Royal Bank of Canada Issues Positive Forecast for TC Energy (NYSE:TRP) Stock Price

TC Energy (NYSE:TRP - Free Report) TSE: TRP had its target price increased by Royal Bank of Canada from $71.00 to $74.00 in a research report released on Tuesday,Benzinga reports. The firm currently has an outperform rating on the pipeline company's stock.

Other research analysts have also recently issued research reports about the company. US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research note on Monday, February 3rd. The Goldman Sachs Group upped their price objective on TC Energy from $38.00 to $42.00 and gave the company a "sell" rating in a report on Monday, October 21st. StockNews.com began coverage on TC Energy in a report on Wednesday, December 4th. They issued a "hold" rating for the company. Morgan Stanley upgraded TC Energy from an "underweight" rating to an "overweight" rating in a report on Friday, October 25th. Finally, TD Securities began coverage on TC Energy in a report on Wednesday, January 15th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

TC Energy Stock Performance

Shares of NYSE:TRP traded down $0.60 on Tuesday, hitting $44.94. The company's stock had a trading volume of 1,638,229 shares, compared to its average volume of 2,094,274. TC Energy has a 12 month low of $31.83 and a 12 month high of $50.37. The company has a market capitalization of $46.70 billion, a price-to-earnings ratio of 13.87, a price-to-earnings-growth ratio of 4.37 and a beta of 0.81. The stock's 50-day moving average is $46.51 and its two-hundred day moving average is $46.61. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55.

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

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 7.57%. This is an increase from TC Energy's previous quarterly dividend of $0.82. The ex-dividend date of this dividend is Monday, March 31st. TC Energy's dividend payout ratio is currently 71.91%.

Institutional Investors Weigh In On TC Energy

Several hedge funds have recently modified their holdings of TRP. Norges Bank purchased a new stake in shares of TC Energy during the fourth quarter valued at $428,759,000. Mufg Securities Canada LTD. lifted its stake in TC Energy by 571.7% in the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after acquiring an additional 5,264,079 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in TC Energy by 156.1% in the 3rd 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 in the last quarter. Blackstone Inc. lifted its stake in TC Energy by 83.8% in the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after acquiring an additional 3,482,874 shares in the last quarter. Finally, FIL Ltd lifted its stake in TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after acquiring an additional 2,644,627 shares in 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.