Corient Private Wealth LP Acquires Shares of 37,140 TC Energy Corporation $TRP

Key Points

• Corient Private Wealth acquired 37,140 TC Energy shares valued at approximately $2.46 million during the second quarter. Institutional investors collectively own 83.13% of the company, with several major pension funds also initiating positions.
• Analyst sentiment is positive, with TC Energy carrying a consensus “Moderate Buy” rating and an average price target of $89. Recent upgrades included Jefferies moving the stock to “Buy” and US Capital Advisors raising its rating to “Moderate Buy.”
• TC Energy reported quarterly EPS of $0.68, exceeding estimates of $0.61, while revenue reached $2.80 billion. The company declared a quarterly dividend of $0.8775, equating to a 5.6% annualized yield.

Corient Private Wealth LP acquired a new stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 37,140 shares of the pipeline company's stock, valued at approximately $2,462,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Ontario Teachers Pension Plan Board purchased a new stake in shares of TC Energy in the second quarter worth approximately $273,917,000. Korea Investment CORP purchased a new position in shares of TC Energy during the second quarter valued at approximately $30,152,000. Canada Pension Plan Investment Board bought a new stake in TC Energy during the second quarter worth $1,148,244,000. Generali Asset Management SPA SGR grew 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 buying an additional 54,154 shares in the last quarter. Finally, BROOKFIELD Corp ON raised its position in TC Energy by 8.9% in the 1st quarter. BROOKFIELD Corp ON now owns 1,735,576 shares of the pipeline company's stock valued at $108,647,000 after buying an additional 141,556 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TRP has been the topic of several recent analyst reports. Royal Bank Of Canada raised their price objective on TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a research note on Friday, July 31st. BMO Capital Markets reiterated an "outperform" rating and issued a $99.00 target price on shares of TC Energy in a research note on Friday, July 31st. US Capital Advisors upgraded shares of TC Energy from a "hold" rating to a "moderate buy" rating in a report on Thursday, August 20th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. Finally, Jefferies Financial Group upgraded shares of TC Energy from a "hold" rating to a "buy" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.00.

TC Energy Stock Down 0.9%

TRP opened at $62.59 on Thursday. 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 stock has a market cap of $65.21 billion, a price-to-earnings ratio of 25.97 and a beta of 0.66. TC Energy Corporation has a twelve month low of $49.27 and a twelve month high of $71.47. The company's 50-day moving average price is $65.95 and its two-hundred day moving average price is $65.41.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.07. The company had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter last year, the business posted $0.82 EPS. As a group, equities analysts expect that TC Energy Corporation will post 2.78 earnings per share for the current year.

TC Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a $0.8775 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. TC Energy's dividend payout ratio (DPR) is presently 102.49%.

TC Energy Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source