Brokerages Set TC Energy Corporation (NYSE:TRP) Price Target at $62.00

Shares of TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP have earned an average recommendation of "Moderate Buy" from the twelve brokerages that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $62.00.

Several brokerages have commented on TRP. Citigroup initiated coverage on shares of TC Energy in a research report on Friday, April 4th. They set a "neutral" rating for the company. Wall Street Zen lowered TC Energy from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Finally, Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd.

TC Energy Price Performance

TRP stock traded up $0.30 during midday trading on Wednesday, reaching $48.28. The company had a trading volume of 2,123,593 shares, compared to its average volume of 2,485,532. TC Energy has a 1-year low of $37.07 and a 1-year high of $51.99. The stock has a 50 day moving average price of $49.50 and a 200-day moving average price of $47.69. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The company has a market capitalization of $50.21 billion, a price-to-earnings ratio of 15.93, a price-to-earnings-growth ratio of 4.58 and a beta of 0.76.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.04). TC Energy had a net margin of 29.17% and a return on equity of 11.41%. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. Equities research analysts expect that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's payout ratio is 82.51%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TRP. Lowe Wealth Advisors LLC bought a new stake in TC Energy during the 1st quarter worth approximately $30,000. SBI Securities Co. Ltd. acquired a new position in shares of TC Energy during the fourth quarter worth $31,000. Synergy Investment Management LLC bought a new stake in shares of TC Energy in the fourth quarter worth $36,000. Millstone Evans Group LLC acquired a new stake in TC Energy in the fourth quarter valued at $41,000. Finally, TruNorth Capital Management LLC acquired a new stake in TC Energy in the first quarter valued at $45,000. Institutional investors and hedge funds own 83.13% of the company's stock.

About TC Energy

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.