TC Energy (NYSE:TRP) Hits New 52-Week High – Time to Buy?

TC Energy Corporation (NYSE:TRP) (TSE:TRP) reached a new 52-week high on Tuesday . The company traded as high as $55.64 and last traded at $55.73, with a volume of 117739 shares traded. The stock had previously closed at $54.87.

Analysts Set New Price Targets

A number of brokerages have commented on TRP. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Weiss Ratings reiterated a “buy (b-)” rating on shares of TC Energy in a report on Monday. Royal Bank Of Canada boosted their price target on TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday, November 7th. Cibc Captl Mkts raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 6th. Finally, Scotiabank reissued an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

TC Energy Trading Down 0.1%

The stock has a market capitalization of $58.08 billion, a price-to-earnings ratio of 24.05 and a beta of 0.70. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.60. The company has a fifty day moving average of $53.13 and a two-hundred day moving average of $51.29.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 EPS for the quarter, meeting the consensus estimate of $0.56. TC Energy had a return on equity of 10.61% and a net margin of 23.86%.The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter last year, the company posted $1.03 earnings per share. On average, research analysts expect that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be issued a $0.85 dividend. This is a boost from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date is Wednesday, December 31st. This represents a $3.40 annualized dividend and a yield of 6.1%. TC Energy’s payout ratio is 104.74%.

Institutional Investors Weigh In On TC Energy

A number of hedge funds have recently bought and sold shares of the company. Westside Investment Management Inc. lifted its holdings in shares of TC Energy by 100.0% during the third quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after buying an additional 297 shares during the last quarter. Hilltop National Bank bought a new position in TC Energy during the second quarter worth $32,000. SWAN Capital LLC bought a new position in TC Energy during the third quarter worth $40,000. Smartleaf Asset Management LLC raised its stake in TC Energy by 237.4% during the 3rd quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after purchasing an additional 565 shares during the last quarter. Finally, Harbor Asset Planning Inc. bought a new stake in TC Energy in the 2nd quarter valued at $43,000. 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.