TC Energy (NYSE:TRP) Hits New 52-Week High at $43.94

TC Energy Co. (NYSE:TRP) (TSE:TRP) shares hit a new 52-week high on Wednesday . The company traded as high as $43.94 and last traded at $43.77, with a volume of 30336 shares trading hands. The stock had previously closed at $43.89.

Analyst Ratings Changes

Separately, Barclays upgraded shares of TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $44.67.

TC Energy Stock Performance

The business’s 50 day simple moving average is $40.04 and its two-hundred day simple moving average is $39.08. The firm has a market capitalization of $43.90 billion, a P/E ratio of 22.62, a price-to-earnings-growth ratio of 3.56 and a beta of 0.79. The company has a current ratio of 0.76, a quick ratio of 0.68 and a debt-to-equity ratio of 1.57.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly 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 firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.78 billion. During the same quarter in the prior year, the company posted $0.71 earnings per share. Sell-side analysts anticipate that TC Energy Co. will post 3.04 EPS for the current fiscal year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, September 27th will be issued a $0.702 dividend. This represents a $2.81 annualized dividend and a yield of 6.40%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s dividend payout ratio is currently 143.30%.

Institutional Investors Weigh In On TC Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRP. Murchinson Ltd. purchased a new stake in TC Energy in the first quarter worth approximately $506,485,000. Capital Research Global Investors raised its position in TC Energy by 23.7% in the fourth quarter. Capital Research Global Investors now owns 55,677,989 shares of the pipeline company’s stock worth $2,174,931,000 after acquiring an additional 10,654,993 shares during the period. Canada Pension Plan Investment Board raised 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 during the period. Norges Bank bought a new position in TC Energy in the fourth quarter worth approximately $341,262,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised 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 acquiring an additional 8,339,800 shares during the period. Hedge funds and other 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.