TC Energy (NYSE:TRP) Price Target Raised to $84.00

TC Energy (NYSE:TRP) (TSE:TRP) had its target price hoisted by Royal Bank Of Canada from $74.00 to $84.00 in a report published on Friday morning,Benzinga reports. The firm currently has an outperform rating on the pipeline company’s stock.

Other equities analysts have also issued reports about the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a report on Wednesday, October 8th. BMO Capital Markets upgraded TC Energy from a “market perform” rating to an “outperform” rating in a report on Friday. Cibc World Mkts cut TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Finally, TD Securities reiterated a “buy” rating on shares of TC Energy in a research note on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, TC Energy currently has a consensus rating of “Moderate Buy” and an average target price of $77.00.

TC Energy Price Performance

TRP opened at $52.31 on Friday. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The business’s fifty day simple moving average is $52.17 and its 200-day simple moving average is $50.32. The company has a market capitalization of $54.44 billion, a price-to-earnings ratio of 17.87, a PEG ratio of 4.82 and a beta of 0.73. TC Energy has a 12-month low of $43.51 and a 12-month high of $55.37.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.56. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same period in the prior year, the business earned $1.03 EPS. On average, equities research analysts anticipate that TC Energy will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.85 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $3.40 annualized dividend and a dividend yield of 6.5%. TC Energy’s payout ratio is presently 103.88%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Westside Investment Management Inc. boosted its stake in TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 297 shares during the last quarter. Hilltop National Bank purchased a new position in shares of TC Energy in the second quarter worth about $32,000. Smartleaf Asset Management LLC boosted its position in TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock worth $43,000 after acquiring an additional 565 shares during the last quarter. Harbor Asset Planning Inc. purchased a new stake in TC Energy during the 2nd quarter valued at about $43,000. Finally, Sagard Holdings Management Inc. acquired a new stake in TC Energy in the 2nd quarter valued at about $46,000. 83.13% of the stock is owned by institutional investors and hedge funds.

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.