PDT Partners LLC Boosts Stock Position in 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 increased its position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 14.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 65,544 shares of the pipeline company's stock after purchasing an additional 8,200 shares during the quarter. PDT Partners LLC's holdings in TC Energy were worth $3,094,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Graham Capital Management L.P. purchased a new position in shares of TC Energy during the 1st quarter worth $2,362,000. Energy Income Partners LLC grew its holdings in shares of TC Energy by 2.4% during the 1st quarter. Energy Income Partners LLC now owns 1,485,886 shares of the pipeline company's stock worth $70,149,000 after purchasing an additional 35,525 shares during the period. Ewing Morris & Co. Investment Partners Ltd. grew its holdings in shares of TC Energy by 7.9% during the 1st quarter. Ewing Morris & Co. Investment Partners Ltd. now owns 37,728 shares of the pipeline company's stock worth $1,781,000 after purchasing an additional 2,770 shares during the period. Vident Advisory LLC grew its holdings in shares of TC Energy by 5.0% during the 1st quarter. Vident Advisory LLC now owns 166,037 shares of the pipeline company's stock worth $7,840,000 after purchasing an additional 7,972 shares during the period. Finally, Evergreen Capital Management LLC boosted its holdings in TC Energy by 1.6% during the 1st quarter. Evergreen Capital Management LLC now owns 45,718 shares of the pipeline company's stock valued at $2,158,000 after acquiring an additional 710 shares during the period. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

Shares of TRP traded up $0.43 during midday trading on Friday, reaching $51.84. 1,969,162 shares of the stock were exchanged, compared to its average volume of 1,392,677. TC Energy Corporation has a twelve month low of $40.76 and a twelve month high of $52.39. 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 company has a market capitalization of $53.92 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 4.97 and a beta of 0.77. The business's 50-day moving average price is $49.30 and its 200 day moving average price is $48.65.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its quarterly earnings results on Thursday, July 31st. The pipeline company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business posted $0.79 EPS. On average, sell-side analysts expect that TC Energy Corporation will post 2.63 EPS for the current fiscal 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 given a $0.6148 dividend. This is a positive change from TC Energy's previous quarterly dividend of $0.61. The ex-dividend date is Monday, September 29th. This represents a $2.46 annualized dividend and a yield of 4.7%. TC Energy's payout ratio is currently 85.32%.

Analysts Set New Price Targets

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