CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Boosts Stock Holdings in TC Energy Corporation (NYSE:TRP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 10.1% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,559,786 shares of the pipeline company's stock after purchasing an additional 143,462 shares during the period. TC Energy comprises approximately 4.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 10th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.15% of TC Energy worth $73,637,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

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

TC Energy Price Performance

NYSE:TRP traded up $1.05 during mid-day trading on Friday, reaching $49.01. The stock had a trading volume of 7,778,916 shares, compared to its average volume of 2,493,356. The stock has a market capitalization of $50.97 billion, a P/E ratio of 16.18, a P/E/G ratio of 4.58 and a beta of 0.78. The firm has a 50 day moving average price of $49.54 and a two-hundred day moving average price of $47.66. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.63 and a current ratio of 0.70. TC Energy Corporation has a one year low of $37.07 and a one year high of $51.99.

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

TC Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be given a $0.6142 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 5.01%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's payout ratio is presently 77.89%.

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.