TC Energy Corporation $TRP Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia lifted its holdings in TC Energy Corporation (NYSE:TRP) (TSE:TRP) by 8.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,380,992 shares of the pipeline company’s stock after buying an additional 639,127 shares during the quarter. TC Energy accounts for 0.9% of Bank of Nova Scotia’s portfolio, making the stock its 20th biggest holding. Bank of Nova Scotia owned 0.80% of TC Energy worth $524,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wealthstar Advisors LLC raised its position in TC Energy by 1.5% in the first quarter. Wealthstar Advisors LLC now owns 11,465 shares of the pipeline company’s stock worth $718,000 after acquiring an additional 165 shares in the last quarter. Gold Investment Management Ltd. boosted its position in shares of TC Energy by 2.0% during the 4th quarter. Gold Investment Management Ltd. now owns 9,964 shares of the pipeline company’s stock worth $549,000 after purchasing an additional 200 shares in the last quarter. Kennebec Savings Bank boosted its position in shares of TC Energy by 2.1% during the 4th quarter. Kennebec Savings Bank now owns 9,854 shares of the pipeline company’s stock worth $542,000 after purchasing an additional 203 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its stake in shares of TC Energy by 5.7% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 3,911 shares of the pipeline company’s stock worth $245,000 after purchasing an additional 210 shares during the period. Finally, JCIC Asset Management Inc. grew its stake in shares of TC Energy by 6.2% during the 4th quarter. JCIC Asset Management Inc. now owns 3,746 shares of the pipeline company’s stock worth $206,000 after purchasing an additional 220 shares during the period. Institutional investors and hedge funds own 83.13% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of TC Energy in a research note on Monday, May 4th. Royal Bank Of Canada upped their target price on shares of TC Energy from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Monday, May 4th. National Bank Financial raised shares of TC Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, May 4th. Scotiabank reiterated an “outperform” rating on shares of TC Energy in a research report on Tuesday. Finally, Weiss Ratings lowered TC Energy from a “buy (b+)” rating to a “buy (b)” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.50.

TC Energy Stock Performance

Shares of TRP opened at $69.86 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. The company has a market capitalization of $72.79 billion, a price-to-earnings ratio of 30.32 and a beta of 0.66. The company’s 50 day simple moving average is $68.56 and its 200 day simple moving average is $63.88. TC Energy Corporation has a 1 year low of $46.61 and a 1 year high of $71.47.

TC Energy (NYSE:TRP) (TSE:TRP) last announced its earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.02. The firm had revenue of $2.04 billion for the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same quarter last year, the business earned $0.95 earnings per share. On average, sell-side analysts predict that TC Energy Corporation will post 2.72 EPS for the current year.

TC Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.8775 per share. The ex-dividend date is Tuesday, June 30th. This represents a $3.51 annualized dividend and a dividend yield of 5.0%. TC Energy’s dividend payout ratio (DPR) is 107.39%.

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.