Brokerages Set TC Energy Corporation (NYSE:TRP) Price Target at $78.50

Shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) have been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $78.50.

Several brokerages recently weighed in on TRP. Weiss Ratings downgraded TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Royal Bank Of Canada upped their price objective on TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. TD Securities reiterated a “hold” rating on shares of TC Energy in a research report on Monday, May 4th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th.

Hedge Funds Weigh In On TC Energy

Several large investors have recently bought and sold shares of TRP. Annis Gardner Whiting Capital Advisors LLC bought a new position in TC Energy in the fourth quarter valued at about $25,000. Sterling Capital Management LLC bought a new position in TC Energy in the first quarter valued at about $26,000. Trust Co. of Vermont bought a new position in TC Energy in the fourth quarter valued at about $28,000. Westside Investment Management Inc. raised its position in TC Energy by 100.0% in the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock valued at $32,000 after purchasing an additional 297 shares during the last quarter. Finally, McIlrath & Eck LLC bought a new position in shares of TC Energy during the fourth quarter worth about $32,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

Shares of TRP stock opened at $66.67 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.67. TC Energy has a twelve month low of $46.29 and a twelve month high of $71.47. The company has a market cap of $66.67 billion, a P/E ratio of 28.94 and a beta of 0.67. The business has a fifty day simple moving average of $64.71 and a 200 day simple moving average of $60.05.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.02. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.The business had revenue of $2.04 billion during the quarter, compared to the consensus estimate of $2.20 billion. During the same period in the prior year, the company earned $0.95 EPS. On average, sell-side analysts forecast that TC Energy will post 2.75 EPS for the current fiscal year.

TC Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be given a $0.8775 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 annualized dividend and a yield of 5.3%. TC Energy’s dividend payout ratio (DPR) is currently 109.57%.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.