Midwest Trust Co Buys Shares of 250,528 TC Energy Corporation $TRP

Midwest Trust Co purchased a new position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 250,528 shares of the pipeline company’s stock, valued at approximately $12,223,000.

A number of other institutional investors and hedge funds have also modified their holdings of TRP. Hilltop National Bank purchased a new position in shares of TC Energy in the second quarter valued at $32,000. Harbor Asset Planning Inc. purchased a new position in TC Energy in the 2nd quarter valued at about $43,000. TruNorth Capital Management LLC acquired a new stake in shares of TC Energy during the 1st quarter worth about $45,000. Truvestments Capital LLC acquired a new stake in TC Energy during the first quarter worth approximately $45,000. Finally, SouthState Corp grew its stake in TC Energy by 2,757.1% in the 2nd quarter. SouthState Corp now owns 1,000 shares of the pipeline company’s stock worth $49,000 after acquiring an additional 965 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

TC Energy Price Performance

TRP stock opened at $52.18 on Monday. The company has a market cap of $54.29 billion, a PE ratio of 17.81, a price-to-earnings-growth ratio of 4.82 and a beta of 0.73. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The stock has a 50-day moving average price of $52.17 and a two-hundred day moving average price of $50.32. TC Energy Corporation has a 12-month low of $43.51 and a 12-month high of $55.37.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings data on Thursday, November 6th. The pipeline company reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the previous year, the company posted $1.03 EPS. As a group, research analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 6.5%. This is a positive change from TC Energy’s previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Wednesday, December 31st. TC Energy’s dividend payout ratio is presently 103.88%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on TRP. BMO Capital Markets upgraded TC Energy from a “market perform” rating to an “outperform” rating in a report on Friday. Wall Street Zen downgraded TC Energy from a “hold” rating to a “sell” rating in a research report on Friday, October 3rd. Cibc World Mkts lowered TC Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 9th. Royal Bank Of Canada upped their price objective on shares of TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Weiss Ratings lowered shares of TC Energy from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $77.00.

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.