535,279 TC Energy Corporation $TRP Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its TC Energy stake by 39.9%, purchasing 535,279 additional shares to hold 1.88 million shares valued at approximately $124.5 million. Institutional investors collectively own 83.13% of the company.
• Analysts maintain a generally positive outlook, with an average rating of “Moderate Buy” and an average price target of $89. Several firms recently upgraded the stock, though Morgan Stanley downgraded it to “equal weight.”
• TC Energy reported quarterly earnings of $0.68 per share, exceeding estimates of $0.61, and declared a quarterly dividend of C$0.88. The annualized dividend yield is approximately 6.0%, although the payout ratio exceeds 100%.

Envestnet Asset Management Inc. lifted its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 39.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,878,251 shares of the pipeline company's stock after acquiring an additional 535,279 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.19% of TC Energy worth $124,481,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. TD Asset Management Inc increased its stake in shares of TC Energy by 6.3% during the 4th quarter. TD Asset Management Inc now owns 20,868,772 shares of the pipeline company's stock worth $1,150,656,000 after purchasing an additional 1,244,525 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of TC Energy during the 2nd quarter worth approximately $1,148,244,000. GQG Partners LLC acquired a new position in shares of TC Energy during the 2nd quarter worth approximately $1,107,936,000. Deutsche Bank AG increased its holdings in shares of TC Energy by 1.3% during the 2nd quarter. Deutsche Bank AG now owns 15,821,521 shares of the pipeline company's stock worth $1,048,809,000 after acquiring an additional 196,543 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in TC Energy in the 2nd quarter valued at $977,976,000. Institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. TD Securities upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a research note on Monday, September 14th. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a report on Thursday, July 16th. Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. Finally, Raymond James Financial restated a "market perform" rating on shares of TC Energy in a report on Wednesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $89.00.

TC Energy Stock Down 1.4%

Shares of NYSE TRP opened at $58.81 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The company has a 50-day moving average price of $63.65 and a 200-day moving average price of $65.15. The stock has a market capitalization of $58.81 billion, a P/E ratio of 24.40 and a beta of 0.66. TC Energy Corporation has a 1 year low of $49.27 and a 1 year high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The company had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same quarter last year, the company earned $0.82 earnings per share. On average, equities research analysts forecast that TC Energy Corporation will post 2.79 EPS for the current fiscal year.

TC Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be paid a C$0.88 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 6.0%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio is 102.49%.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.

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