Norges Bank Buys Shares of 8,735,871 TC Energy Co. (NYSE:TRP)

Norges Bank purchased a new position in shares of TC Energy Co. (NYSE:TRP) (TSE:TRP) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 8,735,871 shares of the pipeline company’s stock, valued at approximately $341,262,000. Norges Bank owned approximately 0.87% of TC Energy at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRP. EverSource Wealth Advisors LLC increased its position in TC Energy by 14.2% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,315 shares of the pipeline company’s stock valued at $80,000 after buying an additional 288 shares in the last quarter. Wealthspire Advisors LLC raised its position in shares of TC Energy by 2.1% in the 4th quarter. Wealthspire Advisors LLC now owns 14,383 shares of the pipeline company’s stock valued at $562,000 after purchasing an additional 300 shares during the last quarter. AdvisorNet Financial Inc raised its position in shares of TC Energy by 25.8% in the 4th quarter. AdvisorNet Financial Inc now owns 1,483 shares of the pipeline company’s stock valued at $58,000 after purchasing an additional 304 shares during the last quarter. Wealth Alliance boosted its stake in TC Energy by 1.4% in the 4th quarter. Wealth Alliance now owns 22,531 shares of the pipeline company’s stock worth $881,000 after purchasing an additional 304 shares in the last quarter. Finally, Financial Advocates Investment Management grew its position in TC Energy by 5.4% during the 4th quarter. Financial Advocates Investment Management now owns 6,121 shares of the pipeline company’s stock worth $240,000 after purchasing an additional 316 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Up 0.4 %

Shares of TRP stock opened at $39.06 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.85 and a debt-to-equity ratio of 1.64. TC Energy Co. has a twelve month low of $32.51 and a twelve month high of $41.85. The stock has a 50 day moving average of $38.19 and a 200 day moving average of $38.45. The stock has a market cap of $39.06 billion, a P/E ratio of 20.13, a P/E/G ratio of 3.26 and a beta of 0.76.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its earnings results on Friday, February 16th. The pipeline company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.20. TC Energy had a net margin of 17.23% and a return on equity of 17.94%. The firm had revenue of $3.11 billion during the quarter, compared to analyst estimates of $2.93 billion. As a group, sell-side analysts expect that TC Energy Co. will post 2.98 EPS for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th will be given a $0.71 dividend. The ex-dividend date is Friday, June 28th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 7.27%. TC Energy’s dividend payout ratio (DPR) is currently 145.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Jefferies Financial Group began coverage on shares of TC Energy in a research note on Tuesday, February 27th. They set a “hold” rating for the company. The Goldman Sachs Group boosted their price target on TC Energy from $29.00 to $32.00 and gave the company a “sell” rating in a research note on Friday, January 26th. TheStreet raised TC Energy from a “c+” rating to a “b-” rating in a report on Wednesday, March 20th. Finally, Barclays lifted their target price on TC Energy from $53.00 to $55.00 and gave the stock an “equal weight” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $48.83.

TC Energy Profile

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.