Royal Bank Of Canada Forecasts Strong Price Appreciation for TC Energy (NYSE:TRP) Stock

Key Points

• Royal Bank of Canada raised its price target on TC Energy (NYSE:TRP) to $95 (from $92) and kept an "outperform" rating, implying roughly a 44.22% upside from the stock's current level.
• Shares trade around $65.87 after TC Energy posted Q1 EPS of $0.72 (beating the $0.70 estimate) but revenue missed; the stock has a consensus "Moderate Buy" from analysts with a $78.50 average price target and a market cap near $68.6 billion.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP had its price objective upped by equities research analysts at Royal Bank Of Canada from $92.00 to $95.00 in a research report issued on Monday,Benzinga reports. The firm currently has an "outperform" rating on the pipeline company's stock. Royal Bank Of Canada's price target indicates a potential upside of 44.22% from the company's current price.

TRP has been the topic of a number of other reports. Morgan Stanley reaffirmed an "overweight" rating on shares of TC Energy in a research note on Wednesday, January 28th. Raymond James Financial raised shares of TC Energy to a "hold" rating in a research note on Tuesday, February 17th. The Goldman Sachs Group raised shares of TC Energy from a "sell" rating to a "neutral" rating and lifted their target price for the stock from $53.00 to $62.00 in a research note on Monday, April 20th. Weiss Ratings raised shares of TC Energy from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday, April 21st. Finally, Citigroup reaffirmed a "neutral" rating on shares of TC Energy in a research note on Thursday, February 19th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.50.

TC Energy Price Performance

Shares of NYSE:TRP traded down $0.70 during midday trading on Monday, hitting $65.87. The company's stock had a trading volume of 631,127 shares, compared to its average volume of 2,592,578. The business's 50 day simple moving average is $63.11 and its 200 day simple moving average is $57.83. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. The company has a market cap of $68.62 billion, a P/E ratio of 28.59 and a beta of 0.67. TC Energy has a 12-month low of $46.29 and a 12-month high of $67.31.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to the consensus estimate of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.77%. During the same period last year, the firm posted $0.95 earnings per share. On average, analysts forecast that TC Energy will post 2.76 EPS for the current year.

Institutional Investors Weigh In On TC Energy

A number of institutional investors have recently made changes to their positions in TRP. Campbell & CO Investment Adviser LLC acquired a new position in shares of TC Energy in the third quarter valued at approximately $1,391,000. Advisors Asset Management Inc. grew its holdings in shares of TC Energy by 38.8% in the third quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company's stock valued at $4,796,000 after purchasing an additional 24,617 shares in the last quarter. Citigroup Inc. grew its holdings in shares of TC Energy by 19.2% in the third quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company's stock valued at $20,562,000 after purchasing an additional 61,013 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of TC Energy by 2.0% in the third quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company's stock valued at $2,545,777,000 after purchasing an additional 914,168 shares in the last quarter. Finally, Nicola Wealth Management LTD. grew its holdings in shares of TC Energy by 793.7% in the third quarter. Nicola Wealth Management LTD. now owns 2,302,996 shares of the pipeline company's stock valued at $125,229,000 after purchasing an additional 2,045,300 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

About TC Energy

TC Energy NYSE: TRP is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company's principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.

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