Cardinal Capital Management Inc. Grows Stock Holdings in TC Energy Corporation $TRP

Key Points

• Cardinal Capital Management increased its TC Energy stake by 0.7% in the second quarter, owning 2.55 million shares valued at approximately $168.8 million. Institutional investors collectively hold 83.13% of the company.
• Analysts maintain a generally positive outlook, with TC Energy receiving a consensus “Moderate Buy” rating and an average price target of $89.00. BMO Capital Markets set a $99.00 target while reiterating its “outperform” rating.
• TC Energy exceeded quarterly earnings expectations, reporting $0.68 in EPS versus $0.61 forecast and revenue of $2.80 billion. The company also declared a quarterly dividend of $0.8775 per share, representing a 5.5% annualized yield.

Cardinal Capital Management Inc. increased its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 0.7% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,553,583 shares of the pipeline company's stock after buying an additional 18,907 shares during the period. TC Energy accounts for approximately 4.1% of Cardinal Capital Management Inc.'s portfolio, making the stock its 7th largest holding. Cardinal Capital Management Inc. owned approximately 0.25% of TC Energy worth $168,773,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TRP. Annis Gardner Whiting Capital Advisors LLC purchased a new position in TC Energy during the fourth quarter worth about $25,000. Sterling Capital Management LLC purchased a new stake in shares of TC Energy in the 1st quarter valued at about $26,000. McIlrath & Eck LLC purchased a new stake in shares of TC Energy in the 4th quarter valued at about $32,000. SWAN Capital LLC bought a new stake in shares of TC Energy during the 3rd quarter valued at about $40,000. Finally, Glen Eagle Advisors LLC bought a new stake in shares of TC Energy during the 4th quarter valued at about $44,000. Institutional investors own 83.13% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TRP shares. BMO Capital Markets reissued an "outperform" rating and set a $99.00 price objective on shares of TC Energy in a report on Friday, July 31st. TD Securities reiterated a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. Barclays reiterated an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a report on Tuesday, May 26th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TC Energy in a report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $89.00.

TC Energy Trading Up 0.5%

Shares of TRP stock opened at $63.65 on Wednesday. The business has a 50-day moving average price of $67.82 and a two-hundred day moving average price of $64.96. TC Energy Corporation has a 12-month low of $49.27 and a 12-month high of $71.47. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. The firm has a market cap of $66.32 billion, a P/E ratio of 26.41 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same period in the prior year, the company earned $0.82 EPS. Equities analysts anticipate that TC Energy Corporation will post 2.75 EPS for the current fiscal year.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Tuesday, September 29th will be given a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio (DPR) is presently 102.49%.

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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