Scotiabank Has Pessimistic View of TC Energy FY2024 Earnings

TC Energy Co. (NYSE:TRP) (TSE:TRP) – Research analysts at Scotiabank lowered their FY2024 earnings estimates for TC Energy in a report released on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the pipeline company will post earnings per share of $2.95 for the year, down from their previous estimate of $3.23. The consensus estimate for TC Energy’s current full-year earnings is $3.00 per share. Scotiabank also issued estimates for TC Energy’s FY2025 earnings at $2.59 EPS.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data 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. The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.83 billion. TC Energy had a net margin of 31.15% and a return on equity of 12.92%.

TRP has been the subject of several other reports. The Goldman Sachs Group increased their price target on TC Energy from $38.00 to $42.00 and gave the company a “sell” rating in a report on Monday, October 21st. Morgan Stanley upgraded TC Energy from an “underweight” rating to an “overweight” rating in a research note on Friday, October 25th. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a research report on Monday, September 30th. StockNews.com initiated coverage on shares of TC Energy in a research report on Wednesday, December 4th. They issued a “hold” rating for the company. Finally, Veritas raised shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $55.67.

TC Energy Stock Performance

NYSE TRP opened at $46.33 on Monday. The business’s 50-day simple moving average is $47.71 and its 200-day simple moving average is $45.48. The firm has a market capitalization of $48.13 billion, a P/E ratio of 12.83, a P/E/G ratio of 3.88 and a beta of 0.82. TC Energy has a 1-year low of $31.83 and a 1-year high of $50.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.31 and a quick ratio of 1.23.

Institutional Trading of TC Energy

A number of hedge funds have recently made changes to their positions in TRP. Fortitude Family Office LLC acquired a new position in TC Energy during the 3rd quarter worth $28,000. Blue Trust Inc. grew its stake in TC Energy by 72.0% in the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 267 shares in the last quarter. Versant Capital Management Inc acquired a new position in TC Energy in the fourth quarter worth $33,000. Point72 DIFC Ltd bought a new position in shares of TC Energy in the 3rd quarter worth about $39,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in TC Energy in the second quarter worth about $51,000. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders 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 7.10%. This is a positive change from TC Energy’s previous quarterly dividend of $0.70. The ex-dividend date of this dividend is Tuesday, December 31st. TC Energy’s dividend payout ratio is presently 63.16%.

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.