GAMMA Investing LLC Grows Stock Holdings in TC Energy Corporation (NYSE:TRP)

GAMMA Investing LLC lifted its position in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 4,621.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,657 shares of the pipeline company’s stock after buying an additional 6,516 shares during the period. GAMMA Investing LLC’s holdings in TC Energy were worth $314,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank acquired a new position in TC Energy during the 4th quarter valued at about $428,759,000. Mufg Securities Canada LTD. boosted its holdings in TC Energy by 571.7% in the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company’s stock worth $288,043,000 after acquiring an additional 5,264,079 shares in the last quarter. Blackstone Inc. grew its stake in shares of TC Energy by 83.8% during the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company’s stock worth $355,371,000 after acquiring an additional 3,482,874 shares during the last quarter. FIL Ltd grew its stake in shares of TC Energy by 10.3% during the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company’s stock worth $1,325,558,000 after acquiring an additional 2,644,627 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of TC Energy during the fourth quarter valued at about $102,405,000. Hedge funds and other institutional investors own 83.13% of the company’s stock.

TC Energy Stock Down 0.7%

NYSE:TRP opened at $47.40 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The company’s fifty day moving average price is $49.65 and its 200-day moving average price is $47.68. TC Energy Corporation has a 1-year low of $37.07 and a 1-year high of $51.99. The firm has a market capitalization of $49.28 billion, a P/E ratio of 15.64, a PEG ratio of 4.59 and a beta of 0.78.

TC Energy (NYSE:TRP) (TSE:TRP) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing the consensus estimate of $0.70 by ($0.04). The business had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same period in the previous year, the company posted $1.02 earnings per share. As a group, equities research analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be paid a $0.6142 dividend. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.18%. TC Energy’s payout ratio is 77.89%.

Analyst Upgrades and Downgrades

TRP has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of TC Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Cibc World Mkts raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, May 2nd. CIBC upgraded shares of TC Energy from a “neutral” rating to a “sector outperform” rating in a research note on Friday, May 2nd. Finally, Citigroup assumed coverage on shares of TC Energy in a report on Friday, April 4th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, TC Energy currently has an average rating of “Moderate Buy” and a consensus target price of $62.00.

TC Energy Company 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.