TC Energy (NYSE:TRP) Issues Quarterly Earnings Results

by · The Cerbat Gem

TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) posted its quarterly earnings results on Thursday. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.56, Zacks reports. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period in the prior year, the business earned $1.03 EPS.

TC Energy Stock Up 3.4%

TC Energy stock traded up $1.73 during midday trading on Friday, hitting $52.18. 3,554,902 shares of the stock were exchanged, compared to its average volume of 2,288,560. TC Energy has a 52-week low of $43.51 and a 52-week high of $55.37. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The business’s 50-day moving average price is $52.17 and its 200-day moving average price is $50.30. The stock has a market capitalization of $54.29 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 4.82 and a beta of 0.73.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 6.5%. This is a boost from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, December 31st. TC Energy’s dividend payout ratio is presently 84.30%.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of research reports. Cibc World Mkts downgraded shares of TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a research report on Wednesday, October 8th. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Finally, Royal Bank Of Canada boosted their target price on TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research report on Friday. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $77.00.

Read Our Latest Stock Report on TRP

Hedge Funds Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BROOKFIELD Corp ON purchased a new stake in shares of TC Energy during the second quarter valued at approximately $78,443,000. Sourcerock Group LLC bought a new position in TC Energy in the 2nd quarter valued at $15,096,000. Qube Research & Technologies Ltd grew its stake in TC Energy by 34.9% in the 2nd quarter. Qube Research & Technologies Ltd now owns 926,724 shares of the pipeline company’s stock valued at $45,224,000 after purchasing an additional 239,508 shares during the period. Boothbay Fund Management LLC purchased a new stake in shares of TC Energy during the 2nd quarter valued at $3,581,000. Finally, Corient Private Wealth LLC raised its stake in shares of TC Energy by 92.2% during the 2nd quarter. Corient Private Wealth LLC now owns 57,116 shares of the pipeline company’s stock worth $2,786,000 after purchasing an additional 27,392 shares during the period. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Company Profile

(Get Free Report)

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.

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