Royal Bank Of Canada Reaffirms Outperform Rating for TC Energy (NYSE:TRP)

Key Points

• Royal Bank of Canada reaffirmed its “Outperform” rating on TC Energy and maintained a $106 price target, implying approximately 74% upside from the previous close.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average target price of $89. Recent quarterly results also exceeded expectations, with earnings per share of $0.68 versus the $0.61 consensus estimate.
• TC Energy shares fell 1.6% to $60.90, while institutional investors continued to hold or increase positions; institutions own approximately 83.1% of the company’s stock.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP's stock had its "outperform" rating restated by investment analysts at Royal Bank Of Canada in a research note issued on Friday, Benzinga reports. They currently have a $106.00 price objective on the pipeline company's stock. Royal Bank Of Canada's price objective would indicate a potential upside of 74.05% from the company's previous close.

Other equities analysts have also issued research reports about the company. Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a research report on Friday, July 31st. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. TD Securities reissued a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. Scotiabank reissued an "outperform" rating on shares of TC Energy in a research note on Tuesday, July 21st. Finally, Jefferies Financial Group upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.00.

TC Energy Trading Down 1.6%

Shares of TRP traded down $1.01 during trading hours on Friday, reaching $60.90. 213,640 shares of the company traded hands, compared to its average volume of 2,455,461. TC Energy has a 12 month low of $49.27 and a 12 month high of $71.47. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. The company's fifty day moving average price is $65.36 and its two-hundred day moving average price is $65.42. The company has a market capitalization of $60.90 billion, a price-to-earnings ratio of 25.37 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter in the prior year, the business earned $0.82 EPS. Equities research analysts predict that TC Energy will post 2.78 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TRP. Core Capital Management & Research inc. purchased a new stake in shares of TC Energy during the second quarter valued at approximately $91,000. The Manufacturers Life Insurance Company raised its holdings in TC Energy by 9.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,491,844 shares of the pipeline company's stock worth $362,982,000 after acquiring an additional 452,308 shares during the last quarter. Sequoia Financial Advisors LLC raised its holdings in TC Energy by 2.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,399 shares of the pipeline company's stock worth $1,352,000 after acquiring an additional 562 shares during the last quarter. Tidal Investments LLC lifted its position in TC Energy by 359.3% in the 2nd quarter. Tidal Investments LLC now owns 57,665 shares of the pipeline company's stock valued at $3,819,000 after acquiring an additional 45,110 shares in the last quarter. Finally, Cidel Asset Management Inc. lifted its position in TC Energy by 18.8% in the 2nd quarter. Cidel Asset Management Inc. now owns 21,426 shares of the pipeline company's stock valued at $1,418,000 after acquiring an additional 3,390 shares in the last quarter. Institutional investors own 83.13% of the company's stock.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.

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