StockNews.com Upgrades TC Energy (NYSE:TRP) to “Buy”

TC Energy (NYSE:TRP) (TSE:TRP) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday.

Other analysts also recently issued research reports about the stock. BMO Capital Markets raised their price objective on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a report on Wednesday, November 20th. Morgan Stanley upgraded shares of TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. US Capital Advisors upgraded TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 3rd. Royal Bank of Canada raised their target price on TC Energy from $71.00 to $74.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, TD Securities began coverage on TC Energy in a research report on Wednesday, January 15th. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.00.

TC Energy Stock Performance

Shares of TRP opened at $45.52 on Wednesday. The stock has a 50 day moving average of $46.51 and a 200 day moving average of $46.61. The company has a market capitalization of $47.30 billion, a price-to-earnings ratio of 14.05, a PEG ratio of 4.43 and a beta of 0.81. TC Energy has a 12 month low of $31.83 and a 12 month high of $50.37. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.54. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.42 billion. TC Energy had a return on equity of 11.95% and a net margin of 29.40%. During the same period last year, the firm posted $1.35 EPS. As a group, sell-side analysts forecast that TC Energy will post 2.62 earnings per share for the current year.

Hedge Funds Weigh In On TC Energy

Several hedge funds have recently made changes to their positions in TRP. Fortitude Family Office LLC purchased a new stake in TC Energy during the 3rd quarter worth about $28,000. Blue Trust Inc. increased its position in shares of TC Energy by 72.0% during the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after buying an additional 267 shares during the period. SBI Securities Co. Ltd. purchased a new stake in shares of TC Energy in the fourth quarter worth about $31,000. Versant Capital Management Inc bought a new position in shares of TC Energy in the fourth quarter valued at approximately $33,000. Finally, Synergy Investment Management LLC purchased a new position in TC Energy during the fourth quarter valued at approximately $36,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

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.