Bayforest Capital Ltd Makes New Investment in TC Energy Corporation (NYSE:TRP)

Key Points

• Bayforest Capital Ltd has acquired a new position in TC Energy Corporation, purchasing 5,537 shares valued at approximately $261,000 in the first quarter.
• Analysts have upgraded TC Energy's rating; CIBC raised it to a "sector outperform" while Cibc World Mkts upgraded it to a "strong-buy," contributing to an average rating of "Moderate Buy" with a target price of $62.00.
• TC Energy has increased its quarterly dividend to $0.6148 per share, representing a 5.1% yield, with an announcement for payment on October 31st.

Bayforest Capital Ltd acquired a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 5,537 shares of the pipeline company's stock, valued at approximately $261,000.

A number of other hedge funds also recently modified their holdings of the company. FIL Ltd lifted its position in shares of TC Energy by 10.3% in the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after acquiring an additional 2,644,627 shares during the period. TD Asset Management Inc raised its holdings in shares of TC Energy by 6.2% in the 1st quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock worth $824,243,000 after buying an additional 1,018,590 shares in the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of TC Energy by 9.5% in the 4th quarter. Canada Pension Plan Investment Board now owns 14,755,330 shares of the pipeline company's stock worth $686,763,000 after buying an additional 1,280,000 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of TC Energy by 7.7% in the 1st quarter. Mackenzie Financial Corp now owns 13,239,669 shares of the pipeline company's stock worth $625,230,000 after buying an additional 945,708 shares in the last quarter. Finally, Tortoise Capital Advisors L.L.C. raised its holdings in shares of TC Energy by 4.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 8,279,997 shares of the pipeline company's stock worth $385,268,000 after buying an additional 337,647 shares in the last quarter. Institutional investors own 83.13% of the company's stock.

Analysts Set New Price Targets

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

TC Energy Trading Up 1.1%

TRP stock opened at $48.39 on Friday. The business has a fifty day moving average price of $48.54 and a 200 day moving average price of $47.87. TC Energy Corporation has a fifty-two week low of $37.41 and a fifty-two week high of $51.99. The stock has a market capitalization of $50.32 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 4.64 and a beta of 0.75. 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 (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. TC Energy had a return on equity of 11.10% and a net margin of 28.98%. The firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same period last year, the firm posted $0.79 EPS. Analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

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

TC Energy Company 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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