FY2024 EPS Estimates for TC Energy Decreased by Analyst

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Investment analysts at Atb Cap Markets reduced their FY2024 earnings per share (EPS) estimates for shares of TC Energy in a note issued to investors on Tuesday, October 22nd. Atb Cap Markets analyst N. Heywood now expects that the pipeline company will earn $2.86 per share for the year, down from their prior forecast of $3.00. The consensus estimate for TC Energy’s current full-year earnings is $3.02 per share.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same period last year, the company earned $0.71 earnings per share.

Several other research analysts have also recently issued reports on the stock. StockNews.com began coverage on shares of TC Energy in a report on Saturday, October 5th. They issued a “hold” rating for the company. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. The Goldman Sachs Group boosted their price objective on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Finally, Veritas upgraded shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $48.50.

TC Energy Stock Up 0.1 %

TC Energy stock opened at $46.99 on Thursday. TC Energy has a 52 week low of $30.61 and a 52 week high of $48.25. The stock has a market cap of $48.77 billion, a price-to-earnings ratio of 19.26, a PEG ratio of 3.92 and a beta of 0.81. The company’s 50-day moving average price is $46.08 and its two-hundred day moving average price is $41.40. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.702 per share. This represents a $2.81 dividend on an annualized basis and a dividend yield of 5.98%. The ex-dividend date is Friday, September 27th. TC Energy’s dividend payout ratio (DPR) is presently 116.80%.

Hedge Funds Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. EdgeRock Capital LLC purchased a new stake in TC Energy during the second quarter valued at about $25,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of TC Energy by 138.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 429 shares in the last quarter. Blue Trust Inc. boosted its stake in TC Energy by 72.0% in the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 267 shares during the period. Mather Group LLC. purchased a new position in TC Energy during the 2nd quarter worth approximately $33,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in TC Energy during the 2nd quarter valued at $51,000. 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.