Caitong International Asset Management Co. Ltd Makes New Investment in TC Energy Corporation (NYSE:TRP)

Key Points

• Caitong International Asset Management Co. Ltd has acquired a new position in TC Energy Corporation, purchasing 5,790 shares valued at approximately $273,000 during the 1st quarter.
• TC Energy has increased its quarterly dividend to $0.6148 per share, representing an annualized dividend of $2.46 and a yield of 4.9%.
• Analysts have upgraded their ratings on TC Energy, with a consensus rating of "Moderate Buy" and an average target price of $62.00.

Caitong International Asset Management Co. Ltd purchased a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 5,790 shares of the pipeline company's stock, valued at approximately $273,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Lowe Wealth Advisors LLC bought a new stake in shares of TC Energy in the 1st quarter valued at about $30,000. TruNorth Capital Management LLC acquired a new position in shares of TC Energy during the 1st quarter worth approximately $45,000. Golden State Wealth Management LLC increased 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 worth $51,000 after acquiring an additional 742 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of TC Energy by 75.3% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock worth $55,000 after acquiring an additional 501 shares during the last quarter. Finally, HM Payson & Co. bought a new stake in TC Energy in the 1st quarter valued at $60,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

NYSE:TRP opened at $50.11 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54. The stock's 50-day moving average price is $48.40 and its 200-day moving average price is $47.98. TC Energy Corporation has a 52 week low of $39.61 and a 52 week high of $51.99. The stock has a market capitalization of $52.11 billion, a PE ratio of 17.10, a price-to-earnings-growth ratio of 4.80 and a beta of 0.75.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same quarter in the prior year, the firm posted $0.79 earnings per share. As a group, equities analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be paid a dividend of $0.6148 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a dividend yield of 4.9%. This is a boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is presently 85.32%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TRP shares. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.