Bayforest Capital Ltd Purchases New Holdings in TC Energy Corporation $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.
• TC Energy increased its quarterly dividend to $0.6148 per share, representing an annualized yield of 4.7%.
• The company reported $0.59 earnings per share for the last quarter, surpassing analysts’ expectations, with revenues of $1.82 billion.

Bayforest Capital Ltd bought a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 5,537 shares of the pipeline company's stock, valued at approximately $261,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in TC Energy by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock worth $43,209,000 after purchasing an additional 10,227 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in TC Energy by 77.7% during the first quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock worth $110,000 after purchasing an additional 1,005 shares during the last quarter. Wealthstar Advisors LLC bought a new stake in TC Energy during the first quarter worth $432,000. Golden State Wealth Management LLC lifted its stake in TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after purchasing an additional 742 shares during the last quarter. Finally, FORA Capital LLC bought a new stake in TC Energy during the first quarter worth $776,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Performance

NYSE TRP opened at $52.08 on Friday. The company has a market capitalization of $54.16 billion, a price-to-earnings ratio of 17.77, a PEG ratio of 4.97 and a beta of 0.77. TC Energy Corporation has a twelve month low of $40.76 and a twelve month high of $52.39. The stock has a fifty day simple moving average of $49.60 and a 200 day simple moving average of $48.79. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

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, beating analysts' consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period in the prior year, the business posted $0.79 earnings per share. Sell-side analysts expect that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be issued a dividend of $0.6148 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is 85.32%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TRP. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

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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