TC Energy (NYSE:TRP) Cut to Hold at StockNews.com

StockNews.com downgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) from a buy rating to a hold rating in a report released on Thursday.

Several other research firms have also weighed in on TRP. TD Securities initiated coverage on TC Energy in a research note on Wednesday, January 15th. They issued a “buy” rating on the stock. Veritas raised TC Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, February 18th. US Capital Advisors raised TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 3rd. BMO Capital Markets lifted their price target on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research note on Wednesday, November 20th. Finally, Royal Bank of Canada lifted their price target on TC Energy from $71.00 to $74.00 and gave the company an “outperform” rating in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

TC Energy Stock Performance

NYSE:TRP opened at $45.86 on Thursday. The stock’s 50-day simple moving average is $46.28 and its 200 day simple moving average is $46.74. The firm has a market capitalization of $47.66 billion, a PE ratio of 14.15, a price-to-earnings-growth ratio of 4.34 and a beta of 0.83. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. TC Energy has a twelve month low of $31.83 and a twelve month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.54. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same period last year, the firm posted $1.35 earnings per share. On average, analysts anticipate that TC Energy will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be paid a $0.85 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.82. This represents a $3.40 dividend on an annualized basis and a dividend yield of 7.41%. The ex-dividend date of this dividend is Monday, March 31st. TC Energy’s payout ratio is currently 72.53%.

Hedge Funds Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in TRP. SBI Securities Co. Ltd. acquired a new position in shares of TC Energy in the fourth quarter worth approximately $31,000. Versant Capital Management Inc acquired a new position in shares of TC Energy in the fourth quarter worth approximately $33,000. Synergy Investment Management LLC acquired a new position in shares of TC Energy in the fourth quarter worth approximately $36,000. Point72 DIFC Ltd acquired a new position in shares of TC Energy in the third quarter worth approximately $39,000. Finally, Millstone Evans Group LLC acquired a new position in shares of TC Energy in the fourth quarter worth approximately $41,000. 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.