Mackenzie Financial Corp Boosts Holdings in TC Energy Corporation (NYSE:TRP)

Key Points

• Mackenzie Financial Corp increased its stake in TC Energy Corporation by 7.7%, acquiring an additional 945,708 shares, which now represents about 0.9% of their investment portfolio.
• Blackstone Inc. and other hedge funds have significantly increased their holdings in TC Energy, demonstrating growing institutional interest in the company.
• TC Energy recently reported EPS of $0.66 for the quarter, falling short of analysts' estimates, and has announced a quarterly dividend with a yield of 5.20% despite a recent dividend cut.

Mackenzie Financial Corp lifted its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 7.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,239,669 shares of the pipeline company's stock after acquiring an additional 945,708 shares during the quarter. TC Energy accounts for approximately 0.9% of Mackenzie Financial Corp's investment portfolio, making the stock its 24th biggest holding. Mackenzie Financial Corp owned approximately 1.27% of TC Energy worth $625,230,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TRP. Blackstone Inc. boosted its stake in shares of TC Energy by 83.8% during the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock worth $355,371,000 after acquiring an additional 3,482,874 shares in the last quarter. FIL Ltd boosted its stake in shares of TC Energy by 10.3% during the 4th quarter. FIL Ltd now owns 28,443,403 shares of the pipeline company's stock worth $1,325,558,000 after acquiring an additional 2,644,627 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of TC Energy during the 4th quarter worth about $102,405,000. Balyasny Asset Management L.P. boosted its stake in shares of TC Energy by 309.4% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,955,983 shares of the pipeline company's stock worth $91,059,000 after acquiring an additional 1,478,167 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of TC Energy by 30.6% during the 4th quarter. Geode Capital Management LLC now owns 6,156,772 shares of the pipeline company's stock worth $290,757,000 after acquiring an additional 1,444,112 shares in the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on TRP. CIBC raised shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Finally, Citigroup began coverage on shares of TC Energy in a research report on Friday, April 4th. They set a "neutral" rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $62.00.

TC Energy Stock Down 0.7%

TRP stock opened at $47.24 on Monday. The company has a market cap of $49.13 billion, a price-to-earnings ratio of 15.59, a PEG ratio of 4.53 and a beta of 0.76. The company has a current ratio of 0.70, a quick ratio of 0.63 and a debt-to-equity ratio of 1.61. TC Energy Corporation has a 12 month low of $37.41 and a 12 month high of $51.99. The firm has a 50-day moving average of $48.79 and a two-hundred day moving average of $47.85.

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 EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($0.04). The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $2.57 billion. TC Energy had a net margin of 29.17% and a return on equity of 11.41%. During the same quarter in the previous year, the company posted $1.02 EPS. As a group, analysts forecast that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Cuts Dividend

The firm 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 $0.6142 dividend. The ex-dividend date is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a yield of 5.20%. TC Energy's payout ratio is 82.51%.

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.

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