TC Energy (NYSE:TRP) Issues Earnings Results, Meets Expectations

TC Energy (NYSE:TRP) (TSE:TRP) posted its quarterly earnings data on Thursday. The pipeline company reported $0.56 EPS for the quarter, hitting analysts’ consensus estimates of $0.56, Zacks reports. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $2.63 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same quarter last year, the company earned $1.03 EPS.

TC Energy Price Performance

Shares of TRP traded up $1.73 during trading hours on Friday, reaching $52.18. The stock had a trading volume of 3,554,902 shares, compared to its average volume of 2,288,560. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy has a 12 month low of $43.51 and a 12 month high of $55.37. The stock has a market capitalization of $54.29 billion, a PE ratio of 17.81, a PEG ratio of 4.82 and a beta of 0.73. The company’s 50-day moving average is $52.17 and its two-hundred day moving average is $50.30.

TC Energy Increases Dividend

The business 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 represents a $3.40 annualized dividend and a dividend yield of 6.5%. This is a boost from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, December 31st. TC Energy’s dividend payout ratio (DPR) is currently 84.30%.

Institutional Trading of TC Energy

A number of hedge funds have recently made changes to their positions in the company. Orion Porfolio Solutions LLC grew its holdings in shares of TC Energy by 36.3% during the second quarter. Orion Porfolio Solutions LLC now owns 10,636 shares of the pipeline company’s stock worth $519,000 after purchasing an additional 2,830 shares during the last quarter. Evergreen Capital Management LLC boosted its position in TC Energy by 7.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 49,268 shares of the pipeline company’s stock worth $2,404,000 after buying an additional 3,550 shares during the period. Corient Private Wealth LLC grew its holdings in TC Energy by 92.2% during the 2nd quarter. Corient Private Wealth LLC now owns 57,116 shares of the pipeline company’s stock worth $2,786,000 after acquiring an additional 27,392 shares during the last quarter. Ewing Morris & Co. Investment Partners Ltd. increased its position in TC Energy by 0.6% in the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 37,962 shares of the pipeline company’s stock valued at $1,873,000 after acquiring an additional 234 shares during the period. Finally, BROOKFIELD Corp ON bought a new position in shares of TC Energy during the second quarter valued at $78,443,000. 83.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TC Energy in a report on Wednesday, October 8th. BMO Capital Markets raised shares of TC Energy from a “market perform” rating to an “outperform” rating in a research note on Friday. US Capital Advisors downgraded shares of TC Energy from a “moderate buy” rating to a “hold” rating in a research report on Thursday, August 21st. Finally, Barclays reaffirmed an “overweight” rating on shares of TC Energy in a report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

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.