Bank of New York Mellon Corp Grows Position in TC Energy Corporation $TRP

Bank of New York Mellon Corp lifted its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 7.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 973,124 shares of the pipeline company's stock after purchasing an additional 67,672 shares during the period. Bank of New York Mellon Corp owned about 0.09% of TC Energy worth $64,508,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in TC Energy during the 4th quarter valued at $25,000. Sterling Capital Management LLC bought a new position in shares of TC Energy during the first quarter valued at about $26,000. McIlrath & Eck LLC bought a new position in shares of TC Energy during the fourth quarter valued at about $32,000. SWAN Capital LLC purchased a new stake in shares of TC Energy during the third quarter worth about $40,000. Finally, Glen Eagle Advisors LLC purchased a new stake in shares of TC Energy during the fourth quarter worth about $44,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of TRP stock opened at $62.82 on Thursday. TC Energy Corporation has a 12 month low of $49.27 and a 12 month high of $71.47. The stock has a market cap of $65.45 billion, a PE ratio of 26.07 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. The company's fifty day moving average price is $66.56 and its 200-day moving average price is $65.34.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. The company had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. During the same period last year, the company posted $0.82 EPS. On average, equities analysts expect that TC Energy Corporation will post 2.78 EPS for the current fiscal year.

TC Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on TRP. Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. TD Securities reiterated a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. Royal Bank Of Canada boosted their target price on TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. National Bank Financial upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and issued a $99.00 price target on shares of TC Energy in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Company 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.

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