Brookfield Corp ON Increases Position in TC Energy Co. (NYSE:TRP)

Brookfield Corp ON increased its stake in TC Energy Co. (NYSE:TRP) (TSE:TRP) by 1.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,453,270 shares of the pipeline company’s stock after acquiring an additional 23,327 shares during the period. Brookfield Corp ON owned about 0.14% of TC Energy worth $56,547,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its position in TC Energy by 30.1% in the first quarter. Massmutual Trust Co. FSB ADV now owns 48,543 shares of the pipeline company’s stock worth $1,889,000 after acquiring an additional 11,222 shares in the last quarter. Cardinal Capital Management Inc. grew its position in TC Energy by 15.5% in the first quarter. Cardinal Capital Management Inc. now owns 2,376,755 shares of the pipeline company’s stock worth $92,361,000 after acquiring an additional 319,007 shares in the last quarter. Bank of Nova Scotia Trust Co. boosted its position in TC Energy by 0.3% during the fourth quarter. Bank of Nova Scotia Trust Co. now owns 772,892 shares of the pipeline company’s stock valued at $30,807,000 after buying an additional 2,566 shares during the period. Heathbridge Capital Management Ltd. boosted its position 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 valued at $22,274,000 after buying an additional 80,050 shares during the period. Finally, Verdence Capital Advisors LLC boosted its position in TC Energy by 80.7% during the first quarter. Verdence Capital Advisors LLC now owns 17,706 shares of the pipeline company’s stock valued at $689,000 after buying an additional 7,909 shares during the period. 73.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on TRP. CIBC lowered shares of TC Energy from a “sector outperform” rating to a “neutral” rating in a research report on Monday, July 24th. Wells Fargo & Company upgraded shares of TC Energy from an “underweight” rating to an “equal weight” rating and set a $47.00 price target for the company in a research report on Friday. Scotiabank cut their price target on shares of TC Energy from $64.00 to $55.00 and set an “outperform” rating for the company in a research report on Monday, July 31st. TD Securities lowered shares of TC Energy from a “buy” rating to a “hold” rating and cut their price target for the company from $62.00 to $50.00 in a research report on Friday, July 28th. Finally, National Bank Financial raised shares of TC Energy from a “sector perform” rating to an “outperform” 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.com, TC Energy has an average rating of “Hold” and a consensus price target of $56.83.

TC Energy Stock Performance

Shares of NYSE:TRP opened at $36.07 on Tuesday. TC Energy Co. has a 12 month low of $33.02 and a 12 month high of $49.57. The company has a market cap of $37.42 billion, a price-to-earnings ratio of 50.10, a price-to-earnings-growth ratio of 2.78 and a beta of 0.84. The company has a 50-day moving average price of $36.92 and a 200-day moving average price of $39.15. The company has a current ratio of 0.61, a quick ratio of 0.52 and a debt-to-equity ratio of 1.78.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, July 27th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.02). TC Energy had a return on equity of 13.80% and a net margin of 6.89%. The company had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.74 billion. As a group, equities analysts anticipate that TC Energy Co. will post 3.19 EPS for the current year.

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a $0.702 dividend. This is an increase from TC Energy’s previous quarterly dividend of $0.69. This represents a $2.81 dividend on an annualized basis and a yield of 7.78%. The ex-dividend date of this dividend is Thursday, September 28th. TC Energy’s dividend payout ratio is presently 388.89%.

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 93,700 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.