TC Energy (NYSE:TRP) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of TC Energy (NYSE:TRP) (TSE:TRP) from a hold rating to a sell rating in a research note published on Sunday morning.

Several other analysts have also commented on the stock. Royal Bank Of Canada increased their target price on shares of TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. BMO Capital Markets raised TC Energy from a “market perform” rating to an “outperform” rating in a report on Friday, November 7th. Barclays reiterated an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. Scotiabank restated an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Finally, Cibc World Mkts downgraded TC Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

TC Energy Trading Up 1.7%

Shares of TRP stock opened at $55.95 on Friday. The stock has a 50-day simple moving average of $53.74 and a 200 day simple moving average of $51.62. The stock has a market capitalization of $58.23 billion, a P/E ratio of 24.12 and a beta of 0.72. TC Energy has a fifty-two week low of $43.51 and a fifty-two week high of $56.34. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.60.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, hitting the consensus estimate of $0.56. TC Energy had a net margin of 23.86% and a return on equity of 10.61%. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $2.63 billion. During the same period in the previous year, the business earned $1.03 earnings per share. On average, sell-side analysts expect that TC Energy will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Stockholders of record on Wednesday, December 31st will be issued a dividend of $0.85 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date is Wednesday, December 31st. TC Energy’s dividend payout ratio is presently 104.74%.

Institutional Investors Weigh In On TC Energy

Hedge funds have recently bought and sold shares of the business. Allworth Financial LP lifted its holdings in shares of TC Energy by 16.4% in the 3rd quarter. Allworth Financial LP now owns 2,151 shares of the pipeline company’s stock worth $117,000 after acquiring an additional 303 shares during the last quarter. Swiss Life Asset Management Ltd raised its position in TC Energy by 13.7% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 71,539 shares of the pipeline company’s stock worth $3,895,000 after purchasing an additional 8,621 shares during the period. Manhattan West Asset Management LLC bought a new stake in TC Energy in the third quarter worth about $201,000. CIBC Bancorp USA Inc. purchased a new position in shares of TC Energy during the third quarter valued at approximately $21,107,000. Finally, Greenline Partners LLC boosted its position in shares of TC Energy by 3.4% during the third quarter. Greenline Partners LLC now owns 314,303 shares of the pipeline company’s stock valued at $17,101,000 after buying an additional 10,336 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.