M&G PLC lifted its position in shares of TC Energy Corporation (NYSE:TRP – Free Report) (TSE:TRP) by 9.7% during the 3rd quarter, HoldingsChannel reports. The fund owned 747,229 shares of the pipeline company’s stock after purchasing an additional 66,373 shares during the period. M&G PLC’s holdings in TC Energy were worth $43,339,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in TRP. Canada Pension Plan Investment Board purchased a new position in shares of TC Energy in the second quarter worth about $1,148,244,000. GQG Partners LLC purchased a new position in shares of TC Energy during the 2nd quarter worth $1,107,936,000. Deutsche Bank AG increased its position in shares of TC Energy by 1.3% during the second quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company’s stock valued at $1,048,809,000 after acquiring an additional 196,543 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in TC Energy in the 2nd quarter valued at approximately $977,976,000. Finally, TD Waterhouse Canada Inc. raised its holdings in shares of TC Energy by 3.0% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 10,619,936 shares of the pipeline company’s stock valued at $695,799,000 after buying an additional 312,027 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on TRP shares. Barclays reaffirmed an “overweight” rating on shares of TC Energy in a report on Thursday, July 16th. Royal Bank Of Canada restated a “moderate buy” rating and issued a $106.00 target price on shares of TC Energy in a research note on Friday, September 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TC Energy in a report on Thursday, October 29th. TD upgraded TC Energy to a “buy” rating in a report on Tuesday, September 15th. Finally, US Capital Advisors upgraded shares of TC Energy from a “hold” rating to a “moderate buy” rating in a research report on Thursday, August 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $93.75.
View Our Latest Stock Analysis on TRP
TC Energy Price Performance
TRP opened at $62.84 on Tuesday. The stock has a market capitalization of $62.84 billion, a PE ratio of 23.36 and a beta of 0.64. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The company’s 50 day simple moving average is $61.36 and its 200 day simple moving average is $63.89. TC Energy Corporation has a 1 year low of $52.00 and a 1 year high of $71.47.
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last issued its earnings results on Thursday, November 5th. The pipeline company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.03. The firm had revenue of $2.88 billion for the quarter, compared to analysts’ expectations of $2.79 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%. During the same quarter last year, the firm earned $0.77 earnings per share. As a group, sell-side analysts expect that TC Energy Corporation will post 2.81 EPS for the current year.
TC Energy Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, January 29th. Investors of record on Thursday, December 31st will be issued a C$0.88 dividend. This represents a $3.51 annualized dividend and a yield of 5.6%. The ex-dividend date is Thursday, December 31st. TC Energy’s dividend payout ratio is currently 94.05%.
TC Energy Company Profile
TC Energy (NYSE: TRP) is a North American energy infrastructure company that develops and operates natural gas and liquids pipelines, natural gas storage facilities, and power-generation assets. Its services help transport and store energy for producers, utilities, businesses, and consumers.
The company’s pipeline network spans Canada, the United States, and Mexico. Its power-generation portfolio includes an interest in Bruce Power, which operates a nuclear generating station in Ontario.
Founded as TransCanada Corporation, the company adopted the TC Energy name in 2019.
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