Scotiabank Has Negative Outlook of TC Energy FY2024 Earnings

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Equities researchers at Scotiabank dropped their FY2024 EPS estimates for shares of TC Energy in a note issued to investors on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the pipeline company will post earnings of $2.95 per share for the year, down from their previous estimate of $3.23. The consensus estimate for TC Energy’s current full-year earnings is $3.00 per share. Scotiabank also issued estimates for TC Energy’s FY2025 earnings at $2.59 EPS.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. TC Energy had a net margin of 31.15% and a return on equity of 12.92%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.83 billion.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. StockNews.com began coverage on shares of TC Energy in a research report on Wednesday, December 4th. They set a “hold” rating on the stock. BMO Capital Markets upped their price target on shares of TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Finally, UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. Two equities 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $55.67.

TC Energy Trading Down 2.3 %

Shares of TRP stock opened at $46.71 on Monday. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. The firm has a market capitalization of $48.52 billion, a P/E ratio of 12.94, a P/E/G ratio of 3.88 and a beta of 0.82. TC Energy has a twelve month low of $31.83 and a twelve month high of $50.37. The stock’s fifty day simple moving average is $47.76 and its 200 day simple moving average is $45.37.

Hedge Funds Weigh In On TC Energy

A number of hedge funds have recently bought and sold shares of the company. Private Advisor Group LLC lifted its stake in shares of TC Energy by 4.7% in the 2nd quarter. Private Advisor Group LLC now owns 25,592 shares of the pipeline company’s stock valued at $970,000 after purchasing an additional 1,142 shares during the period. Acadian Asset Management LLC bought a new stake in TC Energy in the second quarter worth approximately $1,510,000. Ashton Thomas Private Wealth LLC acquired a new position in TC Energy in the second quarter valued at approximately $51,000. Rathbones Group PLC bought a new position in shares of TC Energy during the 2nd quarter worth approximately $564,000. Finally, Wealth Alliance boosted its holdings in shares of TC Energy by 8.7% during the 2nd quarter. Wealth Alliance now owns 25,960 shares of the pipeline company’s stock worth $984,000 after buying an additional 2,069 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be paid a $0.822 dividend. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 dividend on an annualized basis and a dividend yield of 7.04%. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s dividend payout ratio is currently 67.31%.

TC Energy Company Profile

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.