70,370 Shares in TC Energy Corporation $TRP Bought by Castleark Management LLC

Key Points

• Castleark Management initiated a TC Energy position by purchasing 70,370 shares worth approximately $4.7 million in the second quarter. Institutional investors and hedge funds collectively own 83.13% of the company.
• Analysts maintain a generally positive outlook, with TC Energy carrying a consensus “Moderate Buy” rating and an average price target of $89.00.
• TC Energy exceeded quarterly earnings expectations, reporting $0.68 in EPS and $2.80 billion in revenue, while declaring a quarterly dividend of $0.8775, equivalent to a 5.7% annualized yield.

Castleark Management LLC bought a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 70,370 shares of the pipeline company's stock, valued at approximately $4,665,000.

Other institutional investors and hedge funds have also modified their holdings of the company. SIR Capital Management L.P. bought a new position in shares of TC Energy during the 2nd quarter worth approximately $6,514,000. Legal & General Group Plc acquired a new stake in TC Energy in the 2nd quarter valued at about $519,612,000. The Manufacturers Life Insurance Company bought a new position in shares of TC Energy during the 2nd quarter worth approximately $362,982,000. Aberdeen Wealth Management LLC bought a new position in TC Energy during the second quarter worth $51,000. Finally, Dearborn Partners LLC acquired a new position in TC Energy in the 2nd quarter valued at about $306,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. National Bank Financial upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. Morgan Stanley downgraded TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. Scotiabank restated an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. Finally, Barclays restated an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, TC Energy currently has a consensus rating of "Moderate Buy" and an average target price of $89.00.

TC Energy Trading Down 0.3%

Shares of TC Energy stock opened at $61.85 on Wednesday. The company's 50-day moving average price is $66.66 and its 200-day moving average price is $65.32. The company has a market cap of $64.45 billion, a price-to-earnings ratio of 25.67 and a beta of 0.66. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64. TC Energy Corporation has a 12-month low of $49.27 and a 12-month high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The company had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. During the same period in the previous year, the firm posted $0.82 EPS. On average, equities analysts expect that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be issued a $0.8775 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 annualized dividend and a yield of 5.7%. TC Energy's dividend payout ratio (DPR) is 102.49%.

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.

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