Harvest Portfolios Group Inc. Increases Stock Holdings in TC Energy Corporation $TRP

Key Points

• Harvest Portfolios Group Inc. increased its holdings in TC Energy Corporation by 8.9%, now owning 244,716 shares worth approximately $11.56 million.
• TC Energy recently announced a quarterly dividend increase to $0.6148, with a current yield of 4.8%.
• Analysts have mixed ratings for TC Energy, with a consensus rating of "Moderate Buy" and an average target price of $62.00.

Harvest Portfolios Group Inc. increased its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 8.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,716 shares of the pipeline company's stock after purchasing an additional 19,974 shares during the period. Harvest Portfolios Group Inc.'s holdings in TC Energy were worth $11,557,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its position in TC Energy by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock worth $2,096,739,000 after acquiring an additional 710,837 shares during the period. TD Asset Management Inc increased its holdings in shares of TC Energy by 6.2% in the first quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock valued at $824,243,000 after purchasing an additional 1,018,590 shares during the period. Bank of Nova Scotia boosted its position in TC Energy by 80.3% in the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock valued at $802,164,000 after buying an additional 7,562,887 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in TC Energy by 2,565.1% in the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after buying an additional 15,694,336 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in TC Energy by 7.7% in the first quarter. Mackenzie Financial Corp now owns 13,239,669 shares of the pipeline company's stock valued at $625,230,000 after buying an additional 945,708 shares during the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Price Performance

NYSE:TRP traded up $0.50 during trading hours on Friday, reaching $52.14. 2,957,055 shares of the company were exchanged, compared to its average volume of 2,305,758. The stock's 50-day moving average is $48.79 and its 200-day moving average is $48.39. TC Energy Corporation has a twelve month low of $40.76 and a twelve month high of $52.26. The firm has a market cap of $54.22 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 4.91 and a beta of 0.75. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. The business had revenue of $1.82 billion during the quarter, compared to analysts' expectations of $2.56 billion. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. During the same quarter in the previous year, the company earned $0.79 earnings per share. On average, sell-side analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently declared 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. This represents a $2.46 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from TC Energy's previous quarterly dividend of $0.61. TC Energy's dividend payout ratio is presently 83.62%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Cibc World Mkts upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. US Capital Advisors lowered TC Energy from a "moderate buy" rating to a "hold" rating in a research report on Thursday, August 21st. Finally, Barclays reiterated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $62.00.

TC Energy 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.