Atb Cap Markets Weighs in on TC Energy Co.’s Q1 2024 Earnings (NYSE:TRP)

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Analysts at Atb Cap Markets reduced their Q1 2024 earnings estimates for shares of TC Energy in a note issued to investors on Tuesday, April 23rd. Atb Cap Markets analyst N. Heywood now expects that the pipeline company will earn $0.86 per share for the quarter, down from their previous estimate of $0.90. The consensus estimate for TC Energy’s current full-year earnings is $2.98 per share. Atb Cap Markets also issued estimates for TC Energy’s FY2024 earnings at $3.03 EPS.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, February 16th. The pipeline company reported $0.99 EPS for the quarter, topping the consensus estimate of $0.79 by $0.20. TC Energy had a net margin of 18.25% and a return on equity of 18.60%. The firm had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $2.93 billion.

Several other research firms have also recently issued reports on TRP. Stifel Nicolaus initiated coverage on shares of TC Energy in a report on Thursday, January 18th. They issued a “buy” rating for the company. The Goldman Sachs Group increased their price objective on shares of TC Energy from $29.00 to $32.00 and gave the company a “sell” rating in a report on Friday, January 26th. Jefferies Financial Group initiated coverage on shares of TC Energy in a report on Tuesday, February 27th. They issued a “hold” rating for the company. TheStreet upgraded shares of TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. Finally, Barclays increased their price objective on shares of TC Energy from $53.00 to $55.00 and gave the company an “equal weight” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $48.83.

TC Energy Price Performance

NYSE TRP opened at $35.91 on Thursday. TC Energy has a 52 week low of $32.51 and a 52 week high of $42.49. The company has a current ratio of 0.96, a quick ratio of 0.88 and a debt-to-equity ratio of 1.65. The stock has a market cap of $35.91 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 3.03 and a beta of 0.75. The company has a 50-day moving average price of $38.95 and a two-hundred day moving average price of $38.04.

Institutional Investors Weigh In On TC Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TRP. IFP Advisors Inc lifted its position in TC Energy by 74.8% in the 3rd quarter. IFP Advisors Inc now owns 3,455 shares of the pipeline company’s stock worth $119,000 after buying an additional 1,478 shares in the last quarter. SG Americas Securities LLC lifted its position in TC Energy by 747.1% in the 3rd quarter. SG Americas Securities LLC now owns 22,627 shares of the pipeline company’s stock worth $779,000 after buying an additional 19,956 shares in the last quarter. DAVENPORT & Co LLC lifted its position in TC Energy by 2.5% in the 3rd quarter. DAVENPORT & Co LLC now owns 87,614 shares of the pipeline company’s stock worth $3,027,000 after buying an additional 2,110 shares in the last quarter. Private Trust Co. NA lifted its position in TC Energy by 10.2% in the 3rd quarter. Private Trust Co. NA now owns 5,817 shares of the pipeline company’s stock worth $200,000 after buying an additional 540 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its position in TC Energy by 15.6% in the 3rd quarter. Hennessy Advisors Inc. now owns 679,200 shares of the pipeline company’s stock worth $23,371,000 after buying an additional 91,600 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th will be given a $0.714 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $2.86 dividend on an annualized basis and a yield of 7.95%. TC Energy’s dividend payout ratio is presently 139.41%.

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.