JPMorgan Chase & Co. Buys 1,153,459 Shares of TC Energy Corporation (NYSE:TRP)

Key Points

• JPMorgan Chase & Co. increased its holdings in TC Energy Corporation by 13.1%, acquiring 1,153,459 shares, bringing its total ownership to approximately 9,986,313 shares valued at $471,454,000.
• TC Energy Corporation recently declared a quarterly dividend of $0.6148, an increase from its previous dividend, representing a yield of 4.9%.
• Analysts have a consensus rating of "Moderate Buy" for TC Energy, with target prices averaging around $62.00 and several upgrades issued by equities research firms.

JPMorgan Chase & Co. grew its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 13.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,986,313 shares of the pipeline company's stock after buying an additional 1,153,459 shares during the period. JPMorgan Chase & Co. owned 0.96% of TC Energy worth $471,454,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRP. Lowe Wealth Advisors LLC bought a new stake in shares of TC Energy during the first quarter valued at about $30,000. TruNorth Capital Management LLC bought a new stake in shares of TC Energy during the first quarter valued at about $45,000. Golden State Wealth Management LLC increased its position in shares of TC Energy by 222.2% during the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after buying an additional 742 shares during the period. SBI Securities Co. Ltd. increased its position in shares of TC Energy by 75.3% during the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after buying an additional 501 shares during the period. Finally, HM Payson & Co. bought a new stake in shares of TC Energy during the first quarter valued at about $60,000. 83.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TRP shares. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $62.00.

TC Energy Stock Performance

Shares of TRP stock opened at $49.97 on Tuesday. The stock has a fifty day moving average of $48.43 and a 200 day moving average of $47.97. TC Energy Corporation has a 52 week low of $39.52 and a 52 week high of $51.99. The firm has a market capitalization of $51.97 billion, a price-to-earnings ratio of 17.06, a PEG ratio of 4.74 and a beta of 0.75. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last announced its quarterly 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. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the firm posted $0.79 earnings per share. As a group, research analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be paid a $0.6148 dividend. 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. This represents a $2.46 dividend on an annualized basis and a yield of 4.9%. TC Energy's payout ratio is 85.32%.

About TC Energy

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.

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