46.79 on Monday. The company has a fifty day simple moving average of $45.53 and a 200 day simple moving average of $41.03. TC Energy has a 12-month low of $33.47 and a 12-month high of $48.42. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57. The company has a market cap of $46.79 billion, a P/E ratio of 24.12, a PEG ratio of 3.68 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter last year, the firm posted $0.71 EPS. Sell-side analysts predict that TC Energy will post 3.06 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid a dividend of $0.702 per share. This represents a $2.81 dividend on an annualized basis and a dividend yield of 6.00%. The ex-dividend date is Friday, September 27th. TC Energy’s payout ratio is 146.39%.

Institutional Investors Weigh In On TC Energy

A number of hedge funds have recently made changes to their positions in TRP. Creekmur Asset Management LLC bought a new stake in shares of TC Energy during the 4th quarter worth $27,000. Vanguard Group Inc. increased its stake in shares of TC Energy by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 40,404,299 shares of the pipeline company’s stock worth $1,579,404,000 after purchasing an additional 778,359 shares in the last quarter. HighPoint Advisor Group LLC bought a new stake in shares of TC Energy in the fourth quarter valued at approximately $242,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of TC Energy by 13.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 48,124 shares of the pipeline company’s stock valued at $1,935,000 after buying an additional 5,763 shares in the last quarter. Finally, New Hampshire Trust boosted its holdings in TC Energy by 3.8% in the 1st quarter. New Hampshire Trust now owns 7,263 shares of the pipeline company’s stock worth $292,000 after buying an additional 269 shares during the period. 83.13% of the stock is currently 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.