Veritas Upgrades TC Energy (NYSE:TRP) to Strong Sell

Veritas upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) to a strong sell rating in a research note released on Tuesday, Zacks.com reports.

Several other research analysts have also weighed in on TRP. StockNews.com started coverage on shares of TC Energy in a research report on Saturday, October 5th. They set a hold rating on the stock. UBS Group raised TC Energy from a neutral rating to a buy rating in a research note on Monday, September 30th. Finally, Barclays upgraded TC Energy from an equal weight rating to an overweight rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, TC Energy has an average rating of Hold and a consensus target price of $43.50.

TC Energy Trading Up 1.3 %

NYSE TRP opened at $45.67 on Tuesday. TC Energy has a 52 week low of $33.47 and a 52 week high of $48.42. The firm has a 50 day moving average of $45.38 and a two-hundred day moving average of $40.93. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The stock has a market capitalization of $47.39 billion, a PE ratio of 18.75, a price-to-earnings-growth ratio of 3.69 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same period last year, the business earned $0.71 EPS. As a group, research analysts expect that TC Energy will post 3.06 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be given a $0.702 dividend. This represents a $2.81 annualized dividend and a yield of 6.15%. The ex-dividend date is Friday, September 27th. TC Energy’s dividend payout ratio (DPR) is presently 116.80%.

Institutional Trading of TC Energy

A number of hedge funds have recently made changes to their positions in the company. Capital Research Global Investors raised its position in shares of TC Energy by 2.7% in the 1st quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock valued at $2,297,701,000 after purchasing an additional 1,492,315 shares in the last quarter. Vanguard Group Inc. raised its holdings in TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock valued at $1,650,505,000 after acquiring an additional 653,031 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in 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 last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in TC Energy by 94.9% during 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. Finally, TD Asset Management Inc increased its position in shares of TC Energy by 9.5% in the 1st quarter. TD Asset Management Inc now owns 16,763,150 shares of the pipeline company’s stock worth $674,366,000 after purchasing an additional 1,458,732 shares during the last quarter. Hedge funds and other 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.