FY2024 Earnings Forecast for TC Energy Issued By Scotiabank

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Analysts at Scotiabank decreased their FY2024 earnings estimates for shares of TC Energy in a research note issued on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the pipeline company will post earnings per share of $2.95 for the year, down from their prior forecast of $3.23. The consensus estimate for TC Energy’s current full-year earnings is $3.00 per share. Scotiabank also issued estimates for TC Energy’s FY2025 earnings at $2.59 EPS.

A number of other research analysts have also recently weighed in on the company. The Goldman Sachs Group raised their price target on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a research report on Monday, October 21st. Morgan Stanley upgraded shares of TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. StockNews.com assumed coverage on shares of TC Energy in a research note on Wednesday, December 4th. They set a “hold” rating for the company. Finally, Veritas raised TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, TC Energy currently has a consensus rating of “Hold” and an average price target of $55.67.

TC Energy Stock Performance

NYSE TRP opened at $45.88 on Monday. The business has a 50 day moving average price of $47.74 and a 200 day moving average price of $45.42. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23. The company has a market capitalization of $47.66 billion, a P/E ratio of 12.71, a PEG ratio of 3.88 and a beta of 0.82. TC Energy has a 1-year low of $31.83 and a 1-year high of $50.37.

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

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 issued a $0.822 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a yield of 7.17%. TC Energy’s payout ratio is 63.16%.

Hedge Funds Weigh In On TC Energy

Several large investors have recently added to or reduced their stakes in TRP. Canada Pension Plan Investment Board grew its holdings in TC Energy by 107.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock valued at $737,609,000 after buying an additional 10,065,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of TC Energy by 156.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 6,769,975 shares of the pipeline company’s stock worth $321,778,000 after acquiring an additional 4,126,801 shares during the last quarter. Merewether Investment Management LP purchased a new stake in TC Energy in the second quarter valued at approximately $112,618,000. Marshall Wace LLP increased its position in TC Energy by 841.1% during the second quarter. Marshall Wace LLP now owns 2,040,863 shares of the pipeline company’s stock worth $77,349,000 after purchasing an additional 1,824,008 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in TC Energy during the third quarter worth approximately $73,162,000. 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.