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

Shares of TC Energy Co. (NYSE:TRP - Get Free Report) TSE: TRP hit a new 52-week high on Tuesday . The stock traded as high as $51.46 and last traded at $51.39, with a volume of 2823599 shares trading hands. The stock had previously closed at $50.64.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Citigroup initiated coverage on shares of TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating for the company. Cibc World Mkts raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Wall Street Zen lowered shares of TC Energy from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, Royal Bank of Canada boosted their price objective on shares of TC Energy from $71.00 to $74.00 and gave the company an "outperform" rating in a research report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Trading Up 0.1%

The business's fifty day moving average is $48.95 and its 200-day moving average is $47.65. The stock has a market capitalization of $53.42 billion, a PE ratio of 15.86, a P/E/G ratio of 4.34 and a beta of 0.78. The company has a quick ratio of 1.23, a current ratio of 0.55 and a debt-to-equity ratio of 1.56.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). TC Energy had a net margin of 29.40% and a return on equity of 12.12%. The company had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. As a group, analysts anticipate that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.6142 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 4.78%. TC Energy's payout ratio is 77.89%.

Institutional Investors Weigh In On TC Energy

A number of institutional investors have recently bought and sold shares of TRP. Lowe Wealth Advisors LLC purchased a new stake in TC Energy during the first quarter worth approximately $30,000. SBI Securities Co. Ltd. purchased a new stake in TC Energy during the fourth quarter worth approximately $31,000. Synergy Investment Management LLC purchased a new stake in TC Energy during the fourth quarter worth approximately $36,000. Millstone Evans Group LLC purchased a new stake in TC Energy during the fourth quarter worth approximately $41,000. Finally, TruNorth Capital Management LLC purchased a new stake in TC Energy during the first quarter worth approximately $45,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

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.