TC Energy (NYSE:TRP) Reaches New 1-Year High - Here's What Happened

Key Points

• TC Energy's stock reached a new **52-week high** at $53.49 during trading, with a market capitalization of **$55.42 billion**.
• The company has recently **increased its quarterly dividend** to $0.6148 per share, representing an annual yield of **4.6%**.
• Several analysts have **upgraded TC Energy's ratings**, with a consensus rating of **"Moderate Buy"** and a price target of **$62.00**.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP's stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $53.49 and last traded at $53.28, with a volume of 1874798 shares changing hands. The stock had previously closed at $52.88.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TRP shares. US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. Finally, Wall Street Zen upgraded TC Energy from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Trading Up 0.8%

The company has a 50 day moving average of $50.38 and a two-hundred day moving average of $49.24. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a market capitalization of $55.42 billion, a PE ratio of 18.18, a P/E/G ratio of 5.07 and a beta of 0.77.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the business earned $0.79 EPS. Sell-side analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a dividend of $0.6148 per share. This represents a $2.46 annualized dividend and a yield of 4.6%. The ex-dividend date is Monday, September 29th. This is a boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is presently 85.32%.

Institutional Trading of TC Energy

Large investors have recently added to or reduced their stakes in the company. Lowe Wealth Advisors LLC purchased a new stake in TC Energy during the 1st quarter valued at about $30,000. Hilltop National Bank purchased a new stake in TC Energy during the 2nd quarter valued at about $32,000. Harbor Asset Planning Inc. purchased a new stake in TC Energy during the 2nd quarter valued at about $43,000. TruNorth Capital Management LLC purchased a new stake in TC Energy during the 1st quarter valued at about $45,000. Finally, Truvestments Capital LLC purchased a new stake in TC Energy during the 1st quarter valued at about $45,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

About TC Energy

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.

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