Northern Trust Corp Boosts Holdings in TC Energy Corporation $TRP

Key Points

• Northern Trust Corp increased its stake in TC Energy Corp by 11.2%, acquiring an additional 86,438 shares for a total of 860,512 shares worth approximately $40.6 million.
• Several analysts have upgraded their ratings on TC Energy, with CIBC and Cibc World Markets moving to "strong-buy" and "sector outperform" ratings respectively, while the stock currently has a consensus target price of $62.00.
• TC Energy recently announced a quarterly dividend increase to $0.6148 per share, reflecting a yield of 4.8% and a payout ratio of 83.62%.

Northern Trust Corp boosted its position in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 11.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 860,512 shares of the pipeline company's stock after purchasing an additional 86,438 shares during the quarter. Northern Trust Corp owned about 0.08% of TC Energy worth $40,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Versor Investments LP purchased a new stake in TC Energy in the 1st quarter worth approximately $841,000. Northwest & Ethical Investments L.P. lifted its stake in TC Energy by 35.5% in the 1st quarter. Northwest & Ethical Investments L.P. now owns 302,252 shares of the pipeline company's stock worth $14,283,000 after purchasing an additional 79,261 shares in the last quarter. Partners Group Holding AG lifted its stake in TC Energy by 22.9% in the 1st quarter. Partners Group Holding AG now owns 748,084 shares of the pipeline company's stock worth $35,767,000 after purchasing an additional 139,633 shares in the last quarter. American Century Companies Inc. lifted its stake in TC Energy by 1.6% in the 1st quarter. American Century Companies Inc. now owns 250,870 shares of the pipeline company's stock worth $11,847,000 after purchasing an additional 4,015 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in TC Energy in the 1st quarter worth approximately $1,884,000. 83.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on TRP shares. Barclays reiterated an "overweight" rating on shares of TC Energy in a research note on Thursday, August 14th. US Capital Advisors cut shares of TC Energy from a "moderate buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Price Performance

Shares of TC Energy stock traded up $0.50 on Friday, hitting $52.14. 2,957,055 shares of the company traded hands, compared to its average volume of 1,456,922. The firm's 50-day simple moving average is $48.89 and its 200 day simple moving average is $48.44. The company has a current ratio of 0.61, a quick ratio of 0.54 and a debt-to-equity ratio of 1.54. The company has a market cap of $54.22 billion, a P/E ratio of 17.80, a P/E/G ratio of 4.98 and a beta of 0.77. TC Energy Corporation has a 12-month low of $40.76 and a 12-month high of $52.26.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.56 by $0.03. TC Energy had a net margin of 28.98% and a return on equity of 11.22%. The company had revenue of $1.82 billion for the quarter, compared to analyst estimates of $2.56 billion. During the same quarter last year, the firm earned $0.79 EPS. Analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current fiscal year.

TC Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a dividend of $0.6148 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a dividend yield of 4.7%. This is an increase from TC Energy's previous quarterly dividend of $0.61. TC Energy's payout ratio is 85.32%.

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.