Benjamin Edwards Inc. Increases Stock Position in TC Energy Corporation (NYSE:TRP)

Key Points

• Benjamin Edwards Inc. increased its stake in TC Energy Corporation by 72.4%, now owning 27,585 shares worth approximately $1.3 million.
• TC Energy recently announced a quarterly dividend increase to $0.6148 per share, representing an annualized yield of 4.9% and an update from its previous dividend of $0.61.
• Wall Street analysts have a consensus rating of "Moderate Buy" for TC Energy, with an average price target of $62.00.

Benjamin Edwards Inc. grew its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 72.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 27,585 shares of the pipeline company's stock after acquiring an additional 11,582 shares during the quarter. Benjamin Edwards Inc.'s holdings in TC Energy were worth $1,303,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in TRP. Vanguard Group Inc. increased its stake in shares of TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock worth $2,096,739,000 after buying an additional 710,837 shares during the period. TD Asset Management Inc increased its position in shares of TC Energy by 6.2% in the first quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock valued at $824,243,000 after acquiring an additional 1,018,590 shares during the period. Bank of Nova Scotia raised its stake in shares of TC Energy by 80.3% during the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock valued at $802,164,000 after acquiring an additional 7,562,887 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of TC Energy by 2,565.1% during the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock worth $769,815,000 after purchasing an additional 15,694,336 shares during the period. Finally, Canada Pension Plan Investment Board grew its stake in shares of TC Energy by 9.5% in the fourth quarter. Canada Pension Plan Investment Board now owns 14,755,330 shares of the pipeline company's stock worth $686,763,000 after purchasing an additional 1,280,000 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TRP has been the subject of several research analyst reports. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Finally, Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, TC Energy has an average rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Down 0.4%

Shares of NYSE TRP traded down $0.18 on Friday, reaching $51.04. 1,218,308 shares of the company's stock traded hands, compared to its average volume of 1,510,380. The business's 50 day simple moving average is $48.40 and its two-hundred day simple moving average is $48.10. TC Energy Corporation has a 12 month low of $39.79 and a 12 month high of $51.99. The company has a market cap of $53.08 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 4.89 and a beta of 0.75. 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. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the company earned $0.79 EPS. As a group, equities research analysts forecast that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a $0.6148 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. 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 (DPR) is presently 83.62%.

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.