Atb Cap Markets Reduces Earnings Estimates for TC Energy

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Equities research analysts at Atb Cap Markets decreased their FY2024 EPS estimates for TC Energy in a research report issued on Tuesday, October 22nd. Atb Cap Markets analyst N. Heywood now expects that the pipeline company will earn $2.86 per share for the year, down from their prior estimate of $3.00. The consensus estimate for TC Energy’s current full-year earnings is $3.02 per share.

A number of other equities analysts have also recently weighed in on TRP. Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday. The Goldman Sachs Group raised their price target on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research report on Monday, October 21st. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Finally, StockNews.com started coverage on shares of TC Energy in a report on Saturday, October 5th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, TC Energy currently has an average rating of “Hold” and an average target price of $48.50.

TC Energy Trading Up 0.6 %

NYSE TRP opened at $47.26 on Thursday. TC Energy has a 12 month low of $30.61 and a 12 month high of $48.25. The stock has a 50-day simple moving average of $46.14 and a 200 day simple moving average of $41.44. 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 capitalization of $47.26 billion, a PE ratio of 24.36, a P/E/G ratio of 3.92 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its 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 company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the firm earned $0.71 EPS.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be issued a $0.702 dividend. The ex-dividend date is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a dividend yield of 5.94%. TC Energy’s payout ratio is 146.39%.

Institutional Trading of TC Energy

A number of hedge funds have recently made changes to their positions in TRP. Capital Research Global Investors raised 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 purchasing an additional 1,492,315 shares during the period. Vanguard Group Inc. raised its holdings in TC Energy by 1.6% in the 1st 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 during the period. Canada Pension Plan Investment Board boosted its holdings 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 worth $737,609,000 after acquiring an additional 10,065,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of TC Energy by 94.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock valued at $688,534,000 after purchasing an additional 8,339,800 shares during the last quarter. Finally, TD Asset Management Inc increased its stake in shares of TC Energy by 9.5% during 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.

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.