TC Energy (NYSE:TRP) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of TC Energy (NYSE:TRP) (TSE:TRP) in a research report sent to investors on Saturday morning. The firm issued a hold rating on the pipeline company’s stock.

TRP has been the subject of a number of other reports. Barclays raised shares of TC Energy from an equal weight rating to an overweight rating in a report on Wednesday, July 17th. UBS Group upgraded TC Energy from a neutral rating to a buy rating in a research report on Monday, September 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, TC Energy presently has a consensus rating of Hold and an average price target of $43.50.

TC Energy Trading Up 1.7 %

Shares of TRP opened at $45.11 on Friday. TC Energy has a fifty-two week low of $32.56 and a fifty-two week high of $48.42. The business has a 50-day moving average of $45.17 and a 200 day moving average of $40.80. The firm has a market cap of $46.81 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 3.57 and a beta of 0.81. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter last year, the company earned $0.71 earnings per share. As a group, research analysts forecast that TC Energy will post 3.08 EPS for the current year.

TC Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be paid a $0.702 dividend. This represents a $2.81 annualized dividend and a yield of 6.22%. The ex-dividend date is Friday, September 27th. TC Energy’s dividend payout ratio is presently 146.91%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. EdgeRock Capital LLC bought a new stake in TC Energy during the second quarter valued at $25,000. Creekmur Asset Management LLC bought a new stake in shares of TC Energy during the 4th quarter valued at about $27,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after acquiring an additional 429 shares during the last quarter. OLD Point Trust & Financial Services N A purchased a new position in shares of TC Energy during the fourth quarter worth about $31,000. Finally, Mather Group LLC. bought a new position in shares of TC Energy in the second quarter worth approximately $33,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

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.