Allspring Global Investments Holdings LLC raised its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 5.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 231,297 shares of the pipeline company's stock after purchasing an additional 11,322 shares during the period. Allspring Global Investments Holdings LLC's holdings in TC Energy were worth $11,056,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Lowe Wealth Advisors LLC bought a new stake in TC Energy in the 1st quarter valued at $30,000. SBI Securities Co. Ltd. bought a new stake in TC Energy in the 4th quarter valued at $31,000. Synergy Investment Management LLC bought a new stake in TC Energy in the 4th quarter valued at $36,000. Millstone Evans Group LLC bought a new stake in TC Energy in the 4th quarter valued at $41,000. Finally, Golden State Wealth Management LLC boosted its holdings in TC Energy by 222.2% in the 1st quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after purchasing an additional 742 shares during the period. 83.13% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the stock. Citigroup assumed coverage on shares of TC Energy in a report on Friday, April 4th. They issued a "neutral" rating for the company. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Finally, Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.
Check Out Our Latest Stock Analysis on TRP
TC Energy Price Performance
Shares of TRP stock traded up $0.30 during mid-day trading on Friday, reaching $48.28. The company's stock had a trading volume of 2,123,593 shares, compared to its average volume of 2,485,532. TC Energy Corporation has a 1-year low of $37.07 and a 1-year high of $51.99. The company has a market cap of $50.21 billion, a P/E ratio of 15.93, a PEG ratio of 4.60 and a beta of 0.76. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. The firm's 50-day moving average is $49.45 and its two-hundred day moving average is $47.72.
TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same quarter in the prior year, the company posted $1.02 EPS. On average, research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.
TC Energy Cuts Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.09%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's dividend payout ratio (DPR) is currently 82.51%.
About TC Energy
(
Free Report)
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.
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