TC Energy (NYSE:TRP) Sets New 12-Month High – Still a Buy?

TC Energy Corporation (NYSE:TRP) (TSE:TRP) shares hit a new 52-week high on Monday . The company traded as high as $56.10 and last traded at $56.1350, with a volume of 98286 shares changing hands. The stock had previously closed at $55.85.

Wall Street Analyst Weigh In

TRP has been the subject of a number of analyst reports. Barclays reissued an “overweight” rating on shares of TC Energy in a research note on Tuesday, October 14th. Cibc Captl Mkts upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 6th. BMO Capital Markets upgraded shares of TC Energy from a “market perform” rating to an “outperform” rating in a research report on Friday, November 7th. Scotiabank reaffirmed an “outperform” rating on shares of TC Energy in a report on Monday, October 20th. Finally, Wall Street Zen raised TC Energy from a “sell” rating to a “hold” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

TC Energy Trading Up 0.5%

The business’s fifty day moving average price is $53.49 and its 200 day moving average price is $51.47. The company has a quick ratio of 0.56, a current ratio of 0.63 and a debt-to-equity ratio of 1.60. The firm has a market capitalization of $58.40 billion, a PE ratio of 24.19 and a beta of 0.70.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.56. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $2.63 billion. TC Energy had a net margin of 23.86% and a return on equity of 10.61%. During the same quarter last year, the business earned $1.03 earnings per share. As a group, analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be paid a $0.85 dividend. The ex-dividend date is Wednesday, December 31st. This is an increase from TC Energy’s previous quarterly dividend of $0.61. This represents a $3.40 annualized dividend and a yield of 6.1%. TC Energy’s payout ratio is currently 104.74%.

Institutional Trading of TC Energy

Hedge funds have recently added to or reduced their stakes in the business. Hilltop National Bank purchased a new position in TC Energy during the second quarter worth approximately $32,000. Westside Investment Management Inc. increased its holdings in shares of TC Energy by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 594 shares of the pipeline company’s stock worth $32,000 after buying an additional 297 shares during the last quarter. SWAN Capital LLC purchased a new position in shares of TC Energy in the 3rd quarter worth $40,000. Harbor Asset Planning Inc. acquired a new position in TC Energy in the second quarter valued at $43,000. Finally, Smartleaf Asset Management LLC grew its position in TC Energy by 237.4% during the third quarter. Smartleaf Asset Management LLC now owns 803 shares of the pipeline company’s stock valued at $43,000 after acquiring an additional 565 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

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.