TC Energy (NYSE:TRP) Given New $84.00 Price Target at Royal Bank Of Canada

TC Energy (NYSE:TRP) (TSE:TRP) had its price target raised by Royal Bank Of Canada from $74.00 to $84.00 in a report issued on Friday morning,Benzinga reports. The firm currently has an outperform rating on the pipeline company’s stock.

A number of other brokerages have also commented on TRP. TD Securities restated a “buy” rating on shares of TC Energy in a report on Friday, October 17th. Wall Street Zen cut TC Energy from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. BMO Capital Markets upgraded TC Energy from a “market perform” rating to an “outperform” rating in a report on Friday. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. Finally, Cibc World Mkts lowered TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $77.00.

TC Energy Stock Up 3.4%

Shares of NYSE:TRP traded up $1.73 during trading on Friday, hitting $52.18. 3,554,902 shares of the company’s stock traded hands, compared to its average volume of 2,288,560. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company has a 50-day moving average price of $52.17 and a 200-day moving average price of $50.30. TC Energy has a 52 week low of $43.51 and a 52 week high of $55.37. The company has a market cap of $54.29 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 4.82 and a beta of 0.73.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, hitting the consensus estimate of $0.56. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same period last year, the company posted $1.03 EPS. As a group, research analysts forecast that TC Energy will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, December 31st. This is a boost from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 annualized dividend and a yield of 6.5%. TC Energy’s dividend payout ratio is currently 84.30%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of TRP. Wealth Alliance LLC raised its stake in shares of TC Energy by 3.7% during the 3rd quarter. Wealth Alliance LLC now owns 20,105 shares of the pipeline company’s stock worth $1,094,000 after purchasing an additional 724 shares in the last quarter. Essex Financial Services Inc. acquired a new position in TC Energy during the third quarter worth $204,000. Syon Capital LLC increased its holdings in TC Energy by 46.1% during the third quarter. Syon Capital LLC now owns 7,547 shares of the pipeline company’s stock worth $411,000 after buying an additional 2,383 shares during the last quarter. Vanguard Group Inc. raised its position in TC Energy by 2.0% during the third quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company’s stock worth $2,545,777,000 after acquiring an additional 914,168 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in TC Energy by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 11,237,084 shares of the pipeline company’s stock valued at $611,410,000 after acquiring an additional 512,759 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

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.