The Goldman Sachs Group Increases TC Energy (NYSE:TRP) Price Target to $42.00

TC Energy (NYSE:TRP) (TSE:TRP) had its price target hoisted by The Goldman Sachs Group from $38.00 to $42.00 in a research note published on Monday, Benzinga reports. They currently have a sell rating on the pipeline company’s stock.

A number of other equities analysts also recently commented on the stock. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. StockNews.com began coverage on shares of TC Energy in a research report on Saturday, October 5th. They set a “hold” rating for the company. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Finally, Veritas upgraded TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, TC Energy has an average rating of “Hold” and an average target price of $48.50.

TC Energy Stock Down 1.0 %

Shares of NYSE:TRP opened at $46.95 on Monday. TC Energy has a 12-month low of $30.61 and a 12-month high of $48.25. 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 firm has a market cap of $46.95 billion, a PE ratio of 24.20, a price-to-earnings-growth ratio of 3.98 and a beta of 0.81. The company has a fifty day simple moving average of $46.08 and a 200 day simple moving average of $41.40.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter last year, the company posted $0.71 earnings per share. On average, equities research analysts anticipate that TC Energy will post 3.02 EPS 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. Shareholders of record on Friday, September 27th will be paid a dividend of $0.702 per share. This represents a $2.81 annualized dividend and a yield of 5.98%. The ex-dividend date is Friday, September 27th. TC Energy’s payout ratio is currently 146.39%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TRP. Capital Research Global Investors grew its position in TC Energy by 2.7% in the 1st quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock valued at $2,297,701,000 after buying an additional 1,492,315 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock valued at $1,650,505,000 after acquiring an additional 653,031 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in shares of TC Energy by 107.1% during 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 acquiring an additional 10,065,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in TC Energy by 94.9% during the first 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 purchasing an additional 8,339,800 shares in the last quarter. Finally, TD Asset Management Inc lifted its position in TC Energy by 9.5% in the first quarter. TD Asset Management Inc now owns 16,763,150 shares of the pipeline company’s stock worth $674,366,000 after purchasing an additional 1,458,732 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

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.