Nuveen LLC Purchases Shares of 1,553,829 TC Energy Corporation (NYSE:TRP)

Key Points

• Nuveen LLC invested approximately $73.37 million in TC Energy Corporation, acquiring over 1.5 million shares, which accounts for about 0.15% of the company's total stock.
• Several research firms have upgraded TC Energy's ratings, with Cibc World Markets changing their rating to a "strong-buy" and analysts indicating an average price target of $62.00 for the stock.
• TC Energy increased its quarterly dividend to $0.6148, reflecting a positive change from the previous dividend, with an annualized yield of 4.8%.

Nuveen LLC acquired a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 1,553,829 shares of the pipeline company's stock, valued at approximately $73,370,000. Nuveen LLC owned approximately 0.15% of TC Energy at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in TC Energy in the fourth quarter worth approximately $225,000. Sagespring Wealth Partners LLC purchased a new stake in TC Energy in the fourth quarter worth approximately $221,000. Barclays PLC boosted its stake in TC Energy by 59.5% in the fourth quarter. Barclays PLC now owns 842,846 shares of the pipeline company's stock worth $39,218,000 after buying an additional 314,318 shares in the last quarter. Mariner LLC boosted its stake in TC Energy by 12.4% in the fourth quarter. Mariner LLC now owns 39,580 shares of the pipeline company's stock worth $1,842,000 after buying an additional 4,375 shares in the last quarter. Finally, Guggenheim Capital LLC boosted its stake in TC Energy by 9.7% in the fourth quarter. Guggenheim Capital LLC now owns 14,970 shares of the pipeline company's stock worth $697,000 after buying an additional 1,323 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TRP. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 2nd. Barclays restated an "overweight" rating on shares of TC Energy in a report on Thursday. Finally, CIBC upgraded TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Stock Performance

Shares of NYSE TRP traded down $0.18 during trading on Friday, hitting $51.04. The company had a trading volume of 1,218,308 shares, compared to its average volume of 1,510,380. The stock has a 50 day simple moving average of $48.40 and a 200 day simple moving average of $48.10. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. TC Energy Corporation has a 12 month low of $39.79 and a 12 month high of $51.99. The firm has a market capitalization of $53.08 billion, a P/E ratio of 17.42, a price-to-earnings-growth ratio of 4.89 and a beta of 0.75.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings data on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. TC Energy had a return on equity of 11.22% and a net margin of 28.98%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter last year, the company earned $0.79 earnings per share. As a group, analysts anticipate that TC Energy Corporation will post 2.63 earnings per share for the current 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 paid a dividend of $0.6148 per share. This is a boost from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.46 annualized dividend and a yield of 4.8%. TC Energy's dividend payout ratio is 83.62%.

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.