Graham Capital Management L.P. Takes Position in TC Energy Corporation $TRP

Key Points

• Graham Capital Management L.P. recently invested approximately $2.36 million in TC Energy Corporation, acquiring 50,024 shares during the first quarter.
• TC Energy announced an increase in its quarterly dividend to $0.6148, with an annualized yield of 4.7%, reflecting positive financial performance.
• Analysts have mixed ratings for TC Energy, with an average recommendation of "Moderate Buy" and a target price of $62.00.

Graham Capital Management L.P. acquired a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 50,024 shares of the pipeline company's stock, valued at approximately $2,362,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of TC Energy by 1.6% in the first quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock valued at $2,096,739,000 after buying an additional 710,837 shares in the last quarter. Canada Pension Plan Investment Board grew its position in TC Energy by 34.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock valued at $935,627,000 after acquiring an additional 5,053,228 shares in the last quarter. TD Asset Management Inc increased its stake in TC Energy by 6.2% during the first quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock worth $824,243,000 after purchasing an additional 1,018,590 shares during the period. Bank of Nova Scotia increased its stake in TC Energy by 80.3% during the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after purchasing an additional 7,562,887 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in shares of TC Energy by 2,565.1% during the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock worth $769,815,000 after purchasing an additional 15,694,336 shares in the last quarter. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Stock Down 1.3%

NYSE:TRP traded down $0.67 during trading hours on Thursday, hitting $51.39. The company's stock had a trading volume of 1,912,423 shares, compared to its average volume of 1,331,412. TC Energy Corporation has a 52-week low of $40.76 and a 52-week high of $52.39. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The stock has a market capitalization of $53.45 billion, a P/E ratio of 17.54, a price-to-earnings-growth ratio of 4.98 and a beta of 0.77. The stock has a fifty day moving average of $49.25 and a 200-day moving average of $48.57.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. During the same period in the prior year, the firm posted $0.79 EPS. On average, equities analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be given a dividend of $0.6148 per share. The ex-dividend date is Monday, September 29th. This represents a $2.46 annualized dividend and a dividend yield of 4.8%. This is a boost from TC Energy's previous quarterly dividend of $0.61. TC Energy's payout ratio is presently 85.32%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TRP. Barclays restated an "overweight" rating on shares of TC Energy in a report on Thursday, August 14th. US Capital Advisors downgraded shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $62.00.

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.