TC Energy (NYSE:TRP) Upgraded to “Strong-Buy” at Veritas

Veritas upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) from a strong sell rating to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

TRP has been the subject of a number of other reports. TD Securities assumed coverage on TC Energy in a report on Wednesday, January 15th. They issued a “buy” rating for the company. The Goldman Sachs Group increased their target price on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday, October 21st. StockNews.com raised shares of TC Energy from a “hold” rating to a “buy” rating in a report on Wednesday. BMO Capital Markets increased their price objective on shares of TC Energy from $66.00 to $70.00 and gave the stock a “market perform” rating in a research note on Wednesday, November 20th. Finally, Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $62.00.

TC Energy Stock Down 1.1 %

Shares of NYSE:TRP opened at $45.89 on Tuesday. The firm has a market cap of $47.68 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 4.43 and a beta of 0.81. The company has a fifty day simple moving average of $46.53 and a 200 day simple moving average of $46.62. 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 has a 12-month low of $31.83 and a 12-month high of $50.37.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.54. The business had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.42 billion. TC Energy had a net margin of 29.40% and a return on equity of 11.95%. During the same quarter in the prior year, the business posted $1.35 EPS. On average, equities research analysts anticipate that TC Energy will post 2.62 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 7.41%. The ex-dividend date of this dividend is Monday, March 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.82. TC Energy’s dividend payout ratio is currently 70.68%.

Institutional Trading of TC Energy

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in TC Energy by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 43,687,141 shares of the pipeline company’s stock worth $2,035,952,000 after purchasing an additional 734,678 shares during the period. FIL Ltd raised its holdings in shares of TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares in the last quarter. TD Asset Management Inc. grew its position in TC Energy by 2.1% in the fourth quarter. TD Asset Management Inc. now owns 16,437,150 shares of the pipeline company’s stock worth $765,627,000 after buying an additional 344,485 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in TC Energy by 9.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 14,755,330 shares of the pipeline company’s stock worth $686,763,000 after purchasing an additional 1,280,000 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of TC Energy during the fourth quarter valued at approximately $428,759,000. 83.13% of the stock is owned by institutional investors and hedge funds.

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.