Scotiabank Has Negative Outlook of TC Energy FY2024 Earnings

TC Energy Co. (TSE:TRP) (NYSE:TRP) – Stock analysts at Scotiabank dropped their FY2024 EPS estimates for TC Energy in a research report issued on Wednesday, January 8th. Scotiabank analyst R. Hope now forecasts that the company will post earnings per share of $4.24 for the year, down from their previous estimate of $4.36. The consensus estimate for TC Energy’s current full-year earnings is $3.55 per share. Scotiabank also issued estimates for TC Energy’s FY2025 earnings at $3.73 EPS.

Several other brokerages also recently commented on TRP. Wells Fargo & Company lifted their target price on shares of TC Energy from C$74.00 to C$76.00 in a report on Wednesday, November 20th. Morgan Joseph upgraded TC Energy from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from C$62.00 to C$78.00 in a report on Friday, October 25th. Royal Bank of Canada increased their target price on TC Energy from C$67.00 to C$71.00 in a research note on Friday, November 8th. Raymond James upgraded TC Energy to a “hold” rating in a research note on Thursday, November 21st. Finally, CIBC increased their price objective on TC Energy from C$68.00 to C$70.00 and gave the stock a “neutral” rating in a research report on Thursday, January 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, TC Energy presently has an average rating of “Hold” and a consensus target price of C$69.92.

TC Energy Price Performance

TSE:TRP opened at C$66.54 on Monday. The company has a market cap of C$69.20 billion, a P/E ratio of 20.10, a P/E/G ratio of 1.69 and a beta of 0.82. The firm’s fifty day moving average price is C$67.62 and its two-hundred day moving average price is C$62.66. TC Energy has a one year low of C$43.83 and a one year high of C$70.32. The company has a debt-to-equity ratio of 160.84, a current ratio of 0.76 and a quick ratio of 0.40.

TC Energy (TSE:TRP) (NYSE:TRP) last issued its earnings results on Thursday, November 7th. The company reported C$1.03 EPS for the quarter, topping the consensus estimate of C$0.97 by C$0.06. The company had revenue of C$4.08 billion during the quarter, compared to the consensus estimate of C$3.90 billion. TC Energy had a return on equity of 10.68% and a net margin of 21.38%.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.113 per share. This is a boost from TC Energy’s previous quarterly dividend of $0.96. This represents a $4.45 annualized dividend and a dividend yield of 6.69%. The ex-dividend date is Tuesday, December 31st. TC Energy’s payout ratio is 116.01%.

Insider Activity

In related news, Senior Officer Nancy Angenita Johnson sold 3,328 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of C$67.75, for a total transaction of C$225,472.00. Also, Director Alexander (Alex) Oehler purchased 6,540 shares of TC Energy stock in a transaction on Monday, December 30th. The stock was bought at an average price of C$66.05 per share, for a total transaction of C$431,947.64. Insiders sold 420,911 shares of company stock valued at $28,259,105 over the last quarter. 0.03% of the stock is owned by company insiders.

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.