TC Energy (NYSE:TRP) Sees Strong Trading Volume - Here's What Happened

Key Points

• TC Energy’s trading volume surged 269% to approximately 9.28 million shares, while the stock closed at $58.78 and last traded near $58.94.
• Analyst sentiment is broadly positive: Jefferies and TD Securities upgraded the stock to “buy,” while the consensus rating is “Moderate Buy” with an $89 target price.
• TC Energy reported quarterly earnings and revenue above analysts’ expectations and declared a quarterly dividend of C$0.88, equivalent to a roughly 6.0% annualized yield.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP saw unusually-high trading volume on Monday. Approximately 9,281,924 shares traded hands during trading, an increase of 269% from the previous session's volume of 2,518,836 shares. The stock last traded at $58.9370 and had previously closed at $58.78.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TRP shares. Jefferies Financial Group upgraded TC Energy from a "hold" rating to a "buy" rating in a research note on Tuesday, September 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TC Energy in a research note on Friday, July 31st. Raymond James Financial reiterated a "market perform" rating on shares of TC Energy in a report on Wednesday, September 16th. Royal Bank Of Canada restated a "moderate buy" rating and set a $106.00 target price on shares of TC Energy in a report on Friday, September 11th. Finally, TD Securities raised shares of TC Energy from a "hold" rating to a "buy" rating in a research report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Stock Performance

The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a market capitalization of $58.69 billion, a P/E ratio of 24.35 and a beta of 0.66. The business has a 50-day moving average price of $63.65 and a 200 day moving average price of $65.17.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, beating 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 company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. During the same quarter last year, the company earned $0.82 EPS. As a group, sell-side analysts forecast that TC Energy Corporation will post 2.79 EPS for the current fiscal year.

TC Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a C$0.88 dividend. This represents a $3.51 annualized dividend and a dividend yield of 6.0%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's payout ratio is currently 102.49%.

Institutional Trading of TC Energy

Institutional investors have recently bought and sold shares of the company. TD Asset Management Inc raised its holdings in TC Energy by 6.3% in the fourth quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock worth $1,150,656,000 after buying an additional 1,244,525 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of TC Energy during the second quarter valued at approximately $1,148,244,000. GQG Partners LLC bought a new stake in shares of TC Energy during the second quarter valued at approximately $1,107,936,000. Deutsche Bank AG raised its holdings in TC Energy by 1.3% in the 2nd quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company's stock worth $1,048,809,000 after acquiring an additional 196,543 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in TC Energy in the 2nd quarter worth approximately $977,976,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

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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