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

TC Energy (NYSE:TRP) (TSE:TRP) had its target price hoisted by BMO Capital Markets from $66.00 to $70.00 in a research report report published 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 research reports. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research note on Monday, October 14th. StockNews.com initiated coverage on shares of TC Energy in a report on Monday. They issued a “hold” rating on the stock. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a research note on Monday, September 30th. The Goldman Sachs Group raised their target price on TC Energy from $38.00 to $42.00 and gave the stock a “sell” rating in a research note on Monday, October 21st. Finally, Morgan Stanley raised shares of TC Energy from an “underweight” rating to an “overweight” rating in a research report on Friday, October 25th. Two research 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. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $55.67.

TC Energy Price Performance

Shares of NYSE:TRP opened at $49.21 on Wednesday. The company has a quick ratio of 1.23, a current ratio of 1.31 and a debt-to-equity ratio of 1.78. The company has a market cap of $51.07 billion, a P/E ratio of 13.63, a PEG ratio of 4.19 and a beta of 0.81. TC Energy has a 52 week low of $31.83 and a 52 week high of $50.22. The company has a 50-day moving average price of $47.07 and a 200 day moving average price of $43.05.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Thursday, November 7th. The pipeline company reported $0.76 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.83 billion. Research analysts predict that TC Energy will post 2.98 earnings per share for the current year.

TC Energy Increases Dividend

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

Institutional Investors Weigh In On TC Energy

A number of hedge funds have recently added to or reduced their stakes in the company. EdgeRock Capital LLC purchased a new position in shares of TC Energy in the second quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. lifted its stake in TC Energy by 138.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock worth $28,000 after acquiring an additional 429 shares in the last quarter. Fortitude Family Office LLC acquired a new position in TC Energy during the third quarter valued at approximately $28,000. Blue Trust Inc. grew its position in TC Energy by 72.0% during the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock worth $30,000 after buying an additional 267 shares in the last quarter. Finally, Mather Group LLC. acquired a new position in TC Energy during the 2nd quarter worth about $33,000. 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.