TC Energy (TSE:TRP) Sets New 12-Month High - What's Next?

Key Points

• TC Energy reached a new 12-month high of C$72.35 during trading, ultimately closing at C$72.24 with a trading volume of 122,902 shares.
• Recent analyst reports have produced varying ratings, with Barclays raising their target price to C$75.00, while Jefferies cut theirs to C$68.00, resulting in an average target price of C$74.46.
• The company announced a quarterly dividend of $0.85 per share, equating to an annualized dividend of $3.40, with a yield of 4.7% and a payout ratio of 85.36%.

TC Energy Co. (TSE:TRP - Get Free Report) NYSE: TRP reached a new 52-week high during trading on Wednesday . The company traded as high as C$72.35 and last traded at C$72.24, with a volume of 122902 shares changing hands. The stock had previously closed at C$71.79.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Barclays increased their target price on TC Energy from C$74.00 to C$75.00 in a research report on Thursday, August 14th. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Jefferies Financial Group dropped their price objective on shares of TC Energy from C$71.00 to C$68.00 in a research note on Wednesday, July 23rd. Citigroup set a C$75.00 price objective on shares of TC Energy and gave the stock a "neutral" rating in a research note on Friday, September 5th. Finally, National Bankshares lifted their price objective on shares of TC Energy from C$75.00 to C$76.00 and gave the stock an "outperform" rating in a research note on Friday, August 1st. Three equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$74.46.

TC Energy Price Performance

The company has a debt-to-equity ratio of 237.62, a current ratio of 1.31 and a quick ratio of 0.40. The firm has a fifty day moving average of C$68.40 and a two-hundred day moving average of C$67.95. The stock has a market capitalization of C$74.68 billion, a P/E ratio of 17.61, a P/E/G ratio of 1.69 and a beta of 0.92.

TC Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 4.7%. TC Energy's dividend payout ratio is presently 85.36%.

Insider Transactions at TC Energy

In other TC Energy news, Director Francois Lionel Poirier sold 53,946 shares of the business's stock in a transaction dated Friday, August 15th. The shares were sold at an average price of C$70.49, for a total value of C$3,802,669.72. Following the completion of the transaction, the director directly owned 113,550 shares in the company, valued at approximately C$8,004,173.57. The trade was a 32.21% decrease in their ownership of the stock. Also, Director Siim A. Vanaselja sold 40,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of C$70.07, for a total transaction of C$2,802,640.00. Following the completion of the transaction, the director owned 12,000 shares of the company's stock, valued at C$840,792. This represents a 76.92% decrease in their ownership of the stock. Insiders own 0.03% of the company's stock.

TC Energy Company Profile

TC Energy Corp operates as an energy infrastructure company, consisting of pipeline and power generation assets in Canada, the United States, and Mexico. Its pipeline network consists of over 92,600 kilometers (57,500 miles) of natural gas pipeline, along with 4,900 kilometers (3,000) miles) from the Keystone Pipeline system.