TC Energy (NYSE:TRP) Downgraded to “Equal Weight” Rating by Morgan Stanley

TC Energy (NYSE:TRP) (TSE:TRP) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, MarketBeat reports.

Several other brokerages have also recently commented on TRP. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a research note on Monday, May 4th. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. TD Securities reiterated a “hold” rating on shares of TC Energy in a research report on Monday, May 4th. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research report on Monday, May 4th. Finally, Weiss Ratings lowered shares of TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $78.50.

TC Energy Price Performance

TC Energy stock opened at $68.14 on Wednesday. TC Energy has a one year low of $46.29 and a one year high of $71.47. The business has a fifty day moving average price of $65.29 and a 200-day moving average price of $60.76. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. The firm has a market capitalization of $68.14 billion, a P/E ratio of 29.58 and a beta of 0.66.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.70 by $0.02. The company had revenue of $2.04 billion during the quarter, compared to analysts’ expectations of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter in the previous year, the company earned $0.95 earnings per share. As a group, equities research analysts forecast that TC Energy will post 2.75 EPS for the current year.

Institutional Investors Weigh In On TC Energy

Hedge funds have recently made changes to their positions in the business. Advisors Asset Management Inc. lifted its holdings in shares of TC Energy by 38.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 88,140 shares of the pipeline company’s stock worth $4,796,000 after acquiring an additional 24,617 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of TC Energy by 19.2% in the 3rd quarter. Citigroup Inc. now owns 378,086 shares of the pipeline company’s stock worth $20,562,000 after acquiring an additional 61,013 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of TC Energy by 2.0% in the 3rd quarter. Vanguard Group Inc. now owns 46,821,474 shares of the pipeline company’s stock worth $2,545,777,000 after acquiring an additional 914,168 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of TC Energy by 80.5% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 526,181 shares of the pipeline company’s stock worth $28,945,000 after acquiring an additional 234,594 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of TC Energy by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 11,237,084 shares of the pipeline company’s stock worth $611,410,000 after acquiring an additional 512,759 shares during the last quarter. 83.13% of the stock is currently owned by institutional investors.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long?distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.