TC Energy (TSE:TRP) Reaches New 12-Month High After Analyst Upgrade

TC Energy Co. (TSE:TRP) (NYSE:TRP) hit 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 company traded as high as C$70.02 and last traded at C$69.99, with a volume of 184113 shares changing hands. The stock had previously closed at C$69.05.

Several other brokerages also recently weighed in on TRP. Morgan Joseph upgraded TC Energy from an “underweight” rating to an “overweight” rating and raised their price target for the company from C$62.00 to C$78.00 in a report on Friday, October 25th. Scotiabank increased their price objective on shares of TC Energy from C$68.00 to C$74.00 in a research report on Friday, November 8th. Barclays lifted their target price on shares of TC Energy from C$66.00 to C$67.00 in a report on Monday, October 21st. UBS Group upgraded shares of TC Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 30th. Finally, Royal Bank of Canada raised their price target on shares of TC Energy from C$67.00 to C$71.00 in a research report on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, TC Energy presently has an average rating of “Hold” and an average price target of C$67.62.

Insider Buying and Selling at TC Energy

In related news, Senior Officer Patrick M. Keys sold 17,127 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of C$62.71, for a total value of C$1,074,049.58. Also, Director Mark Yeomans sold 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of C$61.58, for a total transaction of C$400,297.95. In the last ninety days, insiders sold 89,490 shares of company stock worth $5,749,355. Insiders own 0.03% of the company’s stock.

TC Energy Stock Performance

The company has a debt-to-equity ratio of 160.84, a quick ratio of 0.40 and a current ratio of 0.76. The stock has a market cap of C$72.38 billion, a P/E ratio of 21.03, a P/E/G ratio of 1.69 and a beta of 0.82. The business’s 50-day moving average price is C$64.60 and its 200-day moving average price is C$58.62.

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

TC Energy Increases Dividend

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