TC Energy (NYSE:TRP) Sets New 1-Year High - Here's Why

Shares of TC Energy Co. (NYSE:TRP - Get Free Report) TSE: TRP hit a new 52-week high on Tuesday . The company traded as high as $50.47 and last traded at $50.22, with a volume of 75027 shares traded. The stock had previously closed at $50.25.

Wall Street Analysts Forecast Growth

TRP has been the topic of a number of recent analyst reports. Citigroup initiated coverage on TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating on the stock. Royal Bank of Canada lifted their price objective on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 18th. TD Securities initiated coverage on TC Energy in a research report on Wednesday, January 15th. They issued a "buy" rating on the stock. StockNews.com lowered TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, Veritas upgraded TC Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Down 0.6 %

The stock has a 50 day simple moving average of $47.44 and a 200-day simple moving average of $47.27. The firm has a market cap of $52.11 billion, a PE ratio of 15.47, a PEG ratio of 4.34 and a beta of 0.74. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.55 and a quick ratio of 1.23.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.54. The business had revenue of $2.56 billion during the quarter, compared to analysts' expectations of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same quarter in the previous year, the business earned $1.35 earnings per share. Sell-side analysts predict that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st were paid a dividend of $0.85 per share. This is a boost from TC Energy's previous quarterly dividend of $0.82. The ex-dividend date was Monday, March 31st. This represents a $3.40 dividend on an annualized basis and a yield of 6.78%. TC Energy's payout ratio is presently 72.84%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in TRP. Norges Bank purchased a new position in shares of TC Energy in the fourth quarter worth $428,759,000. Mufg Securities Canada LTD. raised its stake in shares of TC Energy by 571.7% in the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after purchasing an additional 5,264,079 shares during the last quarter. Blackstone Inc. raised its stake in shares of TC Energy by 83.8% in the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after purchasing an additional 3,482,874 shares during the last quarter. FIL Ltd raised its stake in shares of TC Energy by 10.3% in the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of TC Energy in the fourth quarter worth $102,405,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

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.