TC Energy (NYSE:TRP) Posts Quarterly Earnings Results, Meets Estimates

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

TC Energy Trading Up 3.4%

Shares of NYSE TRP traded up $1.73 during trading on Friday, reaching $52.18. The company had a trading volume of 3,554,902 shares, compared to its average volume of 2,288,560. The stock has a market cap of $54.29 billion, a P/E ratio of 17.81, a PEG ratio of 4.82 and a beta of 0.73. The company’s fifty day moving average price is $52.17 and its 200-day moving average price is $50.30. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. TC Energy has a 12 month low of $43.51 and a 12 month high of $55.37.

TC Energy Increases Dividend

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

Analyst Ratings Changes

TRP has been the subject of a number of research analyst reports. Wall Street Zen cut TC Energy from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a research note on Wednesday, October 8th. Royal Bank Of Canada raised their price target on shares of TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Finally, US Capital Advisors lowered shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $77.00.

Institutional Trading of TC Energy

Institutional investors have recently bought and sold shares of the company. BROOKFIELD Corp ON bought a new stake in shares of TC Energy in the 2nd quarter worth $78,443,000. Sourcerock Group LLC bought a new stake in TC Energy in the 2nd quarter worth about $15,096,000. Qube Research & Technologies Ltd increased 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 buying an additional 239,508 shares during the last quarter. Boothbay Fund Management LLC purchased a new stake in TC Energy in the 2nd quarter valued at about $3,581,000. Finally, Corient Private Wealth LLC lifted its position 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 buying an additional 27,392 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

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.