TC Energy Corporation (NYSE:TRP) Shares Acquired by PCJ Investment Counsel Ltd.

Key Points

• PCJ Investment Counsel Ltd. significantly increased its stake in TC Energy Corporation by 62.3%, acquiring an additional 19,090 shares, bringing its total ownership to 49,750 shares valued at approximately $2.35 million.
• TC Energy declared a quarterly dividend of $0.6148, reflecting a positive change from $0.61, representing an annualized amount of $2.46 with a dividend yield of 4.9%.
• Research analysts have a consensus rating of "Moderate Buy" for TC Energy, with a price target set at $62.00, indicating optimism about the company’s future performance.

PCJ Investment Counsel Ltd. grew its holdings in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 62.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 49,750 shares of the pipeline company's stock after acquiring an additional 19,090 shares during the period. PCJ Investment Counsel Ltd.'s holdings in TC Energy were worth $2,350,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. BROOKFIELD Corp ON raised its stake in shares of TC Energy by 31.6% in the 4th quarter. BROOKFIELD Corp ON now owns 1,890,168 shares of the pipeline company's stock valued at $87,950,000 after acquiring an additional 454,011 shares during the period. Bank of New York Mellon Corp increased its stake in TC Energy by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 915,241 shares of the pipeline company's stock worth $43,209,000 after buying an additional 10,227 shares during the period. Farther Finance Advisors LLC increased its stake in TC Energy by 77.7% during the 1st quarter. Farther Finance Advisors LLC now owns 2,299 shares of the pipeline company's stock worth $110,000 after buying an additional 1,005 shares during the period. Wealthstar Advisors LLC purchased a new stake in TC Energy during the 1st quarter worth $432,000. Finally, Golden State Wealth Management LLC increased its stake in TC Energy by 222.2% during the 1st quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock worth $51,000 after buying an additional 742 shares during the period. Hedge funds and other institutional investors own 83.13% of the company's stock.

TC Energy Stock Down 0.6%

Shares of TRP traded down $0.32 during midday trading on Friday, hitting $49.40. The company had a trading volume of 1,343,141 shares, compared to its average volume of 1,864,250. The company's 50 day moving average price is $48.46 and its 200 day moving average price is $47.95. The stock has a market cap of $51.37 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 4.74 and a beta of 0.75. TC Energy Corporation has a 52 week low of $39.26 and a 52 week high of $51.99. The company has a quick ratio of 0.54, a current ratio of 0.61 and a debt-to-equity ratio of 1.54.

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

TC Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Monday, September 29th will be issued a $0.6148 dividend. 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 dividend yield of 5.0%. TC Energy's dividend payout ratio (DPR) is presently 85.32%.

Analyst Upgrades and Downgrades

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

TC Energy 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.