TC Energy Corporation (NYSE:TRP) Shares Purchased by AGF Management Ltd.

Key Points

• AGF Management Ltd. increased its stake in TC Energy Corporation by 24.1%, owning over 1 million shares valued at approximately $50 million as of the last quarter.
• TC Energy announced a quarterly dividend increase to $0.6148 per share, resulting in a 5.0% yield and indicating a strong financial position with a net margin of 28.98%.
• Research analysts exhibit a positive outlook for TC Energy, with several upgrades and an average target price of $62.00, suggesting a moderate buy rating for the stock.

AGF Management Ltd. increased its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 24.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,063,256 shares of the pipeline company's stock after purchasing an additional 206,221 shares during the quarter. AGF Management Ltd. owned approximately 0.10% of TC Energy worth $50,196,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Lowe Wealth Advisors LLC purchased a new stake in TC Energy in the first quarter valued at approximately $30,000. TruNorth Capital Management LLC purchased a new stake in TC Energy in the first quarter valued at approximately $45,000. Golden State Wealth Management LLC lifted its stake in TC Energy by 222.2% in the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after buying an additional 742 shares during the last quarter. SBI Securities Co. Ltd. lifted its stake in TC Energy by 75.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after buying an additional 501 shares during the last quarter. Finally, HM Payson & Co. purchased a new stake in TC Energy in the first quarter valued at approximately $60,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

TRP has been the subject of a number of research reports. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Performance

Shares of NYSE:TRP traded up $0.14 during trading on Tuesday, reaching $50.11. The company had a trading volume of 1,104,143 shares, compared to its average volume of 1,737,843. The firm has a market capitalization of $52.11 billion, a price-to-earnings ratio of 17.10, a price-to-earnings-growth ratio of 4.80 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The stock's fifty day moving average price is $48.40 and its 200 day moving average price is $47.98. TC Energy Corporation has a fifty-two week low of $39.61 and a fifty-two week high of $51.99.

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. The business had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. During the same quarter in the previous year, the company posted $0.79 earnings per share. As a group, equities research analysts predict that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a dividend of $0.6148 per share. This is a boost from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's dividend payout ratio is currently 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.