TC Energy (NYSE:TRP) Price Target Raised to $70.00

TC Energy (NYSE:TRP) (TSE:TRP) had its price objective raised by BMO Capital Markets from $66.00 to $70.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the pipeline company’s stock.

Several other equities research analysts have also recently commented on the company. The Goldman Sachs Group boosted their target price on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday, October 21st. StockNews.com assumed coverage on TC Energy in a report on Monday, November 18th. They issued a “hold” rating for the company. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. Finally, Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $55.67.

TC Energy Trading Down 0.7 %

Shares of TRP stock opened at $49.86 on Wednesday. TC Energy has a 1 year low of $31.83 and a 1 year high of $50.37. The firm has a market capitalization of $51.75 billion, a PE ratio of 13.81, a price-to-earnings-growth ratio of 4.19 and a beta of 0.81. The stock has a fifty day moving average of $47.22 and a two-hundred day moving average of $43.18. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.23 and a current ratio of 1.31.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06. The business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. As a group, research analysts expect that TC Energy will post 2.98 EPS for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.822 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 6.59%. The ex-dividend date is Tuesday, December 31st. TC Energy’s payout ratio is presently 78.95%.

Hedge Funds Weigh In On TC Energy

Institutional investors and hedge funds have recently modified their holdings of the business. EdgeRock Capital LLC acquired a new stake in shares of TC Energy in the second quarter valued at approximately $25,000. Whittier Trust Co. of Nevada Inc. grew its position in shares of TC Energy by 138.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 429 shares during the last quarter. Fortitude Family Office LLC bought a new position in TC Energy during the 3rd quarter worth $28,000. Blue Trust Inc. raised 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 in the last quarter. Finally, Mather Group LLC. acquired a new stake in shares of TC Energy in the second quarter valued at approximately $33,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

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.