Candelo Capital Management LP Buys New Position in TC Energy Co. (NYSE:TRP)

Candelo Capital Management LP purchased a new stake in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 210,868 shares of the pipeline company's stock, valued at approximately $9,812,000. TC Energy accounts for about 5.0% of Candelo Capital Management LP's portfolio, making the stock its biggest position.

A number of other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in TC Energy by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 43,687,141 shares of the pipeline company's stock worth $2,035,952,000 after purchasing an additional 734,678 shares during the period. FIL Ltd boosted its position in shares of TC Energy by 10.3% during the 4th 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 in the last quarter. TD Asset Management Inc. increased its stake in TC Energy by 2.1% in the fourth quarter. TD Asset Management Inc. now owns 16,437,150 shares of the pipeline company's stock valued at $765,627,000 after acquiring an additional 344,485 shares during the last quarter. Canada Pension Plan Investment Board raised its position in TC Energy by 9.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 14,755,330 shares of the pipeline company's stock valued at $686,763,000 after purchasing an additional 1,280,000 shares in the last quarter. Finally, Norges Bank bought a new stake in TC Energy during the fourth quarter worth $428,759,000. Institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

TRP has been the subject of several recent analyst reports. Citigroup started coverage on TC Energy in a research report on Friday, April 4th. They set a "neutral" rating for the company. TD Securities started coverage on shares of TC Energy in a research note on Wednesday, January 15th. They issued a "buy" rating on the stock. US Capital Advisors upgraded shares of TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Monday, February 3rd. Royal Bank of Canada boosted their target price on shares of TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research note on Tuesday, February 18th. Finally, Veritas upgraded shares of TC Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Trading Up 1.1 %

NYSE:TRP traded up $0.55 during trading hours on Monday, hitting $50.15. 474,836 shares of the company were exchanged, compared to its average volume of 2,576,385. The stock has a market capitalization of $52.14 billion, a price-to-earnings ratio of 15.47, a price-to-earnings-growth ratio of 4.34 and a beta of 0.74. TC Energy Co. has a one year low of $35.38 and a one year high of $50.37. The company has a fifty day simple moving average of $47.03 and a 200 day simple moving average of $47.18. The company has a current ratio of 0.55, a quick ratio of 1.23 and a debt-to-equity ratio of 1.56.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Friday, February 14th. The pipeline company reported $1.05 EPS for the quarter, topping analysts' consensus estimates of $0.51 by $0.54. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.42 billion. TC Energy had a return on equity of 12.12% and a net margin of 29.40%. During the same period in the previous year, the firm earned $1.35 earnings per share. Sell-side analysts expect that TC Energy Co. will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.85 per share. The ex-dividend date of this dividend is Monday, March 31st. This is a boost from TC Energy's previous quarterly dividend of $0.82. This represents a $3.40 annualized dividend and a dividend yield of 6.78%. TC Energy's dividend payout ratio is 72.84%.

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.