TC Energy Corporation (NYSE:TRP) Stock Holdings Increased by Ontario Teachers Pension Plan Board

Key Points

• The Ontario Teachers Pension Plan Board increased its holdings in TC Energy Corporation by 60.2% in the first quarter, now owning 35,077 shares valued at approximately $1,657,000.
• TC Energy announced a quarterly dividend of $0.6148, reflecting a positive change from the previous dollar amount that translates to an annual yield of 4.9%.
• The stock has received a consensus rating of "Moderate Buy" with a target price of $62.00, indicating a generally positive outlook among analysts.

Ontario Teachers Pension Plan Board grew its stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 60.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,077 shares of the pipeline company's stock after purchasing an additional 13,181 shares during the quarter. Ontario Teachers Pension Plan Board's holdings in TC Energy were worth $1,657,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of TC Energy by 1.6% during the first quarter. Vanguard Group Inc. now owns 44,397,978 shares of the pipeline company's stock worth $2,096,739,000 after purchasing an additional 710,837 shares in the last quarter. TD Asset Management Inc lifted its stake in shares of TC Energy by 6.2% during the first quarter. TD Asset Management Inc now owns 17,455,740 shares of the pipeline company's stock worth $824,243,000 after purchasing an additional 1,018,590 shares in the last quarter. Bank of Nova Scotia lifted its stake in shares of TC Energy by 80.3% during the first quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock worth $802,164,000 after purchasing an additional 7,562,887 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of TC Energy by 2,565.1% during the first quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock worth $769,815,000 after purchasing an additional 15,694,336 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its stake in shares of TC Energy by 9.5% during the fourth quarter. Canada Pension Plan Investment Board now owns 14,755,330 shares of the pipeline company's stock worth $686,763,000 after purchasing an additional 1,280,000 shares in the last quarter. Institutional investors and hedge funds own 83.13% of the company's stock.

TC Energy Stock Down 0.6%

Shares of NYSE TRP traded down $0.32 during midday trading on Friday, reaching $49.40. 1,343,141 shares of the company's stock were exchanged, compared to its average volume of 1,864,250. TC Energy Corporation has a 52-week low of $39.26 and a 52-week high of $51.99. The stock has a market capitalization of $51.37 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 4.74 and a beta of 0.75. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.54 and a current ratio of 0.61. The business's fifty day moving average price is $48.46 and its two-hundred day moving average price is $47.95.

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

TC Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Monday, September 29th will be issued a $0.6148 dividend. This is an increase from TC Energy's previous quarterly dividend of $0.61. This represents a $2.46 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Monday, September 29th. TC Energy's dividend payout ratio is presently 85.32%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TRP shares. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 2nd. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $62.00.

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.