TC Energy (NYSE:TRP) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

TC Energy (NYSE:TRP) (TSE:TRP) announced its quarterly earnings data on Thursday. The pipeline company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.06, reports. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.83 billion.

TC Energy Trading Down 1.9 %

NYSE TRP opened at $48.76 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. TC Energy has a twelve month low of $31.83 and a twelve month high of $50.22. The firm has a market capitalization of $50.61 billion, a PE ratio of 19.98, a P/E/G ratio of 4.00 and a beta of 0.81. The stock’s 50 day moving average is $46.64 and its 200 day moving average is $42.28.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be given a dividend of $0.822 per share. The ex-dividend date is Tuesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. This represents a $3.29 annualized dividend and a dividend yield of 6.74%. TC Energy’s payout ratio is currently 116.80%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on TRP shares. Veritas raised TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. StockNews.com initiated coverage on TC Energy in a report on Saturday, October 5th. They set a “hold” rating on the stock. Finally, The Goldman Sachs Group lifted their price target on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $48.50.

Institutional Investors Weigh In On TC Energy

Several hedge funds have recently made changes to their positions in TRP. Intech Investment Management LLC bought a new position in shares of TC Energy during the first quarter valued at $1,159,000. M&G Plc purchased a new stake in shares of TC Energy during the first quarter worth about $111,587,000. Cetera Investment Advisers boosted its stake in TC Energy by 74.1% during the first quarter. Cetera Investment Advisers now owns 98,729 shares of the pipeline company’s stock valued at $3,972,000 after buying an additional 42,024 shares during the last quarter. Headlands Technologies LLC boosted its stake in TC Energy by 49,890.3% during the first quarter. Headlands Technologies LLC now owns 15,497 shares of the pipeline company’s stock valued at $623,000 after buying an additional 15,466 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in TC Energy by 2.6% during the second quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company’s stock valued at $322,584,000 after buying an additional 214,689 shares during the last quarter. 83.13% of the stock is currently owned by 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.