TC Energy (NYSE:TRP) Coverage Initiated at Citigroup

Citigroup assumed coverage on shares of TC Energy (NYSE:TRP - Free Report) TSE: TRP in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The firm issued a neutral rating on the pipeline company's stock.

Several other brokerages have also recently weighed in on TRP. StockNews.com cut TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Royal Bank of Canada upped their price target on TC Energy from $71.00 to $74.00 and gave the company an "outperform" rating in a research report on Tuesday, February 18th. Veritas upgraded shares of TC Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. TD Securities initiated coverage on shares of TC Energy in a report on Wednesday, January 15th. They set a "buy" rating on the stock. Finally, US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research note on Monday, February 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

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TC Energy Stock Performance

TRP traded up $1.44 during trading hours on Friday, hitting $45.92. The stock had a trading volume of 1,446,770 shares, compared to its average volume of 2,658,892. The stock has a market cap of $47.73 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 4.34 and a beta of 0.74. TC Energy has a 1 year low of $34.95 and a 1 year high of $50.37. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56. The company's fifty day simple moving average is $46.55 and its 200 day simple moving average is $46.97.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.54. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. The company had revenue of $2.56 billion for the quarter, compared to analysts' expectations of $2.42 billion. During the same period in the prior year, the company posted $1.35 EPS. Equities analysts anticipate that TC Energy will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm 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 dividend of $0.85 per share. The ex-dividend date is Monday, March 31st. This is an increase from TC Energy's previous quarterly dividend of $0.82. This represents a $3.40 annualized dividend and a dividend yield of 7.40%. TC Energy's dividend payout ratio (DPR) is 72.53%.

Hedge Funds Weigh In On TC Energy

Several institutional investors and hedge funds have recently made changes to their positions in TRP. New Hampshire Trust boosted its position in TC Energy by 19.7% during the first quarter. New Hampshire Trust now owns 8,518 shares of the pipeline company's stock valued at $402,000 after buying an additional 1,399 shares during the period. Lowe Wealth Advisors LLC purchased a new stake in TC Energy during the 1st quarter valued at about $30,000. GAMMA Investing LLC grew its position in TC Energy by 4,621.3% during the 1st quarter. GAMMA Investing LLC now owns 6,657 shares of the pipeline company's stock worth $314,000 after acquiring an additional 6,516 shares during the last quarter. Versant Capital Management Inc increased its stake in TC Energy by 248.6% in the 1st quarter. Versant Capital Management Inc now owns 2,475 shares of the pipeline company's stock worth $117,000 after purchasing an additional 1,765 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its position in TC Energy by 21.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 56,590 shares of the pipeline company's stock valued at $2,672,000 after purchasing an additional 9,905 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

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.