Royal Bank of Canada Issues Positive Forecast for TC Energy (NYSE:TRP) Stock Price

TC Energy (NYSE:TRP) (TSE:TRP) had its target price raised by Royal Bank of Canada from $71.00 to $74.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the pipeline company’s stock.

A number of other equities analysts also recently weighed in on TRP. Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group increased their target price on shares of TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a report on Monday, October 21st. StockNews.com started coverage on shares of TC Energy in a research report on Wednesday, December 4th. They issued a “hold” rating for the company. US Capital Advisors raised shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Monday, February 3rd. Finally, BMO Capital Markets raised their price objective on TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, TC Energy currently has an average rating of “Moderate Buy” and a consensus price target of $62.00.

TC Energy Stock Performance

Shares of NYSE:TRP opened at $45.52 on Tuesday. The firm’s 50 day simple moving average is $46.51 and its 200 day simple moving average is $46.61. TC Energy has a fifty-two week low of $31.83 and a fifty-two week high of $50.37. The company has a market capitalization of $47.30 billion, a price-to-earnings ratio of 14.05, a P/E/G ratio of 4.43 and a beta of 0.81. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.54. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.42 billion. TC Energy had a return on equity of 11.95% and a net margin of 29.40%. During the same quarter in the previous year, the business posted $1.35 EPS. As a group, sell-side analysts forecast that TC Energy will post 2.62 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be paid a $0.85 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $3.40 dividend on an annualized basis and a yield of 7.47%. This is a boost from TC Energy’s previous quarterly dividend of $0.82. TC Energy’s dividend payout ratio (DPR) is currently 70.68%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Addenda Capital Inc. grew its holdings in TC Energy by 4.4% during the fourth quarter. Addenda Capital Inc. now owns 1,034,497 shares of the pipeline company’s stock worth $48,135,000 after purchasing an additional 43,639 shares during the period. Captrust Financial Advisors lifted its position in shares of TC Energy by 1.3% in the third quarter. Captrust Financial Advisors now owns 18,316 shares of the pipeline company’s stock valued at $871,000 after buying an additional 242 shares during the last quarter. Ritholtz Wealth Management boosted its stake in shares of TC Energy by 44.8% during the 4th quarter. Ritholtz Wealth Management now owns 23,957 shares of the pipeline company’s stock worth $1,115,000 after acquiring an additional 7,412 shares during the period. Public Employees Retirement System of Ohio acquired a new position in shares of TC Energy during the 3rd quarter worth approximately $3,771,000. Finally, Harvest Portfolios Group Inc. raised its stake in TC Energy by 107.7% in the 3rd quarter. Harvest Portfolios Group Inc. now owns 226,007 shares of the pipeline company’s stock valued at $10,743,000 after acquiring an additional 117,176 shares during the period. 83.13% of the stock is currently 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.