TC Energy (NYSE:TRP) Reaches New 12-Month High – Time to Buy?

TC Energy Co. (NYSE:TRP) (TSE:TRP)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $48.21 and last traded at $47.98, with a volume of 49295 shares trading hands. The stock had previously closed at $48.10.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, July 17th. Veritas raised shares of TC Energy to a “strong sell” rating in a research report on Tuesday, October 8th. StockNews.com started coverage on TC Energy in a research note on Saturday, October 5th. They issued a “hold” rating on the stock. Finally, UBS Group upgraded TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $43.50.

TC Energy Stock Down 0.9 %

The company has a debt-to-equity ratio of 1.57, a current ratio of 0.76 and a quick ratio of 0.68. The stock has a market cap of $49.50 billion, a PE ratio of 19.71, a PEG ratio of 3.98 and a beta of 0.81. The company has a 50 day moving average price of $45.87 and a two-hundred day moving average price of $41.24.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.29. TC Energy had a net margin of 21.31% and a return on equity of 16.97%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period in the prior year, the company earned $0.71 earnings per share. Analysts expect that TC Energy Co. will post 3.02 EPS for the current year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, September 27th will be given a dividend of $0.702 per share. This represents a $2.81 annualized dividend and a dividend yield of 5.89%. The ex-dividend date is Friday, September 27th. TC Energy’s payout ratio is currently 116.80%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors grew its holdings in TC Energy by 2.7% during the 1st quarter. Capital Research Global Investors now owns 57,170,304 shares of the pipeline company’s stock valued at $2,297,701,000 after buying an additional 1,492,315 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of TC Energy by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 41,057,330 shares of the pipeline company’s stock worth $1,650,505,000 after buying an additional 653,031 shares in the last quarter. Canada Pension Plan Investment Board grew its position in TC Energy by 107.1% in the second quarter. Canada Pension Plan Investment Board now owns 19,462,155 shares of the pipeline company’s stock worth $737,609,000 after acquiring an additional 10,065,000 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its position in TC Energy by 94.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 17,124,818 shares of the pipeline company’s stock worth $688,534,000 after buying an additional 8,339,800 shares during the last quarter. Finally, TD Asset Management Inc increased its position in TC Energy by 9.5% during the first quarter. TD Asset Management Inc now owns 16,763,150 shares of the pipeline company’s stock valued at $674,366,000 after acquiring an additional 1,458,732 shares during the last quarter. Institutional investors own 83.13% of the company’s stock.

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.