UBS Group Upgrades TC Energy (NYSE:TRP) to Buy

UBS Group upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) from a neutral rating to a buy rating in a research report sent to investors on Monday, Marketbeat reports.

TRP has been the topic of a number of other research reports. StockNews.com assumed coverage on TC Energy in a research note on Friday, September 27th. They set a hold rating on the stock. Barclays upgraded TC Energy from an equal weight rating to an overweight rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $43.50.

TC Energy Price Performance

TRP stock opened at $44.34 on Monday. TC Energy has a 1 year low of $32.51 and a 1 year high of $48.42. The company has a debt-to-equity ratio of 1.57, a quick ratio of 0.68 and a current ratio of 0.76. The stock’s 50 day moving average price is $45.11 and its 200 day moving average price is $40.77. The firm has a market cap of $44.34 billion, a P/E ratio of 22.86, a PEG ratio of 3.80 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter in the prior year, the company earned $0.71 EPS. On average, sell-side analysts expect that TC Energy will post 3.08 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.702 per share. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a dividend yield of 6.33%. TC Energy’s payout ratio is 146.39%.

Hedge Funds Weigh In On TC Energy

Large investors have recently modified their holdings of the stock. EdgeRock Capital LLC bought a new position in shares of TC Energy during the second quarter worth about $25,000. Creekmur Asset Management LLC bought a new position in TC Energy in the fourth quarter worth about $27,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in TC Energy by 138.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 429 shares during the last quarter. OLD Point Trust & Financial Services N A bought a new position in TC Energy in the fourth quarter worth about $31,000. Finally, Mather Group LLC. bought a new position in TC Energy in the second quarter worth about $33,000. 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.