TC Energy (TSE:TRP) Sets New 52-Week High on Analyst Upgrade

TC Energy Co. (TSE:TRP) (NYSE:TRP) reached a new 52-week high on Monday after JPMorgan Chase & Co. raised their price target on the stock from C$70.00 to C$79.00. The stock traded as high as C$70.02 and last traded at C$69.99, with a volume of 184113 shares trading hands. The stock had previously closed at C$69.05.

Several other analysts have also weighed in on the company. Morgan Joseph raised TC Energy from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from C$62.00 to C$78.00 in a report on Friday, October 25th. Scotiabank lifted their price target on shares of TC Energy from C$68.00 to C$74.00 in a research note on Friday, November 8th. Royal Bank of Canada increased their price objective on shares of TC Energy from C$67.00 to C$71.00 in a research note on Friday, November 8th. UBS Group upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 30th. Finally, CIBC increased their price target on shares of TC Energy from C$66.00 to C$67.00 in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, TC Energy has an average rating of “Hold” and a consensus price target of C$67.62.

Insider Buying and Selling

In other TC Energy news, Director Lindsay Mackay sold 3,520 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of C$70.00, for a total transaction of C$246,400.00. Also, Director Trevor Ebl sold 9,554 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of C$68.48, for a total transaction of C$654,219.70. Insiders have sold a total of 89,490 shares of company stock worth $5,749,355 in the last three months. Insiders own 0.03% of the company’s stock.

TC Energy Price Performance

The firm has a market capitalization of C$72.38 billion, a price-to-earnings ratio of 21.03, a price-to-earnings-growth ratio of 1.69 and a beta of 0.82. The company has a quick ratio of 0.40, a current ratio of 0.76 and a debt-to-equity ratio of 160.84. The company’s fifty day moving average is C$64.60 and its two-hundred day moving average is C$58.62.

TC Energy (TSE:TRP) (NYSE:TRP) last posted its quarterly earnings results on Thursday, November 7th. The company reported C$1.03 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.97 by C$0.06. TC Energy had a return on equity of 10.68% and a net margin of 21.38%. The company had revenue of C$4.08 billion for the quarter, compared to the consensus estimate of C$3.90 billion. Equities research analysts anticipate that TC Energy Co. will post 3.5490515 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.113 per share. This is a positive change from TC Energy’s previous quarterly dividend of $0.96. This represents a $4.45 annualized dividend and a dividend yield of 6.40%. The ex-dividend date is Tuesday, December 31st. TC Energy’s payout ratio is presently 116.01%.

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.