TC Energy Co. (NYSE:TRP – Get Rating) (TSE:TRP) – Stock analysts at Zacks Research dropped their Q3 2023 earnings estimates for shares of TC Energy in a note issued to investors on Friday, June 2nd. Zacks Research analyst N. Choudhury now anticipates that the pipeline company will post earnings of $0.63 per share for the quarter, down from their prior forecast of $0.64. The consensus estimate for TC Energy’s current full-year earnings is $3.07 per share. Zacks Research also issued estimates for TC Energy’s Q4 2023 earnings at $0.81 EPS, Q1 2024 earnings at $0.75 EPS, Q4 2024 earnings at $0.79 EPS and FY2025 earnings at $3.02 EPS.
TRP has been the topic of several other research reports. TheStreet raised shares of TC Energy from a “c” rating to a “b-” rating in a research note on Friday, April 28th. StockNews.com assumed coverage on shares of TC Energy in a research report on Thursday, May 18th. They set a “hold” rating for the company. Finally, TD Securities cut their price objective on shares of TC Energy from C$71.00 to C$68.00 in a research report on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $63.06.
TC Energy Price Performance
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in TRP. Envestnet Asset Management Inc. lifted its position in TC Energy by 6.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 805,598 shares of the pipeline company’s stock worth $32,492,000 after buying an additional 51,142 shares during the last quarter. Verdence Capital Advisors LLC increased its position in TC Energy by 6.0% in the third quarter. Verdence Capital Advisors LLC now owns 11,892 shares of the pipeline company’s stock worth $479,000 after buying an additional 668 shares in the last quarter. Bank of Nova Scotia Trust Co. grew its position in shares of TC Energy by 0.3% during the fourth quarter. Bank of Nova Scotia Trust Co. now owns 772,892 shares of the pipeline company’s stock worth $30,807,000 after purchasing an additional 2,566 shares in the last quarter. Keudell Morrison Wealth Management grew its holdings in TC Energy by 8.7% during the 4th quarter. Keudell Morrison Wealth Management now owns 8,128 shares of the pipeline company’s stock valued at $324,000 after buying an additional 652 shares in the last quarter. Finally, Stephens Inc. AR lifted its stake in shares of TC Energy by 16.3% in the 4th quarter. Stephens Inc. AR now owns 17,805 shares of the pipeline company’s stock valued at $710,000 after purchasing an additional 2,497 shares during the last quarter. Hedge funds and other institutional investors own 71.86% of the company’s stock.
TC Energy Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Friday, June 30th will be paid a dividend of $0.688 per share. This represents a $2.75 annualized dividend and a yield of 6.69%. The ex-dividend date of this dividend is Thursday, June 29th. TC Energy’s dividend payout ratio (DPR) is presently 219.20%.
About TC Energy
TC Energy Corporation engages in the provision of energy infrastructure services. It operates through the following business segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, Power and Energy Solutions, and Corporate. The Canadian Natural Gas Pipelines segment consists of regulated natural gas pipelines.
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