PDT Partners LLC Buys 8,200 Shares of TC Energy Corporation $TRP

Key Points

• PDT Partners LLC increased its stake in TC Energy Corporation by 14.3% in Q1, holding 65,544 shares valued at $3.09 million.
• TC Energy announced a quarterly dividend increase to $0.6148, providing shareholders with a 4.7% yield, with the ex-dividend date set for September 29th.
• TC Energy's stock currently has an average rating of "Moderate Buy", with an average target price of $62.00 as assessed by several research firms.

PDT Partners LLC lifted its stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 14.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 65,544 shares of the pipeline company's stock after acquiring an additional 8,200 shares during the period. PDT Partners LLC's holdings in TC Energy were worth $3,094,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in TRP. Goldman Sachs Group Inc. boosted its stake in TC Energy by 2,565.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 16,306,187 shares of the pipeline company's stock valued at $769,815,000 after purchasing an additional 15,694,336 shares during the period. Bank of Nova Scotia grew its holdings in TC Energy by 80.3% in the 1st quarter. Bank of Nova Scotia now owns 16,983,443 shares of the pipeline company's stock valued at $802,164,000 after buying an additional 7,562,887 shares during the last quarter. Canada Pension Plan Investment Board grew its holdings in TC Energy by 34.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 19,808,558 shares of the pipeline company's stock valued at $935,627,000 after buying an additional 5,053,228 shares during the last quarter. Deutsche Bank AG grew its holdings in TC Energy by 175.1% in the 1st quarter. Deutsche Bank AG now owns 5,758,203 shares of the pipeline company's stock valued at $271,845,000 after buying an additional 3,664,862 shares during the last quarter. Finally, Blackstone Inc. grew its holdings in TC Energy by 83.8% in the 4th quarter. Blackstone Inc. now owns 7,637,469 shares of the pipeline company's stock valued at $355,371,000 after buying an additional 3,482,874 shares during the last quarter. 83.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on TRP. Barclays reiterated an "overweight" rating on shares of TC Energy in a research report on Thursday, August 14th. US Capital Advisors lowered shares of TC Energy from a "moderate buy" rating to a "hold" rating in a report on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $62.00.

TC Energy Price Performance

Shares of TC Energy stock traded down $0.67 during midday trading on Thursday, hitting $51.39. 1,912,423 shares of the company were exchanged, compared to its average volume of 1,331,412. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.61 and a quick ratio of 0.54. The firm has a market cap of $53.45 billion, a P/E ratio of 17.54, a PEG ratio of 4.98 and a beta of 0.77. TC Energy Corporation has a 52 week low of $40.76 and a 52 week high of $52.39. The firm has a 50 day simple moving average of $49.25 and a 200-day simple moving average of $48.57.

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

TC Energy Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 4.8%. This is a positive change 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.