Gulf International Bank UK Ltd Grows Position in TC Energy Corporation (NYSE:TRP)

Key Points

• Gulf International Bank UK Ltd significantly increased its stake in TC Energy Corporation by 2,638.4% in the first quarter, bringing its holdings to $2.81 million.
• TC Energy recently reported earnings per share of $0.59 for the quarter, exceeding analyst expectations of $0.56, while experiencing a revenue drop compared to estimates.
• The company has announced an increase in its quarterly dividend to $0.6148 per share, representing a yield of 4.8% for shareholders of record before the ex-dividend date.

Gulf International Bank UK Ltd grew its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 2,638.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 59,478 shares of the pipeline company's stock after buying an additional 57,306 shares during the quarter. Gulf International Bank UK Ltd's holdings in TC Energy were worth $2,808,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its holdings in shares of TC Energy by 2,565.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after purchasing an additional 15,694,336 shares in the last quarter. Bank of Nova Scotia grew its position 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 buying an additional 7,562,887 shares during the period. Deutsche Bank AG increased its holdings in TC Energy by 175.1% in the first quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock valued at $271,845,000 after buying an additional 3,664,862 shares in the last quarter. Blackstone Inc. increased its holdings in TC Energy by 83.8% in the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after buying an additional 3,482,874 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of TC Energy by 31.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,418,858 shares of the pipeline company's stock valued at $444,885,000 after acquiring an additional 2,242,918 shares during the period. Institutional investors and hedge funds own 83.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TRP shares. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. Finally, Barclays reissued an "overweight" rating on shares of TC Energy in a research note on Thursday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, TC Energy presently has an average rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Price Performance

TRP stock traded down $0.18 during trading on Friday, hitting $51.04. The stock had a trading volume of 1,218,308 shares, compared to its average volume of 1,510,380. The stock has a market cap of $53.08 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 4.89 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The company's 50 day moving average price is $48.40 and its two-hundred day moving average price is $48.10. TC Energy Corporation has a 1-year low of $39.79 and a 1-year high of $51.99.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data 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. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The business had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter in the previous year, the business posted $0.79 earnings per share. On average, sell-side analysts forecast that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a $0.6148 dividend. The ex-dividend date is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 4.8%. TC Energy's payout ratio is currently 83.62%.

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.