Mediolanum International Funds Ltd Raises Holdings in TC Energy Corporation (NYSE:TRP)

Key Points

• Mediolanum International Funds Ltd increased its stake in TC Energy Corporation by 81.2%, resulting in ownership of 75,426 shares worth approximately $3.63 million.
• Brokerage firm Cibc World Markets upgraded TC Energy from a "hold" to a "strong-buy" rating, while the consensus rating among analysts is a "Moderate Buy" with an average target price of $62.00.
• Despite positive analyst sentiment, TC Energy recently reported earnings that missed estimates, posting revenue of $1.78 billion, well below the expected $2.57 billion.

Mediolanum International Funds Ltd grew its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 81.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 75,426 shares of the pipeline company's stock after purchasing an additional 33,806 shares during the quarter. Mediolanum International Funds Ltd's holdings in TC Energy were worth $3,634,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of TRP. Thrivent Financial for Lutherans lifted its holdings in TC Energy by 10.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,468 shares of the pipeline company's stock valued at $269,000 after buying an additional 504 shares during the period. American Century Companies Inc. increased its holdings in TC Energy by 6.0% in the fourth quarter. American Century Companies Inc. now owns 246,855 shares of the pipeline company's stock worth $11,504,000 after purchasing an additional 14,076 shares in the last quarter. Sei Investments Co. lifted its stake in TC Energy by 8.7% in the fourth quarter. Sei Investments Co. now owns 45,239 shares of the pipeline company's stock valued at $2,105,000 after buying an additional 3,636 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of TC Energy by 6.9% during the 4th quarter. Orion Portfolio Solutions LLC now owns 7,764 shares of the pipeline company's stock worth $361,000 after buying an additional 502 shares in the last quarter. Finally, Intrust Bank NA boosted its holdings in shares of TC Energy by 8.7% during the 4th quarter. Intrust Bank NA now owns 10,122 shares of the pipeline company's stock worth $471,000 after buying an additional 808 shares in the last quarter. 83.13% of the stock is currently owned by institutional investors and hedge funds.

TC Energy Stock Performance

TC Energy stock traded down $0.11 during midday trading on Wednesday, reaching $46.95. 687,713 shares of the company traded hands, compared to its average volume of 2,423,087. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.70 and a quick ratio of 0.63. TC Energy Corporation has a 12 month low of $37.41 and a 12 month high of $51.99. The firm has a market capitalization of $48.82 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 4.54 and a beta of 0.76. The business has a 50 day moving average of $48.68 and a two-hundred day moving average of $47.84.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.70 by ($0.04). The business had revenue of $1.78 billion during 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 last year, the company earned $1.02 EPS. As a group, research analysts predict that TC Energy Corporation will post 2.63 earnings per share for the current year.

TC Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be paid a $0.6142 dividend. This represents a $2.46 dividend on an annualized basis and a yield of 5.23%. The ex-dividend date is Monday, June 30th. TC Energy's payout ratio is 82.51%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research note on Friday, May 2nd. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. Finally, Citigroup started coverage on shares of TC Energy in a research report on Friday, April 4th. They issued a "neutral" rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.