TC Energy Corporation (NYSE:TRP) Announces Dividend Increase – C$0.88 Per Share

TC Energy Corporation (NYSE:TRP) (TSE:TRP) declared a quarterly dividend on Friday, February 13th. Shareholders of record on Tuesday, March 31st will be given a dividend of 0.8775 per share by the pipeline company on Thursday, April 30th. This represents a c) dividend on an annualized basis and a yield of 5.5%. The ex-dividend date of this dividend is Tuesday, March 31st. This is a 3.2% increase from TC Energy’s previous quarterly dividend of $0.85.

TC Energy has decreased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 1 consecutive years. TC Energy has a dividend payout ratio of 86.7% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect TC Energy to earn $2.81 per share next year, which means the company should continue to be able to cover its $2.47 annual dividend with an expected future payout ratio of 87.9%.

TC Energy Price Performance

Shares of TRP traded up $2.12 during midday trading on Friday, hitting $63.52. 3,386,004 shares of the company traded hands, compared to its average volume of 2,556,865. TC Energy has a one year low of $43.59 and a one year high of $63.94. The firm has a market cap of $66.11 billion, a P/E ratio of 27.38 and a beta of 0.73. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.63 and a quick ratio of 0.56. The stock has a 50-day moving average of $55.97 and a 200-day moving average of $53.37.

Wall Street Analysts Forecast Growth

TRP has been the topic of a number of analyst reports. Canadian Imperial Bank of Commerce raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 6th. Weiss Ratings restated a “buy (b-)” rating on shares of TC Energy in a research report on Monday, December 29th. Morgan Stanley reiterated an “overweight” rating on shares of TC Energy in a research report on Wednesday, January 28th. TD Securities reissued a “buy” rating on shares of TC Energy in a research note on Friday, October 17th. Finally, Scotiabank restated an “outperform” rating on shares of TC Energy in a research note on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $84.00.

TC Energy Company Profile

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long?distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.