TC Energy Corporation (NYSE:TRP) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on TC Energy, with 10 buy, 1 strong-buy and 4 hold ratings. The average 12-month price target is $89, compared with the stock’s reported $59.61 price.
• Institutional ownership stands at 83.13%, with several investment firms increasing their positions during the second quarter, including Envestnet Asset Management, which raised its stake by 39.9%.
• TC Energy exceeded quarterly expectations, reporting $0.68 in EPS versus a $0.61 estimate and $2.80 billion in revenue. The company also announced a quarterly dividend of C$0.88 per share, representing a 5.9% annualized yield.

Shares of TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP have earned an average rating of "Moderate Buy" from the fifteen analysts that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $89.00.

A number of research firms have recently commented on TRP. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. TD Securities raised shares of TC Energy from a "hold" rating to a "buy" rating in a report on Monday, September 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. BMO Capital Markets reissued an "outperform" rating and issued a $99.00 price target on shares of TC Energy in a report on Friday, July 31st. Finally, Barclays restated an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th.

Hedge Funds Weigh In On TC Energy

A number of institutional investors have recently added to or reduced their stakes in TRP. QRG Capital Management Inc. boosted its position in shares of TC Energy by 27.8% during the 2nd quarter. QRG Capital Management Inc. now owns 5,506 shares of the pipeline company's stock valued at $365,000 after acquiring an additional 1,197 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in shares of TC Energy by 1.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,946 shares of the pipeline company's stock worth $1,519,000 after purchasing an additional 257 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in TC Energy by 39.9% in the second quarter. Envestnet Asset Management Inc. now owns 1,878,251 shares of the pipeline company's stock valued at $124,481,000 after purchasing an additional 535,279 shares in the last quarter. Wellington Altus USA Inc. raised its stake in TC Energy by 24.1% in the second quarter. Wellington Altus USA Inc. now owns 5,255 shares of the pipeline company's stock valued at $351,000 after purchasing an additional 1,020 shares in the last quarter. Finally, Core Capital Management & Research inc. bought a new stake in TC Energy during the second quarter valued at approximately $91,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

NYSE TRP opened at $59.61 on Friday. The company has a market cap of $59.61 billion, a PE ratio of 24.73 and a beta of 0.66. TC Energy has a 52 week low of $49.27 and a 52 week 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 firm's 50-day simple moving average is $63.87 and its two-hundred day simple moving average is $65.20.

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 the consensus estimate of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company earned $0.82 earnings per share. Research analysts predict that TC Energy will post 2.79 earnings per share for the current year.

TC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a dividend of C$0.88 per share. This represents a $3.51 annualized dividend and a yield of 5.9%. The ex-dividend date is Tuesday, September 29th. TC Energy's payout ratio is presently 102.49%.

TC Energy Company Profile

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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