TC Energy Corporation (NYSE:TRP) Shares Purchased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 10.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,559,786 shares of the pipeline company's stock after buying an additional 143,462 shares during the quarter. TC Energy accounts for 4.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 10th largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.15% of TC Energy worth $73,637,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of TRP. Norges Bank purchased a new stake in shares of TC Energy during the fourth quarter worth approximately $428,759,000. Mufg Securities Canada LTD. lifted its position in shares of TC Energy by 571.7% during the 4th quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after purchasing an additional 5,264,079 shares during the last quarter. Blackstone Inc. grew its stake in shares of TC Energy by 83.8% during the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after purchasing an additional 3,482,874 shares in the last quarter. FIL Ltd grew its stake in shares of TC Energy by 10.3% during the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in TC Energy in the fourth quarter valued at $102,405,000. Hedge funds and other institutional investors own 83.13% of the company's stock.

Wall Street Analyst Weigh In

TRP has been the topic of a number of recent analyst reports. Wall Street Zen downgraded TC Energy from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Citigroup assumed coverage on shares of TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating on the stock. Finally, CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Stock Performance

TC Energy stock traded down $0.90 during mid-day trading on Tuesday, reaching $47.89. 2,826,662 shares of the company were exchanged, compared to its average volume of 2,491,014. The firm has a market cap of $49.80 billion, a PE ratio of 15.81, a price-to-earnings-growth ratio of 4.67 and a beta of 0.78. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. The firm's 50-day simple moving average is $49.54 and its two-hundred day simple moving average is $47.69. TC Energy Corporation has a twelve month low of $37.07 and a twelve month high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.66 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The firm had revenue of $1.78 billion for the quarter, compared to analysts' expectations of $2.57 billion. During the same quarter in the previous year, the firm posted $1.02 earnings per share. Equities analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.13%. The ex-dividend date is Monday, June 30th. TC Energy's dividend payout ratio is presently 77.89%.

TC Energy 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.