Allianz Asset Management GmbH Raises Stake in TC Energy Corporation $TRP

Allianz Asset Management GmbH boosted its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 14.1% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 618,384 shares of the pipeline company's stock after purchasing an additional 76,601 shares during the period. Allianz Asset Management GmbH owned approximately 0.06% of TC Energy worth $40,936,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of TRP. Sterling Capital Management LLC purchased a new stake in TC Energy in the 1st quarter worth $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new position in TC Energy during the fourth quarter valued at $25,000. Trust Co. of Vermont purchased a new position in TC Energy during the second quarter valued at $33,000. SWAN Capital LLC acquired a new stake in shares of TC Energy in the third quarter valued at about $40,000. Finally, Aberdeen Wealth Management LLC acquired a new stake in shares of TC Energy in the second quarter valued at about $51,000. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Stock Performance

NYSE TRP opened at $62.60 on Tuesday. The stock has a market cap of $62.60 billion, a PE ratio of 25.98 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 twelve month low of $49.27 and a twelve month high of $71.47. The stock has a fifty day simple moving average of $65.55 and a 200-day simple moving average of $65.41.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) 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 in the previous year, the company earned $0.82 earnings per share. Equities analysts anticipate that TC Energy Corporation will post 2.78 earnings per share for the current year.

TC Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, September 29th. TC Energy's payout ratio is 102.49%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on TRP shares. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a report on Tuesday, May 26th. TD Securities reiterated a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. Scotiabank reissued an "outperform" rating on shares of TC Energy in a research note on Tuesday, July 21st. Royal Bank Of Canada raised their price objective on TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Jefferies Financial Group upgraded TC Energy from a "hold" rating to a "buy" rating in a report on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have assigned 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 a consensus target price of $89.00.

TC Energy Profile

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.

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.