NEOS Investment Management LLC Buys 300,247 Shares of TC Energy Corporation $TRP

Key Points

• NEOS Investment Management increased its TC Energy stake by 63.1%, adding 300,247 shares to own 776,001 shares valued at approximately $51.4 million. Institutional investors collectively hold 83.13% of the company.
• Analysts maintain a generally positive outlook, with TC Energy receiving a consensus “Moderate Buy” rating and an average price target of $89.00; RBC raised its target to $106.00.
• TC Energy exceeded quarterly earnings expectations, reporting $0.68 in EPS versus $0.61 forecast and $2.80 billion in revenue. The company also declared a quarterly dividend of $0.8775 per share, representing a 5.6% annualized yield.

NEOS Investment Management LLC lifted its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 63.1% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 776,001 shares of the pipeline company's stock after buying an additional 300,247 shares during the quarter. NEOS Investment Management LLC owned about 0.07% of TC Energy worth $51,371,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ewing Morris & Co. Investment Partners Ltd. raised its holdings in TC Energy by 1.0% in the 2nd quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 39,533 shares of the pipeline company's stock valued at $2,642,000 after acquiring an additional 377 shares during the period. Nykredit A S acquired a new position in shares of TC Energy in the second quarter valued at approximately $29,447,000. Coppell Advisory Solutions LLC bought a new position in shares of TC Energy during the second quarter worth approximately $543,000. Midwest Professional Planners LTD. lifted its holdings in TC Energy by 89.8% during the 2nd quarter. Midwest Professional Planners LTD. now owns 30,954 shares of the pipeline company's stock worth $2,052,000 after purchasing an additional 14,643 shares during the last quarter. Finally, Mufg Securities Canada LTD. lifted its holdings in TC Energy by 37.9% during the 2nd quarter. Mufg Securities Canada LTD. now owns 4,473,642 shares of the pipeline company's stock worth $295,781,000 after purchasing an additional 1,230,120 shares during the last quarter. Institutional investors own 83.13% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on TRP shares. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TC Energy in a report on Friday, July 31st. TD Securities reissued a "hold" rating on shares of TC Energy in a report on Thursday, July 16th. BMO Capital Markets reissued an "outperform" rating and issued a $99.00 target price on shares of TC Energy in a research report on Friday, July 31st. Royal Bank Of Canada boosted their target price on shares of TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. Finally, Barclays restated an "overweight" rating on shares of TC Energy in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $89.00.

TC Energy Trading Up 0.6%

Shares of TC Energy stock opened at $62.87 on Friday. The firm's 50 day moving average is $65.81 and its 200 day moving average is $65.41. The firm has a market capitalization of $65.51 billion, a PE ratio of 26.09 and a beta of 0.66. TC Energy Corporation has a 1 year low of $49.27 and a 1 year high of $71.47. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.64.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings data on Thursday, July 30th. The pipeline company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the prior year, the firm earned $0.82 EPS. Equities research analysts forecast that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 annualized dividend and a dividend yield of 5.6%. TC Energy's dividend payout ratio (DPR) is 102.49%.

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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