TC Energy (NYSE:TRP) Stock Breaks Above 200 Day Moving Average - What's Next?

Key Points

• TC Energy shares moved above their 200-day moving average, trading as high as $64.37 and last at $64.27, versus the average of $63.97.
• Analysts’ consensus rating is “Moderate Buy”, with a $93.75 average price target; ratings range from Strong Buy to Hold, with one recent downgrade to Sell.
• The company beat quarterly estimates, reporting EPS of $0.67 versus $0.64 expected and revenue of $2.88 billion versus $2.79 billion. It also announced a quarterly dividend of C$0.88 per share, an indicated yield of 5.5%.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP's share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $63.97 and traded as high as $64.37. TC Energy shares last traded at $64.2680, with a volume of 1,400,079 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Canadian Imperial Bank of Commerce set a $99.00 target price on shares of TC Energy in a research note on Thursday, October 22nd. Jefferies Financial Group upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a research report on Tuesday, September 1st. Wall Street Zen downgraded shares of TC Energy from a "hold" rating to a "sell" rating in a research note on Saturday, November 7th. Raymond James Financial reissued a "market perform" rating on shares of TC Energy in a research note on Wednesday, September 16th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of TC Energy in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $93.75.

TC Energy Price Performance

The company has a debt-to-equity ratio of 1.61, a current ratio of 0.57 and a quick ratio of 0.49. The stock has a market cap of $64.27 billion, a P/E ratio of 23.89 and a beta of 0.64. The company's 50 day simple moving average is $61.40 and its 200 day simple moving average is $63.97.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Thursday, November 5th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.03. TC Energy had a net margin of 25.05% and a return on equity of 11.67%. The company had revenue of $2.88 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the business earned $0.77 EPS. As a group, equities analysts forecast that TC Energy Corporation will post 2.81 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, January 29th. Shareholders of record on Thursday, December 31st will be issued a dividend of C$0.88 per share. The ex-dividend date is Thursday, December 31st. This represents a $3.51 annualized dividend and a yield of 5.5%. TC Energy's payout ratio is currently 93.31%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TRP. Groupe la Francaise lifted its holdings in shares of TC Energy by 2.1% during the 1st quarter. Groupe la Francaise now owns 7,352 shares of the pipeline company's stock valued at $459,000 after purchasing an additional 154 shares in the last quarter. Ritholtz Wealth Management raised its holdings in TC Energy by 0.9% during the 3rd quarter. Ritholtz Wealth Management now owns 23,202 shares of the pipeline company's stock worth $1,341,000 after buying an additional 210 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in TC Energy by 1.1% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,946 shares of the pipeline company's stock worth $1,519,000 after buying an additional 257 shares during the period. Louisbourg Investments Inc. raised its holdings in TC Energy by 3.0% during the 3rd quarter. Louisbourg Investments Inc. now owns 11,421 shares of the pipeline company's stock worth $663,000 after buying an additional 329 shares during the period. Finally, Cohen Investment Advisors LLC lifted its stake in TC Energy by 3.7% in the third quarter. Cohen Investment Advisors LLC now owns 9,212 shares of the pipeline company's stock valued at $535,000 after buying an additional 332 shares in the last quarter. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Company Profile

TC Energy NYSE: TRP is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers. The company's pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario. Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.

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