TC Energy (TSE:TRP) Shares Pass Below 200 Day Moving Average – What’s Next?

Shares of TC Energy Co. (TSE:TRP) (NYSE:TRP) passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$67.17 and traded as low as C$67.16. TC Energy shares last traded at C$67.33, with a volume of 4,317,964 shares.

Wall Street Analysts Forecast Growth

TRP has been the topic of several analyst reports. TD Securities lifted their price objective on TC Energy from C$74.00 to C$76.00 and gave the stock a “buy” rating in a report on Friday, May 2nd. CIBC lifted their price objective on shares of TC Energy from C$71.00 to C$76.00 and gave the stock an “outperform” rating in a report on Friday, May 2nd. Royal Bank of Canada increased their target price on shares of TC Energy from C$71.00 to C$74.00 in a report on Tuesday, February 18th. Jefferies Financial Group raised their price target on shares of TC Energy from C$65.00 to C$71.00 in a research report on Thursday, January 30th. Finally, US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of C$74.17.

TC Energy Trading Down 2.2%

The company has a fifty day simple moving average of C$67.89 and a 200-day simple moving average of C$67.17. The company has a current ratio of 1.31, a quick ratio of 0.40 and a debt-to-equity ratio of 237.62. The stock has a market cap of C$69.43 billion, a price-to-earnings ratio of 13.39, a P/E/G ratio of 1.69 and a beta of 0.82.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 5.05%. TC Energy’s dividend payout ratio is 76.37%.

Insider Activity

In related news, Director Gregory Romero bought 1,600 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was purchased at an average price of C$43.95 per share, with a total value of C$70,319.84. Also, Senior Officer Dawn Elizabeth De Lima sold 64,802 shares of the company’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of C$69.16, for a total value of C$4,481,913.69. In the last 90 days, insiders have acquired 13,287 shares of company stock worth $842,568 and have sold 170,987 shares worth $11,550,459. 0.03% of the stock is owned by corporate insiders.

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.