What is Scotiabank's Estimate for TC Energy FY2024 Earnings?

TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP - Equities research analysts at Scotiabank cut their FY2024 earnings per share estimates for shares of TC Energy in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst R. Hope now anticipates that the pipeline company will post earnings of $2.95 per share for the year, down from their previous 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.

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

A number of other equities research analysts have also issued reports on the company. BMO Capital Markets increased their price target on 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. raised shares of TC Energy from a "neutral" rating to an "overweight" rating in a report on Monday, October 14th. UBS Group upgraded shares of TC Energy from a "neutral" rating to a "buy" rating in a report on Monday, September 30th. StockNews.com initiated coverage on shares of TC Energy in a report on Wednesday, December 4th. They issued a "hold" rating on the stock. Finally, Veritas upgraded shares of 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 given a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $55.67.

TC Energy Stock Down 2.3 %

Shares of NYSE TRP opened at $46.71 on Monday. The stock has a market cap of $48.52 billion, a P/E ratio of 12.94, a PEG ratio of 3.88 and a beta of 0.82. The business's fifty day simple moving average is $47.76 and its 200-day simple moving average is $45.37. TC Energy has a 12-month low of $31.83 and a 12-month high of $50.37. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78.

Institutional Investors Weigh In On TC Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Canada Pension Plan Investment Board grew its position in shares of TC Energy by 107.1% during the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company's stock worth $737,609,000 after acquiring an additional 10,065,000 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in 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 valued at $321,778,000 after purchasing an additional 4,126,801 shares during the period. Merewether Investment Management LP purchased a new stake in shares of TC Energy in the second quarter valued at about $112,618,000. Marshall Wace LLP boosted its stake in shares of 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 buying an additional 1,824,008 shares during the period. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of TC Energy during the third quarter worth about $73,162,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.822 per share. This is a positive change from TC Energy's previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a yield of 7.04%. The ex-dividend date is Tuesday, December 31st. TC Energy's dividend payout ratio (DPR) is currently 67.31%.

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.