CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Has $74.30 Million Stock Holdings in TC Energy Corporation $TRP

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 9.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,365,500 shares of the pipeline company’s stock after purchasing an additional 115,000 shares during the period. TC Energy accounts for 4.2% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 10th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.13% of TC Energy worth $74,297,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in TC Energy by 3.4% during the second quarter. Vanguard Group Inc. now owns 45,907,306 shares of the pipeline company’s stock valued at $2,241,195,000 after acquiring an additional 1,509,328 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of TC Energy by 5.9% in the second quarter. Canada Pension Plan Investment Board now owns 20,986,748 shares of the pipeline company’s stock worth $1,025,220,000 after acquiring an additional 1,178,190 shares during the period. TD Asset Management Inc grew its position in shares of TC Energy by 9.3% during the second quarter. TD Asset Management Inc now owns 19,074,181 shares of the pipeline company’s stock worth $929,316,000 after purchasing an additional 1,618,441 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company’s stock valued at $769,815,000 after purchasing an additional 15,694,336 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in TC Energy by 7.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 10,724,325 shares of the pipeline company’s stock worth $523,240,000 after purchasing an additional 738,012 shares in the last quarter. Institutional investors own 83.13% of the company’s stock.

TC Energy Trading Up 0.5%

Shares of TRP stock opened at $56.11 on Wednesday. The company has a market cap of $58.40 billion, a PE ratio of 24.19 and a beta of 0.70. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.63 and a quick ratio of 0.56. The stock’s 50 day simple moving average is $53.49 and its two-hundred day simple moving average is $51.47. TC Energy Corporation has a 1 year low of $43.51 and a 1 year high of $56.34.

TC Energy (NYSE:TRP) (TSE:TRP) last released its quarterly earnings results on Thursday, November 6th. The pipeline company reported $0.56 earnings per share for the quarter, meeting the consensus estimate of $0.56. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $2.63 billion. TC Energy had a return on equity of 10.61% and a net margin of 23.86%.During the same quarter in the prior year, the firm posted $1.03 EPS. Research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.85 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $3.40 dividend on an annualized basis and a dividend yield of 6.1%. This is a boost from TC Energy’s previous quarterly dividend of $0.61. TC Energy’s dividend payout ratio is presently 106.47%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada increased their price objective on shares of TC Energy from $74.00 to $84.00 and gave the company an “outperform” rating in a report on Friday, November 7th. Barclays reiterated an “overweight” rating on shares of TC Energy in a report on Tuesday, October 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of TC Energy in a report on Monday. Citigroup reaffirmed a “neutral” rating on shares of TC Energy in a report on Thursday, November 20th. Finally, Cibc World Mkts downgraded TC Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, TC Energy has an average rating of “Moderate Buy” and a consensus price target of $84.00.

About TC Energy

TC Energy (NYSE: TRP) is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company’s principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.