Mackenzie Financial Corp Grows Position in TC Energy Corporation $TRP

Key Points

• Mackenzie Financial Corp increased its stake in TC Energy by 4.4% in Q3, buying 557,794 shares to hold 13,351,862 shares (about 1.28% of the company) valued at roughly $725.8 million, making TRP its 23rd-largest position.
• TC Energy raised its quarterly dividend to $0.8775 ($3.51 annualized) for a yield of 5.5% (ex-dividend March 31, payable April 30), though the dividend payout ratio is a high 106.9%.
• The company reported Q4 EPS of $0.70, beating estimates while revenue missed consensus; TRP has a $66.3 billion market cap, a PE of 27.4, and an average analyst rating of "Hold" with a $72.50 consensus target.

Mackenzie Financial Corp boosted its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 4.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,351,862 shares of the pipeline company's stock after buying an additional 557,794 shares during the quarter. TC Energy accounts for approximately 0.9% of Mackenzie Financial Corp's holdings, making the stock its 23rd biggest position. Mackenzie Financial Corp owned approximately 1.28% of TC Energy worth $725,816,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Pacifica Partners Inc. grew its stake in shares of TC Energy by 14.0% in the third quarter. Pacifica Partners Inc. now owns 1,625 shares of the pipeline company's stock worth $87,000 after acquiring an additional 200 shares during the period. Mesirow Financial Investment Management Inc. lifted its position in TC Energy by 2.0% during the third quarter. Mesirow Financial Investment Management Inc. now owns 9,991 shares of the pipeline company's stock valued at $544,000 after purchasing an additional 200 shares during the period. Kingswood Wealth Advisors LLC boosted its holdings in TC Energy by 2.8% in the third quarter. Kingswood Wealth Advisors LLC now owns 7,342 shares of the pipeline company's stock worth $399,000 after purchasing an additional 202 shares during the last quarter. Checchi Capital Advisers LLC boosted its holdings in TC Energy by 3.4% in the third quarter. Checchi Capital Advisers LLC now owns 6,171 shares of the pipeline company's stock worth $336,000 after purchasing an additional 204 shares during the last quarter. Finally, Ewing Morris & Co. Investment Partners Ltd. grew its position in TC Energy by 0.6% in the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 37,962 shares of the pipeline company's stock worth $1,873,000 after purchasing an additional 234 shares during the period. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Stock Up 0.5%

TRP opened at $63.69 on Wednesday. The company has a current ratio of 0.63, a quick ratio of 0.56 and a debt-to-equity ratio of 1.66. TC Energy Corporation has a 1-year low of $43.59 and a 1-year high of $65.57. The company has a market capitalization of $66.31 billion, a PE ratio of 27.40 and a beta of 0.72. The firm's 50 day simple moving average is $59.06 and its two-hundred day simple moving average is $55.17.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Friday, February 13th. The pipeline company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.05. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.94 billion. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. During the same quarter in the previous year, the firm posted $1.05 EPS. As a group, equities analysts forecast that TC Energy Corporation will post 2.63 EPS for the current year.

TC Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, March 31st will be given a dividend of $0.8775 per share. This represents a $3.51 annualized dividend and a yield of 5.5%. This is a boost from TC Energy's previous quarterly dividend of $0.85. The ex-dividend date is Tuesday, March 31st. TC Energy's dividend payout ratio (DPR) is presently 106.90%.

Analyst Ratings Changes

A number of brokerages have weighed in on TRP. Raymond James Financial upgraded shares of TC Energy to a "hold" rating in a research note on Tuesday, February 17th. The Goldman Sachs Group raised their price target on TC Energy from $48.00 to $53.00 and gave the stock a "sell" rating in a research note on Wednesday, February 18th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of TC Energy in a report on Monday, December 29th. TD Securities cut TC Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, February 17th. Finally, Royal Bank Of Canada increased their target price on TC Energy from $84.00 to $92.00 and gave the company an "outperform" rating in a report on Tuesday, February 17th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, TC Energy presently has an average rating of "Hold" and a consensus target price of $72.50.

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.

Want to see what other hedge funds are holding TRP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.