TD Asset Management, Inc. recently announced the acquisition of new stake in TC Energy Corporation (NYSE:TRP). The institutional investor has increased its shareholding in the Energy company by 11.04% to 30.46 million shares with purchase of 3.03 million shares. This fresh investment now brings its stake to 3.05% valued currently at $1.21 billion. In addition, The Vanguard Group, Inc. raised its holdings by 0.29 million to 24.24 million shares. And Wellington Management Co. LLP has lifted its position by 6.28% or 1.26 million shares – to 21.4 million shares.
With over 2.63 million TC Energy Corporation (TRP) shares trading Monday and a closing price of $39.18 on the day, the dollar volume was approximately $102.99 million. The shares have shown a negative half year performance of -19.33% and its price on 03/13/23 gained nearly 0.75%. Currently, there are 1.02B common shares owned by the public and among those 1.01B shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 22 analysts who have offered their price forecasts for TRP have a consensus price objective of $44.81. The analysts have set the share’s price value over the next 12 months at a high of $49.91 and a low of $37.80. The average price target is 21.75% above its recent price level and a downside to the estimated low will see the stock lose -3.65% over that period. But an upside of 21.5% will see the stock hit the forecast high price target while median target price for the stock is $45.14.
The top 3 mutual fund holders in TC Energy Corporation are American Mutual Fund, American Funds Income Fund of Ame, and Capital Income Builder. American Mutual Fund owns 21.87 million shares of the company’s stock, all valued at over $870.66 million. The company sold -2.75 million shares recently to bring their total holdings to about 2.19% of the shares outstanding. American Funds Income Fund of Ame sold -0.27 million shares to see its total holdings shrink to 19.66 million shares valued at over $782.7 million and representing 1.97% of the shares outstanding. Capital Income Builder sold -0.51 million shares to bring its total holdings to over 17.47 million shares at a value of $695.63 million. Capital Income Builder now owns shares totaling to 1.75% of the shares outstanding.
Shares of TC Energy Corporation (NYSE: TRP) opened at $38.63, down -$0.26 from a prior closing price of $38.89. However, the script later moved the day high at 39.71, up 0.75%. The company’s stock has a 5-day price change of -4.93% and -8.16% over the past three months. TRP shares are trading -1.71% year to date (YTD), with the 12-month market performance down to -30.19% lower. It has a 12-month low price of $38.35 and touched a high of $59.38 over the same period. TRP has an average intraday trading volume of 2.06 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -4.36%, -5.28%, and -15.64% respectively.
Institutional ownership of TC Energy Corporation (NYSE: TRP) shares accounts for 60.20% of the company’s 1.02B shares outstanding. Mutual fund holders own 29.21%, while other institutional holders and individual stakeholders account for 46.26% and — respectively.
It has a market capitalization of $40.59B and a beta (3y monthly) value of 0.88. The stock’s trailing 12-month PE ratio is 79.15, while the earnings-per-share (ttm) stands at $0.49. The company has a PEG of 91.40 and a Quick Ratio of 0.40 with the debt-to-equity ratio at 1.85. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.53% over the week and 2.28% over the month.
Analysts forecast that TC Energy Corporation (TRP) will achieve an EPS of $0.81 for the current quarter, $0.85 for the next quarter and $3.18 for 2023. The lowest estimate earnings-per-share for the quarter is $0.72 while analysts give the company a high EPS estimate of $0.89. Comparatively, EPS for the current quarter was $0.84 a year ago. Earnings per share for the fiscal year are expected to decrease by -65.50%, and -0.02% over the next financial year. EPS should grow at an annualized rate of 0.87% over the next five years, compared to -23.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 22 brokerage firm advisors rate TC Energy Corporation (TRP) as a “Hold” at a consensus score of 3.10. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 8 of the 22 advise that investors “hold,” and 4 rated it as a “Sell.”
Morgan Stanley on their part issued Underweight rating on April 26, 2022.
