Hsbc Holdings PLC Buys 38,828 Shares of TC Energy Corporation $TRP

Key Points

• HSBC Holdings PLC increased its stake in TC Energy by 28.7% in the first quarter, buying 38,828 additional shares and bringing its total holding to 174,018 shares worth about $10.91 million.
• TC Energy reported better-than-expected quarterly earnings of $0.72 per share, though revenue came in below analyst estimates at $2.04 billion versus $2.20 billion expected.
• The company declared a quarterly dividend of $0.8775 per share, equal to a 5.0% annualized yield, while analysts currently rate the stock a Moderate Buy with an average target price of $78.50.

Hsbc Holdings PLC increased its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 28.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 174,018 shares of the pipeline company's stock after purchasing an additional 38,828 shares during the period. Hsbc Holdings PLC's holdings in TC Energy were worth $10,910,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC acquired a new stake in shares of TC Energy in the 4th quarter valued at $25,000. Sterling Capital Management LLC acquired a new position in shares of TC Energy during the first quarter valued at $26,000. Trust Co. of Vermont bought a new position in TC Energy in the fourth quarter valued at about $28,000. McIlrath & Eck LLC bought a new position in TC Energy in the fourth quarter valued at about $32,000. Finally, SWAN Capital LLC acquired a new stake in TC Energy in the third quarter worth about $40,000. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Up 1.7%

Shares of NYSE:TRP opened at $69.83 on Thursday. TC Energy Corporation has a 52 week low of $46.61 and a 52 week high of $71.47. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.57 and a current ratio of 0.65. The company has a market capitalization of $72.76 billion, a PE ratio of 30.31 and a beta of 0.66. The company has a 50 day moving average price of $68.53 and a two-hundred day moving average price of $63.79.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly earnings results on Friday, May 1st. The pipeline company reported $0.72 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.02. The company had revenue of $2.04 billion for the quarter, compared to analysts' expectations of $2.20 billion. TC Energy had a net margin of 22.22% and a return on equity of 10.74%. During the same period last year, the firm posted $0.95 earnings per share. Analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current year.

TC Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Tuesday, June 30th will be issued a $0.8775 dividend. This represents a $3.51 annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Tuesday, June 30th. TC Energy's dividend payout ratio is 107.39%.

Analysts Set New Price Targets

A number of research firms have issued reports on TRP. Royal Bank Of Canada upped their target price on shares of TC Energy from $92.00 to $95.00 and gave the company an "outperform" rating in a research report on Monday, May 4th. TD Securities reiterated a "hold" rating on shares of TC Energy in a research report on Thursday, July 16th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. Morgan Stanley lowered shares of TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of TC Energy in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $78.50.

About TC Energy

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.

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.