This energy company recently reported a significant rise in earnings. The shares have a current dividend yield of 4.54%, paid quarterly.
TC Energy Corporation (TRP.TO)
From The Income Investor
TC Energy Corporation’s (TRP.TO) price has been gradually trending higher this year. The shares recently touched an all-time high of $70.25.
The share price increase has been driven in part by strong earnings. The company recently reported second-quarter net income attributable to common shareholders of $1.1 billion ($1.21 per share), up from $785 million ($0.88 per share) in the same period last year.
Revenue for the quarter was just under $3.4 billion compared with $3.2 billion the year before. Comparable distributable cash flow was $1.5 billion, up from $1.3 billion last year. Capital spending dropped to just under $2 billion from $2.6 billion in the second quarter of 2018.
After $6.3 billion in divestitures, the company has the capital needed for its ambitious capital expenditure program.
Action now: Buy.
Gordon Pape, Income Investor, www.buildingwealth.ca, 1-888-287-8229, September 27, 2019