Bank of America Corp DE Takes Position in TC Energy Corporation $TRP

Key Points

• Bank of America acquired 3.51 million TC Energy shares worth approximately $232.6 million during the second quarter, giving it a 0.34% stake. Institutional investors and hedge funds collectively own 83.13% of the company.
• TC Energy reported quarterly earnings of $0.68 per share, beating the $0.61 analyst consensus, while revenue reached $2.80 billion versus the $2.76 billion estimate.
• The company declared a quarterly dividend of $0.8775 per share, equivalent to a 5.7% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $89.00.

Bank of America Corp DE bought a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,509,002 shares of the pipeline company's stock, valued at approximately $232,612,000. Bank of America Corp DE owned 0.34% of TC Energy at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Groupe la Francaise boosted its holdings in TC Energy by 2.1% in the first quarter. Groupe la Francaise now owns 7,352 shares of the pipeline company's stock valued at $459,000 after acquiring an additional 154 shares during the last quarter. Wealthstar Advisors LLC increased its position in TC Energy by 1.5% during the 1st quarter. Wealthstar Advisors LLC now owns 11,465 shares of the pipeline company's stock worth $718,000 after purchasing an additional 165 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its position in TC Energy by 5.7% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 3,911 shares of the pipeline company's stock worth $245,000 after purchasing an additional 210 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in TC Energy by 5.8% in the fourth quarter. EverSource Wealth Advisors LLC now owns 4,223 shares of the pipeline company's stock valued at $232,000 after buying an additional 232 shares during the period. Finally, Guinness Atkinson Asset Management Inc raised its holdings in TC Energy by 4.8% in the fourth quarter. Guinness Atkinson Asset Management Inc now owns 5,364 shares of the pipeline company's stock valued at $300,000 after buying an additional 246 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

TC Energy stock opened at $61.14 on Thursday. TC Energy Corporation has a 12-month low of $49.27 and a 12-month high of $71.47. The company has a market capitalization of $61.14 billion, a price-to-earnings ratio of 25.37 and a beta of 0.66. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The firm's fifty day moving average price is $64.82 and its 200 day moving average price is $65.36.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $2.80 billion during the quarter, compared to the consensus estimate 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 prior year, the business posted $0.82 earnings per share. On average, research analysts forecast that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

TRP has been the subject of several research reports. Jefferies Financial Group upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a research note on Tuesday, September 1st. Royal Bank Of Canada reissued a "moderate buy" rating and issued a $106.00 target price on shares of TC Energy in a research note on Friday, September 11th. Scotiabank restated an "outperform" rating on shares of TC Energy in a report on Tuesday, July 21st. Raymond James Financial reaffirmed a "market perform" rating on shares of TC Energy in a research report on Wednesday. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of TC Energy in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $89.00.

About TC Energy

TC Energy Corporation is an energy infrastructure company that develops and operates natural gas pipeline, storage and power-generation assets. Its natural gas pipeline network connects major supply basins with utilities, power generators, industrial customers and export markets, while its storage facilities help support the reliability and flexibility of energy systems.

The company serves customers across Canada, the United States and Mexico. Its operations include regulated and contracted natural gas transportation, natural gas storage, and nuclear and other power-generation activities.

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.