Kayne Anderson Capital Advisors LP Invests $260.02 Million in TC Energy Corporation $TRP

Key Points

• Kayne Anderson Capital Advisors purchased 3.92 million TC Energy shares worth approximately $260 million, making the pipeline company 5.1% of its portfolio and its 10th-largest holding.
• TC Energy reported quarterly EPS of $0.68, beating analyst expectations of $0.61, while revenue of $2.80 billion also exceeded estimates. Institutional investors collectively own 83.13% of the company.
• The company declared a quarterly dividend of $0.8775 per share, representing an annualized yield of 5.6%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

Kayne Anderson Capital Advisors LP purchased a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,922,519 shares of the pipeline company's stock, valued at approximately $260,024,000. TC Energy makes up 5.1% of Kayne Anderson Capital Advisors LP's investment portfolio, making the stock its 10th largest holding. Kayne Anderson Capital Advisors LP owned approximately 0.38% of TC Energy at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Annis Gardner Whiting Capital Advisors LLC bought a new position in shares of TC Energy in the fourth quarter worth approximately $25,000. Sterling Capital Management LLC bought a new stake in shares of TC Energy during the first quarter valued at approximately $26,000. McIlrath & Eck LLC bought a new stake in shares of TC Energy during the fourth quarter valued at approximately $32,000. Trust Co. of Vermont purchased a new position in TC Energy in the 2nd quarter worth approximately $33,000. Finally, SWAN Capital LLC purchased a new position in TC Energy in the 3rd quarter worth approximately $40,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Stock Performance

TRP stock opened at $63.07 on Friday. The company has a market cap of $65.72 billion, a P/E ratio of 26.17 and a beta of 0.66. TC Energy Corporation has a 1 year low of $49.27 and a 1 year high of $71.47. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The stock's fifty day moving average price is $67.09 and its 200-day moving average price is $65.26.

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 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.07. The company had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same quarter in the prior year, the business earned $0.82 earnings per share. On average, equities analysts forecast that TC Energy Corporation will post 2.75 earnings per share for the current 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 dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.6%. The ex-dividend date is Tuesday, September 29th. TC Energy's payout ratio is 102.49%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research report on Tuesday, May 26th. TD Securities reissued a "hold" rating on shares of TC Energy in a report on Thursday, July 16th. Royal Bank Of Canada boosted their price target on TC Energy from $104.00 to $106.00 and gave the stock an "outperform" rating in a research note on Friday, July 31st. National Bank Financial raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, May 4th. Finally, Barclays reaffirmed an "overweight" rating on shares of TC Energy in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $89.00.

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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