TC Energy Co. (NYSE:TRP) (TSE:TRP) announced a dividend on Tuesday, November 23rd, investing.com reports. Shareholders of record on Tuesday, November 30th will be paid a dividend of 0.6986 per share by the pipeline company on Friday, December 31st. This represents a yield of 5.63%. The ex-dividend date of this dividend is Monday, November 29th. This is a boost from TC Energy’s previous dividend of $0.58.
TC Energy has increased its dividend payment by 23.7% over the last three years and has increased its dividend annually for the last 1 consecutive years. TC Energy has a dividend payout ratio of 80.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect TC Energy to earn $3.38 per share next year, which means the company should continue to be able to cover its $2.75 annual dividend with an expected future payout ratio of 81.4%.
Shares of TRP opened at $48.68 on Thursday. The firm has a market cap of $47.67 billion, a price-to-earnings ratio of 32.03, a PEG ratio of 3.58 and a beta of 0.78. The company has a debt-to-equity ratio of 1.52, a quick ratio of 0.55 and a current ratio of 0.51. TC Energy has a fifty-two week low of $40.11 and a fifty-two week high of $55.34. The firm has a 50 day moving average price of $50.83 and a 200-day moving average price of $50.04.
Several brokerages recently commented on TRP. JPMorgan Chase & Co. reaffirmed a “hold” rating and issued a C$68.00 target price on shares of TC Energy in a research note on Monday, August 23rd. National Bank Financial downgraded shares of TC Energy from an “outperform” rating to a “sector perform” rating in a research report on Monday, November 8th. TD Securities reduced their price objective on shares of TC Energy from C$73.00 to C$72.00 and set a “buy” rating on the stock in a research report on Monday, November 8th. Finally, The Goldman Sachs Group downgraded shares of TC Energy from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $75.00 to $63.00 in a research report on Monday, September 13th. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $68.91.
About TC Energy
TC Energy Corporation engages in the provision of energy infrastructure services. It operates through the following business segments: Canadian Natural Gas Pipelines, U.S. Natural Gas Pipelines, Mexico Natural Gas Pipelines, Liquids Pipelines, Power and Storage, and Corporate. The Canadian Natural Gas Pipelines segment consists of regulated natural gas pipelines.
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