TC Energy (NYSE:TRP) Rating Increased to Strong-Buy at National Bank Financial

Key Points

• National Bank Financial upgraded TC Energy from a "hold" to a strong-buy, while other analysts remain mostly positive (consensus rating: Moderate Buy) with a consensus price target of $78.50 and several banks raising targets or maintaining outperform/buy ratings.
• In its latest quarter TC Energy reported EPS of $0.72, beating the $0.70 estimate but missing on revenue ($2.04B vs. $2.20B expected); the stock trades around $66 with a 52-week range of $46.29–$67.31, a market cap of ~$68.8B and a P/E of 28.66.
• Institutional investors hold the majority of the stock (about 83.13%), with several hedge funds and asset managers meaningfully increasing their positions in recent quarters.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP was upgraded by stock analysts at National Bank Financial from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. Royal Bank Of Canada upped their target price on TC Energy from $92.00 to $95.00 and gave the company an "outperform" rating in a research report on Monday. Scotiabank reiterated an "outperform" rating on shares of TC Energy in a research report on Monday. Canadian Imperial Bank of Commerce upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Thursday, April 23rd. Wells Fargo & Company reiterated an "overweight" rating on shares of TC Energy in a research report on Monday, February 16th. Finally, Raymond James Financial upgraded TC Energy to a "hold" rating in a research report on Tuesday, February 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.50.

TC Energy Price Performance

Shares of TRP stock opened at $66.04 on Monday. TC Energy has a fifty-two week low of $46.29 and a fifty-two week high of $67.31. The firm has a market capitalization of $68.80 billion, a price-to-earnings ratio of 28.66 and a beta of 0.67. 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 stock's 50-day simple moving average is $63.11 and its 200-day simple moving average is $57.83.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.02. TC Energy had a return on equity of 10.77% and a net margin of 22.22%.The business had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. As a group, equities analysts forecast that TC Energy will post 2.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On TC Energy

Several hedge funds have recently bought and sold shares of TRP. AQR Capital Management LLC boosted its position in TC Energy by 54.0% in the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company's stock worth $538,000 after purchasing an additional 3,892 shares in the last quarter. Focus Partners Wealth boosted its position in TC Energy by 46.1% in the 1st quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company's stock worth $588,000 after purchasing an additional 3,929 shares in the last quarter. Intech Investment Management LLC boosted its position in TC Energy by 200.7% in the 1st quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company's stock worth $1,269,000 after purchasing an additional 17,939 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in TC Energy by 50.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company's stock worth $181,000 after purchasing an additional 1,243 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its position in TC Energy by 9.9% in the 2nd quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company's stock worth $818,000 after purchasing an additional 1,511 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

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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