TC Energy (NYSE:TRP) Sets New 1-Year High – Here’s What Happened

TC Energy Corporation (NYSE:TRP) (TSE:TRP) shares reached 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.

Analysts Set New Price Targets

A number of research analysts recently weighed in on TRP shares. Wells Fargo & Company reissued an “overweight” rating on shares of TC Energy in a research note on Monday, February 16th. Wall Street Zen raised TC Energy from a “sell” rating to a “hold” rating in a research report on Saturday, February 14th. TD Securities cut shares of TC Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Morgan Stanley reaffirmed an “overweight” rating on shares of TC Energy in a research note on Wednesday, January 28th. Finally, Canadian Imperial Bank of Commerce lowered shares of TC Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 17th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $72.50.

TC Energy Stock Performance

The stock’s 50-day moving average price is $57.89 and its 200 day moving average price is $54.54. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.63 and a quick ratio of 0.56. The firm has a market cap of $67.94 billion, a P/E ratio of 28.08 and a beta of 0.72.

TC Energy (NYSE:TRP) (TSE:TRP) last released its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.94 billion. During the same period last year, the business earned $1.05 earnings per share. As a group, equities analysts predict 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 Thursday, April 30th. Stockholders of record on Tuesday, March 31st will be issued a dividend of $0.8775 per share. This is an increase from TC Energy’s previous quarterly dividend of $0.85. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date of this dividend is Tuesday, March 31st. TC Energy’s payout ratio is 106.90%.

Institutional Investors Weigh In On TC Energy

Institutional investors have recently made changes to their positions in the stock. GQG Partners LLC raised its holdings in TC Energy by 586.5% in the 4th quarter. GQG Partners LLC now owns 16,154,469 shares of the pipeline company’s stock valued at $890,711,000 after acquiring an additional 13,801,371 shares in the last quarter. Norges Bank bought a new stake in TC Energy during the fourth quarter worth about $583,732,000. Deutsche Bank AG lifted its position in TC Energy by 63.2% during the fourth quarter. Deutsche Bank AG now owns 15,384,255 shares of the pipeline company’s stock worth $846,288,000 after purchasing an additional 5,956,263 shares during the period. American Century Companies Inc. grew its stake in TC Energy by 514.5% during the third quarter. American Century Companies Inc. now owns 6,491,799 shares of the pipeline company’s stock worth $352,976,000 after buying an additional 5,435,310 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its holdings in TC Energy by 2,573.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 2,680,572 shares of the pipeline company’s stock valued at $130,600,000 after buying an additional 2,580,300 shares during the period. 83.13% of the stock is currently owned by institutional investors.

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.