TC Energy (NYSE:TRP) Hits New 12-Month High – Still a Buy?

TC Energy Corporation (NYSE:TRP) (TSE:TRP) hit a new 52-week high during trading on Monday . The stock traded as high as $56.91 and last traded at $56.6550, with a volume of 52136 shares trading hands. The stock had previously closed at $56.26.

Analysts Set New Price Targets

Several analysts recently commented on TRP shares. Royal Bank Of Canada raised their target price on TC Energy from $74.00 to $84.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Barclays reiterated an “overweight” rating on shares of TC Energy in a research report on Tuesday, October 14th. Scotiabank restated an “outperform” rating on shares of TC Energy in a research report on Monday, October 20th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of TC Energy in a report on Monday, December 29th. Finally, BMO Capital Markets raised TC Energy from a “market perform” rating to an “outperform” rating in a report on Friday, November 7th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, TC Energy presently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

TC Energy Price Performance

The company has a debt-to-equity ratio of 1.60, a current ratio of 0.63 and a quick ratio of 0.56. The stock has a 50 day simple moving average of $54.54 and a two-hundred day simple moving average of $52.33. The company has a market cap of $58.36 billion, a price-to-earnings ratio of 24.15 and a beta of 0.72.

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

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend is Wednesday, December 31st. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s dividend payout ratio is 106.90%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Campbell & CO Investment Adviser LLC acquired a new position in shares of TC Energy in the third quarter valued at approximately $1,391,000. Norges Bank purchased a new position in TC Energy in the 2nd quarter valued at approximately $493,434,000. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of TC Energy by 9.2% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,365,500 shares of the pipeline company’s stock worth $74,297,000 after acquiring an additional 115,000 shares in the last quarter. Ausbil Investment Management Ltd grew its stake in shares of TC Energy by 33.2% in the third quarter. Ausbil Investment Management Ltd now owns 100,519 shares of the pipeline company’s stock worth $5,415,000 after acquiring an additional 25,026 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of TC Energy by 1.0% during the second quarter. Invesco Ltd. now owns 3,553,105 shares of the pipeline company’s stock worth $173,356,000 after acquiring an additional 34,043 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

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.