Advisors Asset Management Inc. Grows Position in TC Energy Corporation $TRP

Key Points

• Advisors Asset Management Inc. increased its holdings in TC Energy Corporation by 106.4% in Q1, acquiring an additional 23,435 shares, bringing their total to 45,461 shares valued at approximately $2.15 million.
• Several hedge funds significantly expanded their investments in TC Energy during the same quarter, with Goldman Sachs increasing its stake by an impressive 2,565.1%.
• TC Energy recently declared a quarterly dividend of $0.6148 per share, a boost from the previous quarterly dividend, yielding an annualized dividend of 4.7%.

Advisors Asset Management Inc. lifted its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 106.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,461 shares of the pipeline company's stock after buying an additional 23,435 shares during the period. Advisors Asset Management Inc.'s holdings in TC Energy were worth $2,146,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in shares of TC Energy by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock valued at $43,209,000 after buying an additional 10,227 shares during the last quarter. Farther Finance Advisors LLC grew its position in TC Energy by 77.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock worth $110,000 after purchasing an additional 1,005 shares during the last quarter. Wealthstar Advisors LLC purchased a new position in TC Energy during the 1st quarter worth $432,000. Golden State Wealth Management LLC grew its position in TC Energy by 222.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after purchasing an additional 742 shares during the last quarter. Finally, FORA Capital LLC purchased a new position in TC Energy during the 1st quarter worth $776,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRP has been the topic of several research reports. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. US Capital Advisors cut shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Trading Up 0.2%

Shares of NYSE TRP traded up $0.08 during midday trading on Friday, reaching $52.19. 472,863 shares of the stock were exchanged, compared to its average volume of 2,270,817. The company has a market capitalization of $54.27 billion, a P/E ratio of 17.81, a P/E/G ratio of 4.97 and a beta of 0.77. TC Energy Corporation has a 52-week low of $40.76 and a 52-week high of $52.49. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The stock has a 50 day moving average price of $49.60 and a 200-day moving average price of $48.79.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. During the same period in the previous year, the firm earned $0.79 earnings per share. Equities research analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. TC Energy's payout ratio is presently 85.32%.

TC Energy 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.