Canada Pension Plan Investment Board Invests $1.15 Billion in TC Energy Corporation $TRP

Key Points

• Canada Pension Plan Investment Board acquired 17.36 million TC Energy shares worth approximately $1.15 billion, giving it a 1.67% stake. Other major institutions also increased their positions, and institutional investors collectively own 83.13% of the company.
• TC Energy reported quarterly earnings of $0.68 per share, exceeding the $0.61 analyst estimate, while revenue of $2.80 billion also topped expectations. The company maintained its quarterly dividend at $0.8775 per share, equivalent to a 5.7% annualized yield.
• Analyst sentiment remains moderately positive, with one Strong Buy, eight Buy and five Hold ratings and a consensus price target of $89.00. Shares recently traded at $61.85, down 0.3%.

Canada Pension Plan Investment Board acquired a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 17,356,583 shares of the pipeline company's stock, valued at approximately $1,148,244,000. Canada Pension Plan Investment Board owned 1.67% of TC Energy as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in TRP. Ontario Teachers Pension Plan Board bought a new position in shares of TC Energy during the 2nd quarter worth approximately $273,917,000. Korea Investment CORP acquired a new position in TC Energy during the second quarter worth $30,152,000. Generali Asset Management SPA SGR boosted its holdings in TC Energy by 261.0% during the fourth quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company's stock worth $4,121,000 after purchasing an additional 54,154 shares during the last quarter. BROOKFIELD Corp ON grew its position in TC Energy by 8.9% in the first quarter. BROOKFIELD Corp ON now owns 1,735,576 shares of the pipeline company's stock valued at $108,647,000 after purchasing an additional 141,556 shares in the last quarter. Finally, GQG Partners LLC acquired a new stake in TC Energy in the 2nd quarter valued at $1,107,936,000. Institutional investors own 83.13% of the company's stock.

TC Energy Trading Down 0.3%

Shares of NYSE:TRP opened at $61.85 on Wednesday. TC Energy Corporation has a 52-week low of $49.27 and a 52-week high of $71.47. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The company has a market capitalization of $64.45 billion, a P/E ratio of 25.67 and a beta of 0.66. The company has a 50-day simple moving average of $66.66 and a 200 day simple moving average of $65.32.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same quarter in the previous year, the business earned $0.82 earnings per share. Sell-side analysts forecast that TC Energy Corporation will post 2.78 earnings per share for the current year.

TC Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be paid a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a yield of 5.7%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio is 102.49%.

Wall Street Analysts Forecast Growth

TRP has been the topic of several analyst reports. Morgan Stanley cut shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TC Energy in a research report on Friday, July 31st. Finally, Royal Bank Of Canada upped their price objective on TC Energy from $104.00 to $106.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $89.00.

About TC Energy

TC Energy NYSE: TRP is a North American energy infrastructure company headquartered in Calgary, Alberta. Formerly known as TransCanada, the company rebranded as TC Energy to reflect its broad presence across Canada, the United States and Mexico. TC Energy develops, owns and operates a diversified portfolio of energy infrastructure assets that play a central role in the transportation and delivery of energy across the continent.

The company's principal businesses include long‑distance natural gas transmission, liquids (crude oil) pipelines, natural gas storage and power generation.

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