Brokers Issue Forecasts for TC Energy FY2024 Earnings

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Stock analysts at National Bank Financial decreased their FY2024 earnings estimates for TC Energy in a research report issued to clients and investors on Monday, January 6th. National Bank Financial analyst P. Kenny now forecasts that the pipeline company will post earnings of $2.89 per share for the year, down from their previous estimate of $2.97. The consensus estimate for TC Energy’s current full-year earnings is $3.00 per share. National Bank Financial also issued estimates for TC Energy’s FY2028 earnings at $3.30 EPS.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, November 7th. The pipeline company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.06. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.83 billion. TC Energy had a return on equity of 12.92% and a net margin of 31.15%.

Several other equities research analysts have also recently issued reports on the stock. Veritas upgraded shares of TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. BMO Capital Markets upped their price target on shares of TC Energy from $66.00 to $70.00 and gave the company a “market perform” rating in a research report on Wednesday, November 20th. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Finally, Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $55.67.

TC Energy Stock Performance

Shares of NYSE TRP opened at $47.78 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. The firm’s 50-day moving average price is $47.75 and its 200-day moving average price is $45.23. TC Energy has a 52-week low of $31.83 and a 52-week high of $50.37. The company has a market cap of $49.63 billion, a PE ratio of 13.24, a PEG ratio of 3.88 and a beta of 0.82.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be paid a $0.822 dividend. This represents a $3.29 annualized dividend and a yield of 6.88%. This is an increase from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, December 31st. TC Energy’s dividend payout ratio is presently 67.31%.

Hedge Funds Weigh In On TC Energy

Several institutional investors have recently bought and sold shares of the stock. Versant Capital Management Inc purchased a new position in shares of TC Energy in the fourth quarter valued at $33,000. B. Riley Wealth Advisors Inc. lifted its position in TC Energy by 58.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 8,769 shares of the pipeline company’s stock valued at $409,000 after purchasing an additional 3,218 shares during the last quarter. Centerstone Investors LLC grew its stake in shares of TC Energy by 3.4% in the 3rd quarter. Centerstone Investors LLC now owns 328,440 shares of the pipeline company’s stock worth $14,550,000 after buying an additional 10,890 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of TC Energy during the 3rd quarter valued at about $186,000. Finally, TD Private Client Wealth LLC lifted its holdings in shares of TC Energy by 2.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 65,595 shares of the pipeline company’s stock valued at $3,122,000 after acquiring an additional 1,676 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Company Profile

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.