Worth Watching Stock for Traders: TC Energy Corporation (NYSE: TRP)

On Friday, TC Energy Corporation (NYSE: TRP) stock observed trading -3.74% off 52-week high price. On the other end, the stock has been noted 46.67% away from low price over the last 52-weeks. The stock disclosed a move of -0.66% away from 50 day moving average and 4.47% away from 200 day moving average. Moving closer, we can see that shares have been trading -0.04% off 20-day moving average. It has market cap of $47271.04M and dividend yield of 4.50%.

TC Energy Corporation (TRP) recently reported net income attributable to ordinary shares for third quarter 2019 of $739M or $0.79 per share contrast to net income of $928M or $1.02 per share for the same period in 2018. Comparable earnings for third quarter 2019 were $970M or $1.04 per ordinary share contrast to $902M or $1.00 per ordinary share in 2018. TC Energy’s Board of Directors also reported a quarterly dividend of $0.75 per ordinary share for the quarter ending December 31, 2019, equivalent to $3.00 per ordinary share on an annualized basis. Commencing with the dividends reported October 31, 2019, the Company discontinued the practice of issuing ordinary shares from treasury at a discount to satisfy purchases under its Dividend Reinvestment Plan (DRP).

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted)

  • Third quarter 2019 financial results
    • Net income attributable to ordinary shares of $739M or $0.79 per ordinary share
    • Comparable earnings of $970M or $1.04 per ordinary share
    • Comparable earnings before interest, taxes, depreciation and amortization of $2.3B
    • Net cash provided by operations of $1.6B
    • Comparable funds generated from operations of $1.8B
    • Comparable distributable cash flow of $1.7B or $1.78 per ordinary share
  • Reported a quarterly dividend of $0.75 per ordinary share for the quarter ending December 31, 2019
  • Discontinued practice of issuing ordinary shares from treasury at a discount to satisfy purchases under DRP commencing with the dividends reported October 31
  • Reported $1.2B West Path Delivery Program, an expansion of the NGTL and Foothills pipeline systems
  • Initiated the US$0.3B Gas Transmission Northwest (GTN) XPress project
  • Commenced commercial operations on the Sur de Texas pipeline in September
  • Continued construction activities on the $6.6B Coastal GasLink pipeline project and advanced funding plans for the project
  • Received Nebraska Supreme Court decision in August affirming the authorization of the Keystone XL pipeline route through Nebraska
  • Received Draft Supplemental Environmental Impact Statement (DSEIS) for the Keystone XL project in October
  • Closed the sale of certain Columbia Midstream assets for about US$1.3B
  • Completed the partial monetization of Northern Courier for aggregate gross proceeds of about $1.15B
  • Entered into an contract to sell our interests in three Ontario natural gas-fired power plants for about $2.87B
  • Issued $1.0B of long-term fixed-rate Medium Term Notes in September 2019
  • Issued US$1.1B of Junior Subordinated Notes in September 2019.

Net income attributable to ordinary shares reduced by $189M or $0.23 per ordinary share to $739M or $0.79 per share for the three months ended September 30, 2019 contrast to the same period last year. Per share results reflect the dilutive impact of ordinary shares issued under our DRP in 2018 and 2019 and our Corporate At-The-Market (ATM) program in 2018. Third quarter 2019 results included an after-tax loss of $133M at September 30, 2019 related to the Ontario natural gas-fired power plants held for sale, an after-tax loss of $133M related to the sale of certain Columbia Midstream assets in August 2019 and an after-tax gain of $115M related to the partial sale of Northern Courier in July 2019. Third quarter 2018 results included after-tax income of $8M related to our U.S. Northeast power marketing contracts. These specific items, as well as unrealized gains and losses from changes in risk management activities, are excluded from comparable earnings.

The Canada based company TC Energy Corporation moved with change of -0.94% to $50.72 with the total traded volume of 844648 shares in recent session versus to an average volume of 1460.19K. The stock was observed in the 5 days activity at -1.30%. The one-month performance of stock was -1.32%. TRP’s shares are at 3.89% for the quarter and driving a 24.47% return over the course of the past year and is now at 42.07% since this point in 2018.  Right now, the stock beta is 0.8. The average volatility for the week and month was at 1.14% and 1.66% respectively. There are 932M shares outstanding and 930.25M shares are floated in market.

 

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