Hsbc Holdings PLC Takes $2.44 Million Position in TC Energy Corporation $TRP

Key Points

• HSBC Holdings acquired 36,513 shares of TC Energy during the second quarter, representing a position valued at approximately $2.44 million. Institutional investors collectively own 83.13% of the company.
• TC Energy reported quarterly EPS of $0.68, beating analyst estimates of $0.61, while revenue reached $2.80 billion versus expectations of $2.76 billion.
• The company announced a quarterly dividend of $0.8775, equivalent to an annualized $3.51 payout and a 5.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

Hsbc Holdings PLC acquired a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 36,513 shares of the pipeline company's stock, valued at approximately $2,442,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRP. Annis Gardner Whiting Capital Advisors LLC bought a new stake in shares of TC Energy in the fourth quarter worth about $25,000. Sterling Capital Management LLC bought a new stake in TC Energy during the 1st quarter worth approximately $26,000. McIlrath & Eck LLC bought a new stake in TC Energy during the 4th quarter worth approximately $32,000. Trust Co. of Vermont acquired a new stake in TC Energy during the 2nd quarter worth approximately $33,000. Finally, SWAN Capital LLC acquired a new stake in TC Energy during the 3rd quarter worth approximately $40,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Trading Up 0.0%

NYSE TRP opened at $61.87 on Monday. The stock has a market capitalization of $64.46 billion, a price-to-earnings ratio of 25.67 and a beta of 0.66. The stock's 50 day moving average price is $66.33 and its two-hundred day moving average price is $65.37. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 52 week low of $49.27 and a 52 week high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same period last year, the company earned $0.82 earnings per share. As a group, analysts anticipate that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be given a $0.8775 dividend. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a yield of 5.7%. TC Energy's dividend payout ratio (DPR) is 102.49%.

Wall Street Analysts Forecast Growth

TRP has been the subject of several research analyst reports. National Bank Financial upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. Barclays reissued an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. US Capital Advisors raised shares of TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Thursday, August 20th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $99.00 target price on shares of TC Energy in a research note on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.00.

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.

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