Bank of Nova Scotia Has $802.16 Million Holdings in TC Energy Corporation (NYSE:TRP)

Key Points

• Bank of Nova Scotia increased its holdings in TC Energy Corporation by 80.3%, owning approximately 16.98 million shares worth about $802 million, making it the bank’s 9th largest investment.
• TC Energy announced a quarterly dividend increase to $0.6148, representing an annual yield of 5.1%, effective for investors of record on September 29th.
• Institutional investors now hold 83.13% of TC Energy's shares, reflecting strong investor interest and confidence in the company's prospects.

Bank of Nova Scotia increased its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 80.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 16,983,443 shares of the pipeline company's stock after buying an additional 7,562,887 shares during the period. TC Energy comprises approximately 1.9% of Bank of Nova Scotia's holdings, making the stock its 9th largest position. Bank of Nova Scotia owned 1.63% of TC Energy worth $802,164,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BROOKFIELD Corp ON boosted its holdings in shares of TC Energy by 31.6% during the 4th quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock valued at $87,950,000 after purchasing an additional 454,011 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of TC Energy by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock valued at $43,209,000 after purchasing an additional 10,227 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of TC Energy by 77.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock valued at $110,000 after purchasing an additional 1,005 shares during the last quarter. Wealthstar Advisors LLC bought a new position in shares of TC Energy during the 1st quarter valued at about $432,000. Finally, Golden State Wealth Management LLC boosted its holdings in shares of TC Energy by 222.2% during 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 last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

TC Energy stock opened at $48.39 on Friday. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. TC Energy Corporation has a 1-year low of $37.41 and a 1-year high of $51.99. The firm has a market capitalization of $50.32 billion, a P/E ratio of 16.52, a price-to-earnings-growth ratio of 4.64 and a beta of 0.75. The company's 50-day moving average is $48.54 and its 200 day moving average is $47.87.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.10%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same period in the prior year, the company posted $0.79 EPS. Research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be given a $0.6148 dividend. This is an increase from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 dividend on an annualized basis and a yield of 5.1%. TC Energy's dividend payout ratio is currently 82.51%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TRP. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Finally, Citigroup began coverage on shares of TC Energy in a research report on Friday, April 4th. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.00.

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.

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