Bleakley Financial Group LLC Has $3.48 Million Stake in TC Energy Corporation $TRP

Key Points

• Bleakley Financial Group LLC increased its stake in TC Energy Corporation by 23.9% in the second quarter, bringing their total holdings to approximately **$3.48 million**.
• TC Energy plans to pay a quarterly dividend of **$0.6148** on October 31, representing an increase from the previous quarterly dividend and resulting in an annualized yield of **4.8%**.
• Despite a 1.5% decline in share price recently, TC Energy posted **$0.59** earnings per share, exceeding analyst expectations by **$0.03**.

Bleakley Financial Group LLC lifted its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 23.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,233 shares of the pipeline company's stock after purchasing an additional 13,749 shares during the period. Bleakley Financial Group LLC's holdings in TC Energy were worth $3,475,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock valued at $2,096,739,000 after purchasing an additional 710,837 shares in the last quarter. Canada Pension Plan Investment Board increased its position in shares of TC Energy by 34.2% during the first quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock worth $935,627,000 after acquiring an additional 5,053,228 shares in the last quarter. TD Asset Management Inc boosted its stake in TC Energy by 9.3% during the 2nd quarter. TD Asset Management Inc now owns 19,074,181 shares of the pipeline company's stock valued at $929,316,000 after purchasing an additional 1,618,441 shares during the last quarter. Bank of Nova Scotia increased its holdings in TC Energy by 80.3% during the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after purchasing an additional 7,562,887 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in 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 buying an additional 15,694,336 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Down 1.5%

Shares of NYSE:TRP opened at $51.00 on Friday. The firm has a market capitalization of $53.05 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 4.91 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 52-week low of $43.51 and a 52-week high of $55.37. The firm has a fifty day moving average of $52.34 and a 200 day moving average of $50.03.

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 (EPS) for the quarter, topping 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 firm had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same period in the prior year, the business earned $0.79 EPS. As a group, research analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a $0.6148 dividend. This is a boost 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 dividend yield of 4.8%. TC Energy's dividend payout ratio is presently 84.30%.

Analyst Upgrades and Downgrades

TRP has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "buy (b-)" rating on shares of TC Energy in a research report on Wednesday, October 8th. Cibc World Mkts downgraded shares of TC Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 9th. TD Securities reissued a "buy" rating on shares of TC Energy in a research report on Friday, October 17th. US Capital Advisors cut TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Finally, Wall Street Zen downgraded shares of TC Energy from a "hold" rating to a "sell" rating in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, TC Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.00.

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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