Maryland State Retirement & Pension System increased its stake in shares of TC Energy Co. (NYSE:TRP – Free Report) (TSE:TRP) by 0.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,466,576 shares of the pipeline company’s stock after buying an additional 12,784 shares during the quarter. TC Energy comprises approximately 1.3% of Maryland State Retirement & Pension System’s investment portfolio, making the stock its 7th biggest position. Maryland State Retirement & Pension System owned about 0.14% of TC Energy worth $59,297,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in TRP. Massmutual Trust Co. FSB ADV raised its position in shares of TC Energy by 30.1% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 48,543 shares of the pipeline company’s stock valued at $1,889,000 after buying an additional 11,222 shares in the last quarter. Cardinal Capital Management Inc. raised its position in TC Energy by 15.5% during the first quarter. Cardinal Capital Management Inc. now owns 2,376,755 shares of the pipeline company’s stock valued at $92,361,000 after purchasing an additional 319,007 shares in the last quarter. Heathbridge Capital Management Ltd. lifted its stake in TC Energy by 16.2% during the first quarter. Heathbridge Capital Management Ltd. now owns 573,365 shares of the pipeline company’s stock worth $22,274,000 after purchasing an additional 80,050 shares during the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of TC Energy by 80.7% in the 1st quarter. Verdence Capital Advisors LLC now owns 17,706 shares of the pipeline company’s stock valued at $689,000 after purchasing an additional 7,909 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of TC Energy by 31.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 1,179,342 shares of the pipeline company’s stock valued at $45,873,000 after purchasing an additional 282,328 shares during the last quarter. Institutional investors own 73.67% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on TRP. Scotiabank dropped their price objective on TC Energy from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. StockNews.com started coverage on shares of TC Energy in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Royal Bank of Canada lowered their price objective on shares of TC Energy from $65.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. Wells Fargo & Company raised shares of TC Energy from an “underweight” rating to an “equal weight” rating and set a $47.00 price objective for the company in a research note on Friday, September 8th. Finally, TheStreet cut shares of TC Energy from a “b-” rating to a “c” rating in a research note on Friday, July 28th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, TC Energy has an average rating of “Hold” and a consensus target price of $56.83.
TC Energy Stock Performance
Shares of TC Energy stock opened at $37.46 on Friday. The stock has a market cap of $38.86 billion, a price-to-earnings ratio of 52.03, a P/E/G ratio of 2.94 and a beta of 0.84. The company has a quick ratio of 0.52, a current ratio of 0.61 and a debt-to-equity ratio of 1.78. TC Energy Co. has a twelve month low of $33.02 and a twelve month high of $49.51. The company’s fifty day moving average is $36.70 and its 200 day moving average is $39.05.
TC Energy (NYSE:TRP – Get Free Report) (TSE:TRP) last released its quarterly earnings results on Thursday, July 27th. The pipeline company reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.02). TC Energy had a net margin of 6.89% and a return on equity of 13.80%. The company had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.74 billion. Sell-side analysts forecast that TC Energy Co. will post 3.19 EPS for the current year.
TC Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be given a dividend of $0.702 per share. This represents a $2.81 dividend on an annualized basis and a yield of 7.50%. The ex-dividend date is Thursday, September 28th. This is an increase from TC Energy’s previous quarterly dividend of $0.69. TC Energy’s dividend payout ratio is currently 390.28%.
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 93,700 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.
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