What is Scotiabank’s Estimate for TC Energy FY2024 Earnings?

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Equities researchers at Scotiabank reduced their FY2024 earnings per share (EPS) estimates for TC Energy in a note issued to investors on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the pipeline company will earn $2.95 per share for the year, down from their previous estimate of $3.23. The consensus estimate for TC Energy’s current full-year earnings is $3.00 per share. Scotiabank also issued estimates for TC Energy’s FY2025 earnings at $2.59 EPS.

TRP has been the topic of several other research reports. StockNews.com began coverage on shares of TC Energy in a research report on Wednesday, December 4th. They issued a “hold” rating on the stock. Veritas raised TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. BMO Capital Markets increased their price target on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. Finally, The Goldman Sachs Group upped their target price on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday, October 21st. 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 stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $55.67.

TC Energy Stock Performance

TRP opened at $46.71 on Monday. The company has a market cap of $48.52 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 3.88 and a beta of 0.82. The company’s fifty day moving average price is $47.76 and its two-hundred day moving average price is $45.37. TC Energy has a 1-year low of $31.83 and a 1-year high of $50.37. The company has a current ratio of 1.31, a quick ratio of 1.23 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, topping analysts’ consensus estimates of $0.70 by $0.06. The company had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. This represents a $3.29 dividend on an annualized basis and a dividend yield of 7.04%. This is a boost from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s payout ratio is presently 67.31%.

Hedge Funds Weigh In On TC Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Captrust Financial Advisors raised its stake in shares of TC Energy by 1.3% in the third quarter. Captrust Financial Advisors now owns 18,316 shares of the pipeline company’s stock valued at $871,000 after buying an additional 242 shares during the period. Prospera Financial Services Inc increased its holdings in TC Energy by 4.8% in the 3rd quarter. Prospera Financial Services Inc now owns 5,754 shares of the pipeline company’s stock worth $274,000 after acquiring an additional 262 shares during the last quarter. First Horizon Advisors Inc. raised its stake in TC Energy by 8.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 3,505 shares of the pipeline company’s stock valued at $167,000 after acquiring an additional 264 shares during the period. Blue Trust Inc. lifted its holdings in TC Energy by 72.0% during the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 267 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. lifted its holdings in TC Energy by 4.5% during the third quarter. Mesirow Financial Investment Management Inc. now owns 9,175 shares of the pipeline company’s stock valued at $436,000 after purchasing an additional 393 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other 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.