Hsbc Holdings PLC Raises Stock Position in TC Energy Corporation $TRP

Key Points

• Hsbc Holdings PLC increased its stake in TC Energy Corporation by 6.8%, totaling 462,892 shares, which were valued at approximately $21.8 million.
• TC Energy announced a quarterly dividend of $0.6148, reflecting an increase from its previous dividend, with a yield of 4.8%.
• Analysts have a positive outlook on TC Energy, with upgrades from several firms, resulting in a consensus average target price of $62.00.

Hsbc Holdings PLC grew its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 6.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 462,892 shares of the pipeline company's stock after acquiring an additional 29,650 shares during the quarter. Hsbc Holdings PLC's holdings in TC Energy were worth $21,847,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of TRP. Baader Bank Aktiengesellschaft boosted its stake in shares of TC Energy by 4.4% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 6,325 shares of the pipeline company's stock worth $289,000 after acquiring an additional 264 shares in the last quarter. Benjamin Edwards Inc. grew its position in shares of TC Energy by 1.7% during the 4th quarter. Benjamin Edwards Inc. now owns 16,003 shares of the pipeline company's stock valued at $745,000 after acquiring an additional 273 shares during the period. Prudential PLC grew its position in shares of TC Energy by 5.2% during the 1st quarter. Prudential PLC now owns 6,536 shares of the pipeline company's stock valued at $309,000 after acquiring an additional 326 shares during the period. Avantax Advisory Services Inc. grew its position in shares of TC Energy by 3.6% during the 1st quarter. Avantax Advisory Services Inc. now owns 9,908 shares of the pipeline company's stock valued at $468,000 after acquiring an additional 344 shares during the period. Finally, FSM Wealth Advisors LLC grew its position in shares of TC Energy by 9.2% during the 1st quarter. FSM Wealth Advisors LLC now owns 5,152 shares of the pipeline company's stock valued at $243,000 after acquiring an additional 432 shares during the period. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Trading Up 0.7%

Shares of TRP stock traded up $0.33 on Wednesday, hitting $51.26. 1,169,775 shares of the stock traded hands, compared to its average volume of 2,309,878. The firm's 50-day moving average price is $48.65 and its two-hundred day moving average price is $48.34. 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 stock has a market capitalization of $53.31 billion, a PE ratio of 17.50, a PEG ratio of 4.86 and a beta of 0.75. TC Energy Corporation has a twelve month low of $40.76 and a twelve month high of $52.10.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS 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 company had revenue of $1.82 billion for the quarter, compared to analysts' expectations of $2.56 billion. During the same quarter in the prior year, the company posted $0.79 earnings per share. As a group, analysts anticipate that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Monday, September 29th will be given a $0.6148 dividend. The ex-dividend date of this dividend is Monday, September 29th. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 dividend on an annualized basis and a yield of 4.8%. TC Energy's dividend payout ratio is currently 85.32%.

Analysts Set New Price Targets

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