TC Energy (NYSE:TRP) Price Target Raised to $84.00

TC Energy (NYSE:TRP) (TSE:TRP) had its price target boosted by equities research analysts at Royal Bank Of Canada from $74.00 to $84.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the pipeline company’s stock. Royal Bank Of Canada’s target price points to a potential upside of 61.00% from the stock’s previous close.

TRP has been the subject of a number of other research reports. Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a research report on Wednesday, October 8th. Barclays reiterated an “overweight” rating on shares of TC Energy in a report on Tuesday, October 14th. US Capital Advisors downgraded TC Energy from a “moderate buy” rating to a “hold” rating in a report on Thursday, August 21st. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research note on Monday, October 20th. Finally, Wall Street Zen lowered shares of TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

TC Energy Price Performance

TC Energy stock traded up $1.73 during mid-day trading on Friday, hitting $52.18. The company’s stock had a trading volume of 3,431,817 shares, compared to its average volume of 2,282,675. The stock has a market capitalization of $54.29 billion, a P/E ratio of 17.81, a P/E/G ratio of 4.82 and a beta of 0.73. TC Energy has a twelve month low of $43.51 and a twelve month high of $55.37. The stock’s fifty day moving average price is $52.17 and its two-hundred day moving average price is $50.27. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share 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 business 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 firm posted $1.03 earnings per share. Research analysts forecast that TC Energy will post 2.63 earnings per share for the current year.

Institutional Investors Weigh In On TC Energy

Hedge funds have recently added to or reduced their stakes in the stock. Westside Investment Management Inc. raised its position in TC Energy by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 297 shares during the last quarter. Hilltop National Bank bought a new stake in shares of TC Energy during the second quarter worth $32,000. Smartleaf Asset Management LLC lifted its stake in shares of TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after acquiring an additional 565 shares during the period. Harbor Asset Planning Inc. bought a new position in TC Energy in the second quarter valued at about $43,000. Finally, Sagard Holdings Management Inc. acquired a new stake in TC Energy in the second quarter worth about $46,000. Institutional investors own 83.13% of the company’s stock.

About TC Energy

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.