TC Energy (NYSE:TRP) Lifted to “Strong Sell” at Veritas

Veritas upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) to a strong sell rating in a research report released on Tuesday, Zacks.com reports.

Several other equities analysts also recently issued reports on TRP. UBS Group upgraded TC Energy from a neutral rating to a buy rating in a research report on Monday, September 30th. Barclays raised TC Energy from an equal weight rating to an overweight rating in a research note on Wednesday, July 17th. Finally, StockNews.com initiated coverage on TC Energy in a research note on Saturday, October 5th. They issued a hold rating for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, TC Energy has an average rating of Hold and an average target price of $43.50.

TC Energy Stock Performance

Shares of NYSE TRP opened at $45.07 on Tuesday. 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 firm has a market cap of $45.07 billion, a price-to-earnings ratio of 23.21, a P/E/G ratio of 3.66 and a beta of 0.81. The business’s 50-day simple moving average is $45.34 and its 200-day simple moving average is $40.90. TC Energy has a 52 week low of $33.47 and a 52 week high of $48.42.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results 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 firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the firm posted $0.71 EPS. As a group, equities research analysts expect that TC Energy will post 3.08 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a dividend of $0.702 per share. The ex-dividend date is Friday, September 27th. This represents a $2.81 annualized dividend and a yield of 6.23%. TC Energy’s payout ratio is presently 146.39%.

Hedge Funds Weigh In On TC Energy

A number of institutional investors have recently bought and sold shares of the business. Murchinson Ltd. acquired a new stake in TC Energy during the first quarter worth approximately $506,485,000. Canada Pension Plan Investment Board grew its position in TC Energy by 107.1% during the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after buying an additional 10,065,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in TC Energy by 94.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after buying an additional 8,339,800 shares in the last quarter. FIL Ltd grew its position in TC Energy by 37.2% during the fourth quarter. FIL Ltd now owns 16,706,812 shares of the pipeline company’s stock worth $652,613,000 after buying an additional 4,528,555 shares in the last quarter. Finally, Merewether Investment Management LP acquired a new stake in TC Energy during the second quarter worth approximately $112,618,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Company Profile

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.