TC Energy (NYSE:TRP) Price Target Raised to $70.00 at BMO Capital Markets

TC Energy (NYSE:TRP) (TSE:TRP) had its price objective boosted by BMO Capital Markets from $66.00 to $70.00 in a research report released on Wednesday,Benzinga reports. BMO Capital Markets currently has a market perform rating on the pipeline company’s stock.

TRP has been the topic of a number of other reports. Veritas raised shares of TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. StockNews.com initiated coverage on TC Energy in a report on Monday. They issued a “hold” rating for the company. UBS Group upgraded shares of TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. JPMorgan Chase & Co. upgraded shares of TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. Finally, Morgan Stanley raised TC Energy from an “underweight” rating to an “overweight” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $55.67.

TC Energy Stock Down 1.3 %

Shares of TRP opened at $49.21 on Wednesday. The firm has a market capitalization of $51.07 billion, a P/E ratio of 13.63, a P/E/G ratio of 4.19 and a beta of 0.81. The firm has a fifty day moving average price of $47.07 and a 200-day moving average price of $43.05. TC Energy has a 12-month low of $31.83 and a 12-month high of $50.22. The company has a current ratio of 1.31, a quick ratio of 1.23 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.06. TC Energy had a return on equity of 12.92% and a net margin of 31.15%. The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.83 billion. Equities research analysts expect that TC Energy will post 2.98 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a $0.822 dividend. This represents a $3.29 dividend on an annualized basis and a dividend yield of 6.68%. This is an increase from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Tuesday, December 31st. TC Energy’s payout ratio is presently 78.95%.

Hedge Funds Weigh In On TC Energy

Several large investors have recently modified their holdings of TRP. Cetera Investment Advisers lifted its position in TC Energy by 74.1% in the first quarter. Cetera Investment Advisers now owns 98,729 shares of the pipeline company’s stock valued at $3,972,000 after purchasing an additional 42,024 shares during the last quarter. CIBC Asset Management Inc increased its holdings in TC Energy by 2.6% during the second quarter. CIBC Asset Management Inc now owns 8,515,086 shares of the pipeline company’s stock valued at $322,584,000 after buying an additional 214,689 shares during the last quarter. Harvest Portfolios Group Inc. raised its position in shares of TC Energy by 107.7% during the 3rd quarter. Harvest Portfolios Group Inc. now owns 226,007 shares of the pipeline company’s stock valued at $10,743,000 after purchasing an additional 117,176 shares during the period. Legal & General Group Plc grew its position in shares of TC Energy by 4.1% during the second quarter. Legal & General Group Plc now owns 11,892,999 shares of the pipeline company’s stock valued at $450,749,000 after purchasing an additional 467,497 shares in the last quarter. Finally, Metis Global Partners LLC grew its position in TC Energy by 16.3% in the third quarter. Metis Global Partners LLC now owns 95,470 shares of the pipeline company’s stock worth $4,538,000 after acquiring an additional 13,368 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

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.