Meritage Portfolio Management Makes New Investment in TC Energy Corporation $TRP

Key Points

• Meritage Portfolio Management opened a new position in TC Energy in Q4, buying 59,964 shares valued at about $3.30 million, and institutional investors now own roughly 83.13% of the company with several funds (AQR, Intech, Guggenheim) increasing their stakes.
• TC Energy raised its quarterly dividend to $0.8775 (from $0.85), implying a $3.51 annualized payout and ~5.8% yield; the ex-dividend date is March 31 and the payout ratio is 108.62%.
• In the latest quarter TC Energy beat on EPS ($0.70 vs. $0.65 est.) but missed on revenue ($2.20B vs. $2.94B est.); analysts hold a consensus "Moderate Buy" with an average price target of $77.

Meritage Portfolio Management acquired a new position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 59,964 shares of the pipeline company's stock, valued at approximately $3,299,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. AQR Capital Management LLC grew its position in TC Energy by 54.0% in the 1st quarter. AQR Capital Management LLC now owns 11,099 shares of the pipeline company's stock worth $538,000 after purchasing an additional 3,892 shares during the last quarter. Focus Partners Wealth raised its position in shares of TC Energy by 46.1% during the first quarter. Focus Partners Wealth now owns 12,446 shares of the pipeline company's stock valued at $588,000 after buying an additional 3,929 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of TC Energy by 200.7% in the first quarter. Intech Investment Management LLC now owns 26,878 shares of the pipeline company's stock valued at $1,269,000 after buying an additional 17,939 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of TC Energy by 50.5% in the second quarter. EverSource Wealth Advisors LLC now owns 3,706 shares of the pipeline company's stock valued at $181,000 after buying an additional 1,243 shares during the period. Finally, Guggenheim Capital LLC grew its position in TC Energy by 9.9% during the second quarter. Guggenheim Capital LLC now owns 16,758 shares of the pipeline company's stock worth $818,000 after buying an additional 1,511 shares in the last quarter. Institutional investors own 83.13% of the company's stock.

TC Energy Stock Down 1.1%

Shares of NYSE TRP opened at $60.14 on Wednesday. TC Energy Corporation has a 52-week low of $46.29 and a 52-week high of $65.57. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.56 and a current ratio of 0.63. The business has a fifty day moving average of $63.05 and a two-hundred day moving average of $57.37. The stock has a market cap of $62.65 billion, a PE ratio of 25.88 and a beta of 0.69.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its earnings results on Friday, February 13th. The pipeline company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.05. TC Energy had a net margin of 23.04% and a return on equity of 10.52%. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter in the prior year, the firm earned $1.05 EPS. As a group, equities research analysts expect that TC Energy Corporation will post 2.79 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.8775 per share. This is a positive change from TC Energy's previous quarterly dividend of $0.85. This represents a $3.51 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend is Tuesday, March 31st. TC Energy's payout ratio is currently 108.62%.

Analyst Upgrades and Downgrades

Several research firms have commented on TRP. BMO Capital Markets reaffirmed an "outperform" rating on shares of TC Energy in a report on Tuesday, February 17th. Wall Street Zen upgraded TC Energy from a "sell" rating to a "hold" rating in a research report on Saturday, February 14th. TD Securities lowered TC Energy from a "buy" rating to a "hold" rating in a research note on Tuesday, February 17th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of TC Energy in a research report on Monday, December 29th. Finally, Raymond James Financial upgraded shares of TC Energy to a "hold" rating in a research note on Tuesday, February 17th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $77.00.

TC Energy Company 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.

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