TC Energy (NYSE:TRP) Sees Large Volume Increase – Time to Buy?

TC Energy Corporation (NYSE:TRP) (TSE:TRP) saw an uptick in trading volume on Monday. 9,281,924 shares were traded during mid-day trading, an increase of 269% from the previous session’s volume of 2,518,836 shares. The stock last traded at $58.9370 and had previously closed at $58.78.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research report on Thursday, July 16th. Jefferies Financial Group upgraded shares of TC Energy from a “hold” rating to a “buy” rating in a research note on Tuesday, September 1st. Raymond James Financial reaffirmed a “market perform” rating on shares of TC Energy in a report on Wednesday, September 16th. US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research note on Thursday, August 20th. Finally, Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research note on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, TC Energy presently has an average rating of “Moderate Buy” and an average target price of $89.00.

TC Energy Stock Down 0.2%

The company’s 50 day moving average price is $63.65 and its two-hundred day moving average price is $65.17. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. The firm has a market cap of $58.69 billion, a PE ratio of 24.35 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.61 by $0.07. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. During the same quarter last year, the company earned $0.82 earnings per share. On average, equities research analysts expect that TC Energy Corporation will post 2.79 EPS for the current fiscal year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a C$0.88 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 6.0%. TC Energy’s dividend payout ratio is 102.49%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. TD Asset Management Inc increased its stake in TC Energy by 6.3% in the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company’s stock worth $1,150,656,000 after buying an additional 1,244,525 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in shares of TC Energy in the second quarter worth about $1,148,244,000. GQG Partners LLC purchased a new stake in shares of TC Energy during the second quarter worth about $1,107,936,000. Deutsche Bank AG raised its stake in TC Energy by 1.3% during the 2nd quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company’s stock valued at $1,048,809,000 after purchasing an additional 196,543 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in TC Energy in the 2nd quarter worth approximately $977,976,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.