Corigliano Investment Advisers LLC Purchases Shares of 138,800 TC Energy Corporation $TRP

Key Points

• Corigliano Investment Advisers LLC has purchased 138,800 shares of TC Energy Corporation, valued at approximately $6.55 million, making it the 14th largest holding of the firm.
• TC Energy reported quarterly earnings of $0.59 per share, surpassing analysts' expectations, but revenue fell short of estimates at $1.82 billion.
• The company has declared a quarterly dividend of $0.6148 per share, an increase from its previous dividend, representing a 4.7% dividend yield.

Corigliano Investment Advisers LLC acquired a new stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 138,800 shares of the pipeline company's stock, valued at approximately $6,553,000. TC Energy accounts for approximately 2.9% of Corigliano Investment Advisers LLC's holdings, making the stock its 14th largest position.

Several other large investors also recently added to or reduced their stakes in the stock. AQR Capital Management LLC lifted its position in shares of TC Energy by 54.0% in the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company's stock worth $538,000 after purchasing an additional 3,892 shares during the period. Advisors Asset Management Inc. lifted its position in shares of TC Energy by 106.4% in the 1st quarter. Advisors Asset Management Inc. now owns 45,461 shares of the pipeline company's stock worth $2,146,000 after purchasing an additional 23,435 shares during the period. Alyeska Investment Group L.P. purchased a new stake in shares of TC Energy in the 1st quarter worth approximately $16,518,000. Amundi lifted its position in shares of TC Energy by 3.9% in the 1st quarter. Amundi now owns 4,091,894 shares of the pipeline company's stock worth $199,357,000 after purchasing an additional 154,219 shares during the period. Finally, Federation des caisses Desjardins du Quebec lifted its position in shares of TC Energy by 37.8% in the 1st quarter. Federation des caisses Desjardins du Quebec now owns 6,816,522 shares of the pipeline company's stock worth $321,102,000 after purchasing an additional 1,868,992 shares during the period. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Up 0.2%

NYSE:TRP traded up $0.09 during midday trading on Tuesday, reaching $51.98. 312,467 shares of the stock traded hands, compared to its average volume of 2,272,047. TC Energy Corporation has a 12-month low of $40.76 and a 12-month high of $52.39. The business has a 50-day moving average of $49.36 and a two-hundred day moving average of $48.70. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a market capitalization of $54.06 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 4.97 and a beta of 0.77.

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

TC Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be paid a dividend of $0.6148 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio (DPR) is currently 85.32%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TRP shares. US Capital Advisors cut shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

About TC Energy

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.