TC Energy (NYSE:TRP) Announces Earnings Results, Beats Estimates By $0.06 EPS

TC Energy (NYSE:TRP) (TSE:TRP) released its earnings results on Thursday. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06, reports. The firm had revenue of $2.99 billion during 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 12.96%.

TC Energy Trading Down 1.9 %

Shares of TC Energy stock opened at $48.76 on Friday. TC Energy has a 1-year low of $31.83 and a 1-year high of $50.22. The company’s fifty day simple moving average is $46.64 and its 200-day simple moving average is $42.28. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. The stock has a market capitalization of $50.61 billion, a PE ratio of 13.51, a P/E/G ratio of 4.04 and a beta of 0.81.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, December 31st will be issued a dividend of $0.822 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 dividend on an annualized basis and a yield of 6.74%. The ex-dividend date is Tuesday, December 31st. TC Energy’s dividend payout ratio is currently 78.95%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Morgan Stanley upgraded shares of TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. Veritas upgraded TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. UBS Group raised shares of TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $48.50.

Institutional Investors Weigh In On TC Energy

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Murchinson Ltd. purchased a new stake in TC Energy in the first quarter worth about $506,485,000. Canada Pension Plan Investment Board grew its stake in shares of TC Energy by 107.1% during 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 acquiring an additional 10,065,000 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in TC Energy by 94.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after acquiring an additional 8,339,800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in TC Energy by 156.1% during 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 during the period. Finally, Merewether Investment Management LP purchased a new position in TC Energy during the second quarter valued at approximately $112,618,000. 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.