Empowered Funds LLC Makes New Investment in TC Energy Corporation $TRP

Key Points

• Empowered Funds LLC acquired 57,864 shares of TC Energy worth approximately $3.84 million during the second quarter. Institutional investors and hedge funds collectively own 83.13% of the company.
• TC Energy reported quarterly EPS of $0.68, beating analyst estimates of $0.61, while revenue reached $2.80 billion versus the $2.76 billion consensus estimate.
• The company declared a quarterly dividend of $0.8775 per share, equating to an annualized payout of $3.51 and a 5.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.00.

Empowered Funds LLC acquired a new stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 57,864 shares of the pipeline company's stock, valued at approximately $3,836,000.

Several other institutional investors have also modified their holdings of the stock. Annis Gardner Whiting Capital Advisors LLC acquired a new position in shares of TC Energy during the 4th quarter worth about $25,000. Sterling Capital Management LLC acquired a new stake in TC Energy in the 1st quarter worth about $26,000. McIlrath & Eck LLC acquired a new stake in TC Energy in the 4th quarter worth about $32,000. Trust Co. of Vermont purchased a new stake in TC Energy during the 2nd quarter worth approximately $33,000. Finally, SWAN Capital LLC purchased a new stake in TC Energy during the 3rd quarter worth approximately $40,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Up 1.0%

NYSE TRP opened at $63.18 on Wednesday. TC Energy Corporation has a 52 week low of $49.27 and a 52 week high of $71.47. 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 business's fifty day simple moving average is $66.09 and its 200-day simple moving average is $65.41. The firm has a market cap of $65.83 billion, a PE ratio of 26.22 and a beta of 0.66.

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

TC Energy Dividend Announcement

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

Analysts Set New Price Targets

TRP has been the topic of several research reports. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. Morgan Stanley cut TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. Barclays reissued an "overweight" rating on shares of TC Energy in a research note on Thursday, July 16th. Weiss Ratings restated a "buy (b)" rating on shares of TC Energy in a report on Friday, July 31st. Finally, Jefferies Financial Group raised shares of TC Energy from a "hold" rating to a "buy" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, TC Energy presently has a consensus rating of "Moderate Buy" and an average target price of $89.00.

TC Energy 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.

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