Ontario Teachers Pension Plan Board Makes New $273.92 Million Investment in TC Energy Corporation $TRP

Key Points

• Ontario Teachers’ Pension Plan Board purchased 4.14 million TC Energy shares worth approximately $273.9 million, making the company 1.7% of its portfolio and its seventh-largest holding.
• Institutional investors and hedge funds own 83.13% of TC Energy. Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $89.
• TC Energy exceeded quarterly earnings and revenue expectations, reporting EPS of $0.68 and revenue of $2.80 billion. The company also announced a quarterly dividend of $0.8775 per share, representing a 5.5% annualized yield.

Ontario Teachers Pension Plan Board purchased a new stake in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 4,140,461 shares of the pipeline company's stock, valued at approximately $273,917,000. TC Energy comprises 1.7% of Ontario Teachers Pension Plan Board's investment portfolio, making the stock its 7th biggest holding. Ontario Teachers Pension Plan Board owned 0.40% of TC Energy at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Generali Asset Management SPA SGR raised its position in TC Energy by 261.0% during the 4th quarter. Generali Asset Management SPA SGR now owns 74,906 shares of the pipeline company's stock worth $4,121,000 after buying an additional 54,154 shares during the last quarter. BROOKFIELD Corp ON boosted its holdings in shares of TC Energy by 8.9% in the 1st quarter. BROOKFIELD Corp ON now owns 1,735,576 shares of the pipeline company's stock valued at $108,647,000 after acquiring an additional 141,556 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of TC Energy by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 47,801,695 shares of the pipeline company's stock valued at $2,632,200,000 after acquiring an additional 980,221 shares during the last quarter. Miller Howard Investments Inc. NY boosted its holdings in shares of TC Energy by 14.0% in the 1st quarter. Miller Howard Investments Inc. NY now owns 1,294,518 shares of the pipeline company's stock valued at $81,037,000 after acquiring an additional 158,686 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in shares of TC Energy by 10.3% in the first quarter. Bank of America Corp DE now owns 3,909,668 shares of the pipeline company's stock worth $244,745,000 after acquiring an additional 364,575 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley downgraded shares of TC Energy from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, June 10th. Barclays reiterated an "overweight" rating on shares of TC Energy in a research note on Thursday, July 16th. Scotiabank reissued an "outperform" rating on shares of TC Energy in a report on Tuesday, July 21st. Royal Bank Of Canada boosted their price objective on TC Energy from $104.00 to $106.00 and gave the company an "outperform" rating in a report on Friday, July 31st. Finally, Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and an average target price of $89.00.

TC Energy Price Performance

Shares of TC Energy stock opened at $64.06 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.64. TC Energy Corporation has a twelve month low of $49.27 and a twelve month high of $71.47. The business has a 50-day moving average price of $67.35 and a 200 day moving average price of $65.21. The firm has a market cap of $66.74 billion, a PE ratio of 26.58 and a beta of 0.66.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The company had revenue of $2.80 billion for the quarter, compared to the consensus estimate of $2.76 billion. TC Energy had a return on equity of 11.10% and a net margin of 22.91%.During the same quarter in the prior year, the business posted $0.82 earnings per share. Sell-side analysts predict that TC Energy Corporation will post 2.75 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be paid a dividend of $0.8775 per share. The ex-dividend date of this dividend is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.5%. TC Energy's payout ratio is currently 102.49%.

TC Energy 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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