Hillsdale Investment Management Inc. Buys 139,552 Shares of TC Energy Corporation $TRP

Key Points

• Hillsdale Investment Management increased its TC Energy stake by 1,039.5% in Q1, buying 139,552 additional shares and bringing its total holdings to 152,977 shares worth about $9.6 million.
• TC Energy reported Q1 earnings of $0.72 per share, topping analyst estimates, though revenue came in below expectations at $2.04 billion.
• The company declared a quarterly dividend of $0.8775 per share for a 5.2% yield, and analysts currently rate the stock a Moderate Buy with an average price target of $78.50.

Hillsdale Investment Management Inc. raised its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 1,039.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 152,977 shares of the pipeline company's stock after buying an additional 139,552 shares during the quarter. Hillsdale Investment Management Inc.'s holdings in TC Energy were worth $9,577,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA grew its position in TC Energy by 80.5% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 526,181 shares of the pipeline company's stock valued at $28,945,000 after purchasing an additional 234,594 shares during the last quarter. Generali Asset Management SPA SGR increased its stake in TC Energy by 261.0% during the 4th quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company's stock valued at $4,121,000 after purchasing an additional 54,154 shares in the last quarter. Vanguard Group Inc. raised its holdings in TC Energy by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company's stock worth $2,632,200,000 after buying an additional 980,221 shares during the last quarter. Miller Howard Investments Inc. NY raised its holdings in TC Energy by 14.0% in the first quarter. Miller Howard Investments Inc. NY now owns 1,294,518 shares of the pipeline company's stock worth $81,037,000 after buying an additional 158,686 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in TC Energy by 1.2% in the fourth quarter. TD Waterhouse Canada Inc. now owns 4,806,132 shares of the pipeline company's stock worth $263,516,000 after buying an additional 58,624 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

TC Energy Price Performance

NYSE TRP opened at $67.90 on Tuesday. The stock has a market capitalization of $70.75 billion, a price-to-earnings ratio of 29.47 and a beta of 0.66. TC Energy Corporation has a 1-year low of $46.61 and a 1-year high of $71.47. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.65 and a quick ratio of 0.57. The business's fifty day moving average price is $68.05 and its 200-day moving average price is $63.12.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Friday, May 1st. The pipeline company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.70 by $0.02. The company had revenue of $2.04 billion during the quarter, compared to analyst estimates of $2.20 billion. TC Energy had a return on equity of 10.74% and a net margin of 22.22%.During the same quarter in the previous year, the company posted $0.95 earnings per share. On average, equities analysts predict that TC Energy Corporation will post 2.72 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, July 31st. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.8775 per share. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date is Tuesday, June 30th. TC Energy's payout ratio is currently 107.39%.

Analysts Set New Price Targets

A number of research firms have recently commented on TRP. BMO Capital Markets reiterated an "outperform" rating on shares of TC Energy in a report on Monday, May 4th. Barclays restated an "overweight" rating on shares of TC Energy in a report on Monday, May 4th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. Scotiabank reiterated an "outperform" rating on shares of TC Energy in a research note on Monday, May 4th. Finally, National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, TC Energy has an average rating of "Moderate Buy" and an average price target of $78.50.

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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