TC Energy Stock Target Price Increased by Royal Bank of Canada

TC Energy (NYSE:TRP) received an uplifting update from the Royal Bank of Canada, which has increased its target price for the stock from $71.00 to $74.00. This change was highlighted in a research note issued on Tuesday, signaling confidence in the pipeline company’s future performance. The new price target implies a potential upside of approximately 59.57% based on the company’s previous closing price.

Numerous other analysts have also shared their insights regarding TC Energy. StockNews.com began covering the company recently and assigned a "hold" rating. Meanwhile, Goldman Sachs adjusted their target price from $38.00 to $42.00, but maintained a "sell" rating. Morgan Stanley upgraded their assessment of TC Energy, moving from an "underweight" to an "overweight" rating. Furthermore, BMO Capital Markets raised the target price from $66.00 to $70.00, offering a "market perform" rating. US Capital Advisors followed suit, increasing their rating from "hold" to "moderate buy" in a late January report. Currently, two analysts have given the stock a sell rating, three analysts maintained a hold rating, and six have rated it as a buy. Overall, TC Energy has an average rating of "Hold" based on data from MarketBeat, with a consensus price target of $62.00.

Recent Stock Performance

On Tuesday, TC Energy’s stock experienced a modest increase, trading up by $0.46 to reach $46.38. The trading volume was significant, with 1,437,460 shares exchanged, compared to an average volume of 2,109,496 shares. The company holds a market capitalization of $48.19 billion, along with a price-to-earnings (PE) ratio of 12.85 and a price-to-earnings-growth (PEG) ratio of 4.45. The stock has shown a 1-year range between $31.83 and $50.37. Financial metrics indicate a quick ratio of 1.23 and a current ratio of 1.31, while the debt-to-equity ratio stands at 1.78. The fifty-day simple moving average is at $46.58, and the 200-day simple moving average is slightly lower at $46.60.

TC Energy recently disclosed its quarterly earnings on February 14, reporting earnings per share (EPS) of $1.05. This result surpassed analysts' expectations, which averaged $0.51, by $0.54. The company recorded revenue of $2.56 billion, exceeding the forecast of $2.42 billion. TC Energy achieved a net margin of 31.15% and a return on equity of 12.92%. Projections suggest an EPS of 2.92 for the ongoing year.

Investor Activity

Recent activity from hedge funds and institutional investors shows notable adjustments in their positions related to TC Energy stock. For instance, Fortitude Family Office LLC acquired a new stake in the company during the third quarter, valued around $28,000. Blue Trust Inc. expanded its holdings by 72.0% in the same quarter and now possesses 638 shares, valued at approximately $30,000, following the purchase of an additional 267 shares. Similarly, SBI Securities Co. Ltd. and Versant Capital Management Inc. added new positions in TC Energy during the fourth quarter, worth about $31,000 and $33,000, respectively. Synergy Investment Management LLC also made a new investment in the fourth quarter, estimated at $36,000. Altogether, hedge funds and institutional investors own about 83.13% of TC Energy's stock.

Overview of TC Energy

TC Energy Corporation is a major player in the energy infrastructure sector in North America. It operates through various segments, including Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, and Power and Energy Solutions. The company oversees a vast network of approximately 93,600 kilometers of natural gas pipelines that transport gas from supply areas to distribution outlets, power plants, and other industrial facilities.

TC Energy, Stock, Royal Bank of Canada