Lansforsakringar Fondforvaltning AB publ Takes $10.44 Million Position in TC Energy Co. (NYSE:TRP)

Lansforsakringar Fondforvaltning AB publ acquired a new position in TC Energy Co. (NYSE:TRP - Free Report) TSE: TRP during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 224,147 shares of the pipeline company's stock, valued at approximately $10,436,000.

A number of other institutional investors have also made changes to their positions in TRP. Norges Bank bought a new position in shares of TC Energy in the fourth quarter worth about $428,759,000. Mufg Securities Canada LTD. increased its stake in shares of TC Energy by 571.7% in the fourth quarter. Mufg Securities Canada LTD. now owns 6,184,832 shares of the pipeline company's stock worth $288,043,000 after purchasing an additional 5,264,079 shares during the period. Blackstone Inc. increased its stake in shares of TC Energy by 83.8% in the fourth quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after purchasing an additional 3,482,874 shares during the period. FIL Ltd increased its stake in shares of TC Energy by 10.3% in the fourth quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after purchasing an additional 2,644,627 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of TC Energy in the fourth quarter worth about $102,405,000. 83.13% of the stock is currently owned by institutional investors.

TC Energy Price Performance

NYSE TRP traded up $0.75 during trading on Friday, reaching $50.60. 3,120,790 shares of the company traded hands, compared to its average volume of 2,485,251. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.23 and a current ratio of 0.55. The stock's 50 day moving average price is $48.83 and its two-hundred day moving average price is $47.62. The company has a market cap of $52.61 billion, a price-to-earnings ratio of 15.62, a P/E/G ratio of 4.34 and a beta of 0.78. TC Energy Co. has a 1-year low of $37.07 and a 1-year high of $51.34.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a net margin of 29.40% and a return on equity of 12.12%. During the same period in the previous year, the firm posted $1.02 earnings per share. As a group, analysts anticipate that TC Energy Co. will post 2.63 EPS for the current year.

TC Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be issued a dividend of $0.6142 per share. This represents a $2.46 dividend on an annualized basis and a yield of 4.86%. The ex-dividend date of this dividend is Monday, June 30th. TC Energy's payout ratio is 77.89%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TRP. CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Royal Bank of Canada lifted their target price on TC Energy from $71.00 to $74.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 18th. Citigroup began coverage on TC Energy in a research report on Friday, April 4th. They set a "neutral" rating on the stock. US Capital Advisors raised TC Energy from a "hold" rating to a "moderate buy" rating in a research report on Monday, February 3rd. Finally, Veritas raised TC Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $62.00.

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.