TC Energy (NYSE:TRP) Upgraded by JPMorgan Chase & Co. to Overweight

JPMorgan Chase & Co. upgraded shares of TC Energy (NYSE:TRP) (TSE:TRP) from a neutral rating to an overweight rating in a report issued on Monday, Marketbeat reports.

TRP has been the subject of several other reports. StockNews.com assumed coverage on shares of TC Energy in a research note on Saturday, October 5th. They set a “hold” rating for the company. UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. Finally, Veritas raised TC Energy to a “strong sell” rating in a research note on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $43.50.

TC Energy Stock Up 1.2 %

TRP opened at $47.34 on Monday. The company has a market cap of $49.13 billion, a P/E ratio of 19.40, a P/E/G ratio of 3.84 and a beta of 0.81. TC Energy has a 12 month low of $30.48 and a 12 month high of $47.69. The business’s 50-day moving average price is $45.69 and its 200-day moving average price is $41.12. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.29. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter in the previous year, the company posted $0.71 earnings per share. On average, equities analysts expect that TC Energy will post 3.05 EPS for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be issued a $0.702 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 dividend on an annualized basis and a yield of 5.93%. TC Energy’s dividend payout ratio (DPR) is 116.80%.

Institutional Trading of TC Energy

A number of hedge funds have recently modified their holdings of the business. Creekmur Asset Management LLC purchased a new position in TC Energy during the 4th quarter valued at about $27,000. Vanguard Group Inc. lifted its holdings in shares of TC Energy by 2.0% during the fourth quarter. Vanguard Group Inc. now owns 40,404,299 shares of the pipeline company’s stock valued at $1,579,404,000 after purchasing an additional 778,359 shares during the last quarter. HighPoint Advisor Group LLC bought a new stake in shares of TC Energy in the 4th quarter worth approximately $242,000. Massmutual Trust Co. FSB ADV grew its stake in shares of TC Energy by 13.6% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 48,124 shares of the pipeline company’s stock worth $1,935,000 after buying an additional 5,763 shares during the last quarter. Finally, New Hampshire Trust increased its position in TC Energy by 3.8% during the 1st quarter. New Hampshire Trust now owns 7,263 shares of the pipeline company’s stock valued at $292,000 after buying an additional 269 shares in the last quarter. Institutional investors 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.