TC Energy (TSE:TRP) Hits New 12-Month High - Here's Why

TC Energy Co. (TSE:TRP - Get Free Report) NYSE: TRP shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$71.12 and last traded at C$70.65, with a volume of 752223 shares. The stock had previously closed at C$70.36.

Wall Street Analysts Forecast Growth

TRP has been the topic of several recent research reports. Royal Bank of Canada lifted their target price on shares of TC Energy from C$71.00 to C$74.00 in a research note on Tuesday, February 18th. 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. TD Securities boosted their price target on shares of TC Energy from C$74.00 to C$76.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Scotiabank boosted their price target on shares of TC Energy from C$75.00 to C$77.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Finally, CIBC boosted their price target on shares of TC Energy from C$71.00 to C$76.00 and gave the company an "outperform" rating in a research report on Friday, May 2nd. Six equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and an average price target of C$74.17.

TC Energy Stock Down 0.1%

The company has a debt-to-equity ratio of 237.62, a quick ratio of 0.40 and a current ratio of 1.31. The firm has a fifty day simple moving average of C$68.26 and a 200-day simple moving average of C$67.53. The company has a market capitalization of C$72.39 billion, a PE ratio of 13.96, a P/E/G ratio of 1.69 and a beta of 0.82.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 4.84%. TC Energy's dividend payout ratio (DPR) is 76.37%.

Insider Activity

In related news, Director Trevor Ebl acquired 1,470 shares of the stock in a transaction dated Friday, March 14th. The shares were acquired at an average price of C$67.85 per share, with a total value of C$99,732.15. Also, Director Rosemary K. Stevens sold 5,089 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of C$67.19, for a total value of C$341,919.73. Over the last three months, insiders purchased 17,887 shares of company stock valued at $1,231,890 and sold 140,361 shares valued at $9,745,446. 0.03% of the stock is currently owned by company insiders.

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.