TC Energy (NYSE:TRP) Upgraded to “Overweight” at Morgan Stanley

Morgan Stanley upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) from an underweight rating to an overweight rating in a research report report published on Friday morning, MarketBeat Ratings reports.

A number of other equities analysts have also recently issued reports on TRP. StockNews.com assumed coverage on TC Energy in a report on Saturday, October 5th. They set a “hold” rating for the company. JPMorgan Chase & Co. upgraded TC Energy from a “neutral” rating to an “overweight” rating in a report on Monday, October 14th. The Goldman Sachs Group boosted 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. Barclays upgraded TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Finally, Veritas upgraded TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.50.

TC Energy Stock Performance

NYSE TRP opened at $47.26 on Friday. The company has a market cap of $47.26 billion, a P/E ratio of 24.36, a P/E/G ratio of 3.92 and a beta of 0.81. 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 business’s 50 day moving average price is $46.14 and its 200-day moving average price is $41.44. TC Energy has a fifty-two week low of $30.61 and a fifty-two week high of $48.25.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data 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 company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the previous year, the business earned $0.71 EPS. Sell-side analysts predict that TC Energy will post 3.02 earnings per share for the current year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be paid a dividend of $0.702 per share. This represents a $2.81 dividend on an annualized basis and a dividend yield of 5.94%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s dividend payout ratio (DPR) is currently 146.39%.

Institutional Investors Weigh In On TC Energy

Hedge funds have recently made changes to their positions in the stock. Fortitude Family Office LLC purchased a new stake in shares of TC Energy during the 3rd quarter worth $28,000. Blue Trust Inc. lifted its stake in shares of TC Energy by 72.0% during the 3rd quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 267 shares during the last quarter. EdgeRock Capital LLC purchased a new stake in shares of TC Energy during the 2nd quarter worth $25,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of TC Energy by 138.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock worth $28,000 after purchasing an additional 429 shares during the last quarter. Finally, Mather Group LLC. purchased a new stake in shares of TC Energy during the 2nd quarter worth $33,000. 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.