TC Energy (NYSE:TRP) Reaches New 52-Week High on Analyst Upgrade

TC Energy Co. (NYSE:TRP) (TSE:TRP) shares reached a new 52-week high during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $38.00 to $42.00. The Goldman Sachs Group currently has a sell rating on the stock. TC Energy 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.

TRP has been the subject of a number of other reports. JPMorgan Chase & Co. raised TC Energy from a “neutral” rating to an “overweight” rating in a research report on Monday, October 14th. StockNews.com initiated coverage on TC Energy in a report on Saturday, October 5th. They set a “hold” rating for the company. UBS Group raised TC Energy from a “neutral” rating to a “buy” rating in a report on Monday, September 30th. Veritas raised TC Energy to a “strong sell” rating in a report on Tuesday, October 8th. Finally, Barclays raised TC Energy from an “equal weight” rating to an “overweight” rating in a report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $48.50.

Hedge Funds Weigh In On TC Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EdgeRock Capital LLC acquired a new position in TC Energy in the 2nd quarter valued at $25,000. Whittier Trust Co. of Nevada Inc. increased its stake in shares of TC Energy by 138.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 738 shares of the pipeline company’s stock valued at $28,000 after purchasing an additional 429 shares during the last quarter. Blue Trust Inc. boosted its stake in TC Energy by 72.0% in the third quarter. Blue Trust Inc. now owns 638 shares of the pipeline company’s stock valued at $30,000 after buying an additional 267 shares in the last quarter. Mather Group LLC. bought a new position in TC Energy in the second quarter valued at about $33,000. Finally, Ashton Thomas Private Wealth LLC acquired a new position in TC Energy during the second quarter worth about $51,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.57. The stock has a market cap of $47.41 billion, a price-to-earnings ratio of 24.44, a P/E/G ratio of 3.98 and a beta of 0.81. The company has a 50 day simple moving average of $46.02 and a 200 day simple moving average of $41.36.

TC Energy (NYSE:TRP) (TSE:TRP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.65 by $0.29. The firm had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.78 billion. TC Energy had a return on equity of 16.97% and a net margin of 21.31%. During the same quarter in the previous year, the firm earned $0.71 earnings per share. As a group, equities research analysts forecast that TC Energy Co. will post 3.02 EPS for the current 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 5.92%. The ex-dividend date of this dividend is Friday, September 27th. TC Energy’s payout ratio is presently 146.39%.

TC Energy Company Profile

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.