Massachusetts Financial Services Co. MA Boosts Stock Holdings in TC Energy Corporation (NYSE:TRP)

Massachusetts Financial Services Co. MA boosted its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 150.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 260,330 shares of the pipeline company's stock after buying an additional 156,289 shares during the period. Massachusetts Financial Services Co. MA's holdings in TC Energy were worth $12,290,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of TC Energy in the fourth quarter valued at $428,759,000. Mufg Securities Canada LTD. raised 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 valued at $288,043,000 after acquiring an additional 5,264,079 shares in the last quarter. Blackstone Inc. raised 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 valued at $355,371,000 after acquiring an additional 3,482,874 shares in the last quarter. FIL Ltd raised 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 valued at $1,325,558,000 after acquiring an additional 2,644,627 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of TC Energy in the fourth quarter valued at $102,405,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

TC Energy Trading Up 0.0%

TC Energy stock opened at $47.74 on Friday. The stock has a market capitalization of $49.65 billion, a PE ratio of 15.76, a price-to-earnings-growth ratio of 4.59 and a beta of 0.76. TC Energy Corporation has a 12-month low of $40.95 and a 12-month high of $51.99. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. The firm has a 50 day simple moving average of $48.93 and a 200-day simple moving average of $47.84.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results 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 business had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $2.57 billion. TC Energy had a return on equity of 11.41% and a net margin of 29.17%. During the same quarter in the previous year, the business posted $1.02 earnings per share. As a group, equities research analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal year.

TC Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.6142 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $2.46 dividend on an annualized basis and a dividend yield of 5.15%. TC Energy's dividend payout ratio is currently 82.18%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on TRP shares. Cibc World Mkts upgraded shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Citigroup initiated coverage on shares of TC Energy in a research note on Friday, April 4th. They set a "neutral" rating for the company. Finally, CIBC upgraded shares of TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. One research 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. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $62.00.

TC Energy Company 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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