TC Energy (NYSE:TRP) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

TC Energy (NYSE:TRP) (TSE:TRP) issued its quarterly earnings results on Thursday. The pipeline company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06, reports. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%.

TC Energy Trading Down 1.9 %

Shares of TC Energy stock opened at $48.76 on Friday. The stock has a market cap of $50.61 billion, a P/E ratio of 19.98, a P/E/G ratio of 4.00 and a beta of 0.81. The stock’s 50 day simple moving average is $46.64 and its 200-day simple moving average is $42.28. TC Energy has a 1-year low of $31.83 and a 1-year high of $50.22. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68.

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 issued a dividend of $0.822 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 6.74%. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s payout ratio is currently 116.80%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Murchinson Ltd. acquired a new position in TC Energy in the first quarter valued at approximately $506,485,000. Canada Pension Plan Investment Board increased its position in shares of TC Energy by 107.1% during the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after acquiring an additional 10,065,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in TC Energy by 94.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock valued at $688,534,000 after buying an additional 8,339,800 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in TC Energy by 156.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock valued at $321,778,000 after buying an additional 4,126,801 shares during the last quarter. Finally, Merewether Investment Management LP purchased a new position in TC Energy in the second quarter valued at $112,618,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on TRP. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Veritas raised TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. StockNews.com started coverage on TC Energy in a research note on Saturday, October 5th. They set a “hold” rating for the company. Finally, Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $48.50.

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.