The Goldman Sachs Group Increases TC Energy (NYSE:TRP) Price Target to $42.00

TC Energy (NYSE:TRP) (TSE:TRP) had its target price increased by The Goldman Sachs Group from $38.00 to $42.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a sell rating on the pipeline company’s stock.

TRP has been the subject of a number of other research reports. JPMorgan Chase & Co. raised shares of TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Veritas upgraded TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. StockNews.com started coverage on TC Energy in a research note on Saturday, October 5th. They set a “hold” rating on the stock. Finally, Barclays raised shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $48.50.

TC Energy Stock Performance

TRP opened at $46.99 on Monday. The company has a market capitalization of $48.77 billion, a price-to-earnings ratio of 19.26, a P/E/G ratio of 3.92 and a beta of 0.81. The business’s 50-day moving average price is $46.08 and its two-hundred day moving average price is $41.40. TC Energy has a 1 year low of $30.61 and a 1 year high of $48.25. The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.65 by $0.29. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same quarter in the previous year, the business posted $0.71 EPS. Equities analysts expect that TC Energy will post 3.02 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be paid 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 5.98%. TC Energy’s dividend payout ratio is currently 116.80%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Viking Fund Management LLC increased its holdings in shares of TC Energy by 4.4% in the first quarter. Viking Fund Management LLC now owns 151,400 shares of the pipeline company’s stock valued at $6,086,000 after purchasing an additional 6,400 shares during the last quarter. Ausbil Investment Management Ltd grew its stake in TC Energy by 2.1% in the 1st quarter. Ausbil Investment Management Ltd now owns 188,275 shares of the pipeline company’s stock valued at $7,581,000 after buying an additional 3,917 shares during the last quarter. Galibier Capital Management Ltd. bought a new position in TC Energy in the 1st quarter valued at about $73,000. First Bank & Trust raised its holdings in TC Energy by 2.1% in the 1st quarter. First Bank & Trust now owns 58,835 shares of the pipeline company’s stock valued at $2,365,000 after acquiring an additional 1,198 shares during the period. Finally, Dixon Mitchell Investment Counsel Inc. acquired a new stake in TC Energy during the first quarter worth approximately $125,000. 83.13% of the stock is owned by institutional investors and hedge funds.

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.