TC Energy (NYSE:TRP) Reaches New 12-Month High at $47.50

TC Energy Co. (NYSE:TRP) (TSE:TRP) reached a new 52-week high on Tuesday . The company traded as high as $47.50 and last traded at $47.50, with a volume of 2343 shares. The stock had previously closed at $47.11.

Analysts Set New Price Targets

A number of research firms recently commented on TRP. Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, July 17th. StockNews.com initiated coverage on shares of TC Energy in a research note on Thursday, September 19th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $43.50.

TC Energy Price Performance

The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. The company’s 50-day moving average is $44.18 and its 200-day moving average is $40.42. The firm has a market capitalization of $47.05 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 3.81 and a beta of 0.81.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.78 billion. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. During the same quarter last year, the business earned $0.71 EPS. On average, research analysts expect that TC Energy Co. will post 3.06 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, September 27th will be paid a dividend of $0.702 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $2.81 annualized dividend and a yield of 5.97%. TC Energy’s dividend payout ratio is presently 146.39%.

Hedge Funds Weigh In On TC Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Corient Private Wealth LLC raised its position in TC Energy by 25.3% in the fourth quarter. Corient Private Wealth LLC now owns 18,832 shares of the pipeline company’s stock valued at $736,000 after purchasing an additional 3,808 shares during the period. United Services Automobile Association boosted its holdings in TC Energy by 12.0% in the 4th quarter. United Services Automobile Association now owns 33,123 shares of the pipeline company’s stock worth $1,294,000 after acquiring an additional 3,557 shares during the period. TD Asset Management Inc grew its position in TC Energy by 32.1% in the fourth quarter. TD Asset Management Inc now owns 15,304,418 shares of the pipeline company’s stock valued at $600,756,000 after acquiring an additional 3,717,342 shares in the last quarter. Bank of Nova Scotia Trust Co. raised its stake in shares of TC Energy by 0.9% during the fourth quarter. Bank of Nova Scotia Trust Co. now owns 774,196 shares of the pipeline company’s stock valued at $30,263,000 after purchasing an additional 6,987 shares during the period. Finally, Gold Investment Management Ltd. purchased a new stake in shares of TC Energy during the fourth quarter valued at approximately $345,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Company Profile

TC Energy Corporation operates as an energy infrastructure company in North America. It operates through five segments: Canadian Natural Gas Pipelines; U.S. Natural Gas Pipelines; Mexico Natural Gas Pipelines; Liquids Pipelines; and Power and Energy Solutions. The company builds and operates a network of 93,600 kilometers of natural gas pipelines, which transports natural gas from supply basins to local distribution companies, power generation plants, industrial facilities, interconnecting pipelines, LNG export terminals, and other businesses.