Premier Fund Managers Ltd Raises Stock Holdings in TC Energy Corporation (NYSE:TRP)

Key Points

• Premier Fund Managers Ltd increased its stake in TC Energy Corporation by 392.0% in the first quarter, holding a total of 246,000 shares valued at approximately $11.8 million.
• Analysts have a consensus rating of "Moderate Buy" for TC Energy, with a price target of $62.00, as several firms recently upgraded their ratings.
• TC Energy announced a quarterly dividend of $0.6142, representing a 5.24% yield, despite a recent earnings report showing lower revenue than expected.

Premier Fund Managers Ltd boosted its holdings in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP by 392.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 246,000 shares of the pipeline company's stock after buying an additional 196,000 shares during the period. Premier Fund Managers Ltd's holdings in TC Energy were worth $11,817,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Lowe Wealth Advisors LLC acquired a new position in TC Energy during the 1st quarter valued at about $30,000. TruNorth Capital Management LLC acquired a new position in shares of TC Energy in the first quarter valued at about $45,000. Golden State Wealth Management LLC increased its holdings in shares of TC Energy by 222.2% in the first quarter. Golden State Wealth Management LLC now owns 1,076 shares of the pipeline company's stock valued at $51,000 after purchasing an additional 742 shares during the period. SBI Securities Co. Ltd. increased its holdings in shares of TC Energy by 75.3% in the first quarter. SBI Securities Co. Ltd. now owns 1,166 shares of the pipeline company's stock valued at $55,000 after purchasing an additional 501 shares during the period. Finally, HM Payson & Co. acquired a new position in shares of TC Energy in the first quarter valued at about $60,000. 83.13% of the stock is owned by institutional investors and hedge funds.

TC Energy Stock Performance

Shares of TRP traded up $0.53 during mid-day trading on Friday, reaching $48.41. The company had a trading volume of 908,838 shares, compared to its average volume of 2,419,280. TC Energy Corporation has a 52-week low of $37.41 and a 52-week high of $51.99. The company has a quick ratio of 0.63, a current ratio of 0.70 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $50.35 billion, a P/E ratio of 15.99, a PEG ratio of 4.56 and a beta of 0.76. The stock has a 50 day moving average of $48.58 and a two-hundred day moving average of $47.85.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last issued its earnings results on Thursday, July 31st. The pipeline company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.03. TC Energy had a return on equity of 11.41% and a net margin of 29.17%. The firm had revenue of $1.82 billion for the quarter, compared to the consensus estimate of $2.56 billion. During the same quarter in the prior year, the business earned $0.79 earnings per share. On average, analysts expect that TC Energy Corporation will post 2.63 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on TRP. Cibc World Mkts raised TC Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, May 2nd. CIBC raised TC Energy from a "neutral" rating to a "sector outperform" rating in a report on Friday, May 2nd. Finally, Citigroup began coverage on TC Energy in a report on Friday, April 4th. They issued a "neutral" rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and a consensus target price of $62.00.

About TC Energy

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.