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

Several other hedge funds and other institutional investors have also bought and sold shares of TRP. Baader Bank Aktiengesellschaft grew its position in TC Energy by 4.4% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 6,325 shares of the pipeline company's stock worth $289,000 after purchasing an additional 264 shares during the last quarter. Benjamin Edwards Inc. lifted its stake in shares of TC Energy by 1.7% during the fourth quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company's stock worth $745,000 after buying an additional 273 shares during the period. Compound Planning Inc. grew its holdings in shares of TC Energy by 2.1% during the first quarter. Compound Planning Inc. now owns 13,806 shares of the pipeline company's stock valued at $652,000 after buying an additional 288 shares during the last quarter. Prudential PLC increased its position in shares of TC Energy by 5.2% in the 1st quarter. Prudential PLC now owns 6,536 shares of the pipeline company's stock valued at $309,000 after acquiring an additional 326 shares during the period. Finally, Avantax Advisory Services Inc. raised its stake in TC Energy by 3.6% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,908 shares of the pipeline company's stock worth $468,000 after acquiring an additional 344 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Performance

Shares of TRP stock traded up $0.02 on Monday, hitting $51.88. The company had a trading volume of 1,835,023 shares, compared to its average volume of 2,283,674. TC Energy Corporation has a twelve month low of $40.76 and a twelve month high of $52.39. 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 firm has a market cap of $53.95 billion, a P/E ratio of 17.71, a price-to-earnings-growth ratio of 4.97 and a beta of 0.77. The company has a 50-day moving average price of $49.30 and a 200-day moving average price of $48.65.

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

TC Energy Increases Dividend

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

Wall Street Analyst Weigh In

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

TC Energy Company 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.