TC Energy (NYSE:TRP) Sets New 52-Week High – Here’s Why

Shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) hit a new 52-week high on Monday . The company traded as high as $65.57 and last traded at $65.0970, with a volume of 234304 shares. The stock had previously closed at $64.37.

Analyst Ratings Changes

Several research analysts have recently issued reports on TRP shares. Scotiabank restated an “outperform” rating on shares of TC Energy in a research note on Tuesday, February 17th. Barclays reissued an “overweight” rating on shares of TC Energy in a research note on Friday, February 20th. BMO Capital Markets restated an “outperform” rating on shares of TC Energy in a report on Tuesday, February 17th. TD Securities cut TC Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, Wall Street Zen upgraded TC Energy from a “sell” rating to a “hold” rating in a report on Saturday, February 14th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, TC Energy currently has a consensus rating of “Hold” and an average target price of $72.50.

TC Energy Stock Performance

The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. The firm has a market capitalization of $67.94 billion, a PE ratio of 28.08 and a beta of 0.72. The stock’s 50 day moving average price is $57.89 and its two-hundred day moving average price is $54.54.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a return on equity of 10.52% and a net margin of 23.04%.The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.94 billion. During the same quarter last year, the firm earned $1.05 earnings per share. On average, equities analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be given a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend is Tuesday, March 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.85. TC Energy’s payout ratio is presently 106.90%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Annis Gardner Whiting Capital Advisors LLC acquired a new position in TC Energy during the 4th quarter worth $25,000. Trust Co. of Vermont purchased a new stake in TC Energy during the fourth quarter valued at about $28,000. Westside Investment Management Inc. boosted its stake in TC Energy by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after purchasing an additional 297 shares during the period. McIlrath & Eck LLC purchased a new position in shares of TC Energy during the fourth quarter valued at $32,000. Finally, SWAN Capital LLC purchased a new position in TC Energy during the 3rd quarter valued at about $40,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Company Profile

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.