Federation des caisses Desjardins du Quebec Has $321.10 Million Stake in TC Energy Corporation $TRP

Key Points

• The Federation des caisses Desjardins du Quebec has increased its stake in TC Energy Corporation by 37.8%, now holding a total of 6,816,522 shares valued at approximately $321 million.
• TC Energy recently announced a quarterly dividend of $0.6148, representing a 4.7% dividend yield and an increase from its previous quarterly dividend.
• Despite mixed analyst ratings, TC Energy has a consensus rating of "Moderate Buy" with a target price of $62.00 per share.

Federation des caisses Desjardins du Quebec grew its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 37.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,816,522 shares of the pipeline company's stock after acquiring an additional 1,868,992 shares during the quarter. TC Energy accounts for about 1.6% of Federation des caisses Desjardins du Quebec's investment portfolio, making the stock its 14th largest holding. Federation des caisses Desjardins du Quebec owned about 0.66% of TC Energy worth $321,102,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Lowe Wealth Advisors LLC bought a new stake in shares of TC Energy in the first quarter worth about $30,000. TruNorth Capital Management LLC bought a new position in shares of TC Energy during the first quarter worth about $45,000. Truvestments Capital LLC bought a new position in shares of TC Energy during the first quarter worth about $45,000. Golden State Wealth Management LLC grew its holdings in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after buying an additional 742 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in shares of TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock worth $55,000 after buying an additional 501 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. US Capital Advisors downgraded TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Barclays reiterated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. Two investment 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. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Stock Up 0.8%

TRP stock traded up $0.43 during mid-day trading on Friday, reaching $51.84. The company had a trading volume of 1,969,162 shares, compared to its average volume of 1,392,677. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The stock has a 50 day simple moving average of $49.30 and a two-hundred day simple moving average of $48.65. The company has a market capitalization of $53.92 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 4.97 and a beta of 0.77. TC Energy Corporation has a 52 week low of $40.76 and a 52 week high of $52.39.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. The firm had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $2.56 billion. TC Energy had a return on equity of 11.22% and a net margin of 28.98%.During the same period last year, the company earned $0.79 earnings per share. As a group, equities analysts predict 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 $0.6148 dividend. This is a positive change from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date is Monday, September 29th. TC Energy's dividend payout ratio is 85.32%.

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.