TC Energy (NYSE:TRP) Hits New 52-Week High - What's Next?

Key Points

• TC Energy's stock reached a new 52-week high of $52.28 before closing at $52.10, with a trading volume of 860,267 shares.
• Analysts maintain a consensus price target of $62.00 for TC Energy, with a mix of ratings, including two Strong Buy and seven Buy ratings, resulting in an overall average rating of "Moderate Buy."
• The company has increased its quarterly dividend to $0.6148, with a dividend yield of 4.7%, reflecting its robust financial performance and growth expectations.

TC Energy Corporation (NYSE:TRP - Get Free Report) TSE: TRP shares hit a new 52-week high during trading on Thursday . The stock traded as high as $52.28 and last traded at $52.10, with a volume of 860267 shares. The stock had previously closed at $51.69.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TRP shares. US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Barclays reiterated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, TC Energy presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Performance

The company has a market cap of $53.94 billion, a P/E ratio of 17.70, a PEG ratio of 4.97 and a beta of 0.77. The firm has a 50 day moving average of $49.36 and a 200-day moving average of $48.70. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

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

TC Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a $0.6148 dividend. This is a positive change from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. TC Energy's dividend payout ratio (DPR) is 85.32%.

Institutional Investors Weigh In On TC Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Osaic Holdings Inc. boosted its holdings in TC Energy by 14.9% in the 2nd quarter. Osaic Holdings Inc. now owns 98,741 shares of the pipeline company's stock worth $4,802,000 after buying an additional 12,827 shares during the last quarter. Orion Porfolio Solutions LLC lifted its stake in TC Energy by 36.3% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 10,636 shares of the pipeline company's stock worth $519,000 after purchasing an additional 2,830 shares in the last quarter. Public Sector Pension Investment Board lifted its stake 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 worth $130,600,000 after purchasing an additional 2,580,300 shares in the last quarter. Evergreen Capital Management LLC lifted its stake in TC Energy by 7.8% in the 2nd quarter. Evergreen Capital Management LLC now owns 49,268 shares of the pipeline company's stock worth $2,404,000 after purchasing an additional 3,550 shares in the last quarter. Finally, Corient Private Wealth LLC lifted its stake in TC Energy by 92.2% in the 2nd quarter. Corient Private Wealth LLC now owns 57,116 shares of the pipeline company's stock worth $2,786,000 after purchasing an additional 27,392 shares in the last quarter. 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.