TC Energy (NYSE:TRP) Share Price Breaks Above 200 Day Moving Average – Here’s Why

Shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $63.97 and traded as high as $64.37. TC Energy shares last traded at $64.2680, with a volume of 1,400,079 shares.

Analysts Set New Price Targets

A number of research analysts have weighed in on TRP shares. Royal Bank Of Canada reaffirmed a “moderate buy” rating and issued a $106.00 price target on shares of TC Energy in a research note on Friday, September 11th. Wall Street Zen downgraded shares of TC Energy from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TC Energy in a research report on Thursday, October 29th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a research report on Tuesday, July 21st. Finally, The Goldman Sachs Group raised shares of TC Energy from a “neutral” rating to a “buy” rating and set a $71.00 target price for the company in a research note on Wednesday, September 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $93.75.

TC Energy Trading Up 0.3%

The stock has a market cap of $64.75 billion, a price-to-earnings ratio of 24.07 and a beta of 0.64. The business has a 50-day simple moving average of $61.44 and a two-hundred day simple moving average of $64.01. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.49 and a current ratio of 0.57.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Thursday, November 5th. The pipeline company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.03. TC Energy had a net margin of 25.05% and a return on equity of 11.67%. The company had revenue of $2.88 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period last year, the company earned $0.77 earnings per share. As a group, research analysts forecast that TC Energy Corporation will post 2.81 EPS for the current year.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 29th. Shareholders of record on Thursday, December 31st will be paid a C$0.88 dividend. This represents a $3.51 annualized dividend and a yield of 5.4%. The ex-dividend date is Thursday, December 31st. TC Energy’s payout ratio is presently 94.05%.

Hedge Funds Weigh In On TC Energy

Large investors have recently modified their holdings of the business. Groupe la Francaise grew its position in shares of TC Energy by 2.1% during the 1st quarter. Groupe la Francaise now owns 7,352 shares of the pipeline company’s stock worth $459,000 after purchasing an additional 154 shares in the last quarter. Ritholtz Wealth Management boosted its stake in shares of TC Energy by 0.9% in the third quarter. Ritholtz Wealth Management now owns 23,202 shares of the pipeline company’s stock valued at $1,341,000 after buying an additional 210 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of TC Energy by 1.1% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,946 shares of the pipeline company’s stock valued at $1,519,000 after buying an additional 257 shares during the period. Ingalls & Snyder LLC boosted its stake in shares of TC Energy by 1.4% in the third quarter. Ingalls & Snyder LLC now owns 21,741 shares of the pipeline company’s stock valued at $1,256,000 after buying an additional 300 shares during the period. Finally, Louisbourg Investments Inc. grew its position in TC Energy by 3.0% during the third quarter. Louisbourg Investments Inc. now owns 11,421 shares of the pipeline company’s stock worth $663,000 after buying an additional 329 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers. The company’s pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario. Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.