Can TC Energy Corporation (NYSE: TRP) Shares Make A Higher Price Run?

In the last trading session, 2.76 million shares of the TC Energy Corporation (NYSE:TRP) were traded, and its beta was 0.77. Most recently the company’s share price was $40.27, and it changed around $0.07 or 0.17% from the last close, which brings the market valuation of the company to $41.78B. TRP currently trades at a discount to its 52-week high of $42.76, offering almost -6.18% off that amount. The share price’s 52-week low was $32.51, which indicates that the current value has risen by an impressive 19.27% since then. We note from TC Energy Corporation’s average daily trading volume that its 10-day average is 4.17 million shares, with the 3-month average coming to 2.61 million.

TC Energy Corporation stock received a consensus recommendation rating of Buy, based on a mean score of 2.52. If we narrow it down even further, the data shows that 0 out of 8 analysts rate the stock as a Sell; another 3 rate it as Overweight. Among the rest, 2 recommended TRP as a Hold, whereas 3 deemed it a Buy, and 0 rated it as Underweight. TC Energy Corporation is expected to report earnings per share of $0.82 for the current quarter.

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TC Energy Corporation (NYSE:TRP) trade information

Instantly TRP has showed a green trend with a performance of 0.17% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently up 3.02% year-to-date, but still down -0.32% over the last five days. On the other hand, TC Energy Corporation (NYSE:TRP) is 1.82% up in the 30-day period. We can see from the shorts that 45.65 million shares have been sold at a short interest cover period of 19.37 day(s).

The consensus price target as assigned by Wall Street analysts is $52.06, which translates to bulls needing to increase their stock price by 22.65% from its current value. Analyst projections state that TRP is forecast to be at a low of $45 and a high of $58.08956969.

TC Energy Corporation (TRP) estimates and forecasts

TC Energy Corporation share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 16.39 percent over the past six months and at a -10.75% annual growth rate that is well below the industry average of 12.60%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -9.90% in revenue this quarter, and will report a decrease of -4.20% in the next quarter. The year-over-year growth rate is expected to be 2.10%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $3.14 billion in revenue for the current quarter. 3 analysts expect TC Energy Corporation to make $2.83 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $3.02 billion and $2.71 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 3.80%. Forecasts for the next quarter put sales growth at 4.40%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -7.63%. TC Energy Corporation earnings are expected to increase by -9.24% in 2024, but the outlook is negative -2.00% per year for the next five years.

TRP Dividends

TC Energy Corporation’s next quarterly earnings report is expected to be released around April 26 and April 30. The annual dividend yield of the stock is 5.20 percent and its annual dividend per share was 2.09. It is important to note, however, that the 5.20% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

TC Energy Corporation (NYSE:TRP)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 0.04% of TC Energy Corporation shares, and 79.31% of them are in the hands of institutional investors. The stock currently has a share float of 79.34%. TC Energy Corporation stock is held by 809 institutions, with Royal Bank of Canada being the largest institutional investor. By Jun 29, 2023, it held 9.87% of the shares, which is about 102.42 million shares worth $4.14 billion.

Capital World Investors, with 4.74% or 49.19 million shares worth $1.99 billion as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

American Mutual Fund Inc and Capital Income Builder, Inc. were the top two Mutual Funds as of Sep 29, 2023. The former held 30.01 million shares worth $1.03 billion, making up 2.89% of all outstanding shares. On the other hand, Capital Income Builder, Inc. held roughly 14.72 million shares worth around $527.85 million, which represents about 1.42% of the total shares outstanding.