Public Employees Retirement System of Ohio Acquires New Position in TC Energy Corporation $TRP

Key Points

• Public Employees Retirement System of Ohio acquired 165,873 TC Energy shares worth approximately $10.98 million in the second quarter. Institutional investors collectively own 83.13% of the company.
• TC Energy reported quarterly earnings of $0.68 per share, exceeding analyst estimates of $0.61, while revenue reached $2.80 billion versus the $2.76 billion consensus.
• The company declared a quarterly dividend of $0.8775, equivalent to an annualized $3.51 payout and a 5.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $89.

Public Employees Retirement System of Ohio acquired a new position in shares of TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 165,873 shares of the pipeline company's stock, valued at approximately $10,980,000.

A number of other institutional investors also recently bought and sold shares of the company. Sterling Capital Management LLC purchased a new stake in shares of TC Energy in the 1st quarter valued at approximately $26,000. Annis Gardner Whiting Capital Advisors LLC purchased a new stake in shares of TC Energy during the 4th quarter valued at approximately $25,000. Trust Co. of Vermont purchased a new stake in shares of TC Energy during the 2nd quarter valued at approximately $33,000. McIlrath & Eck LLC acquired a new position in TC Energy in the fourth quarter valued at approximately $32,000. Finally, SWAN Capital LLC acquired a new position in TC Energy in the third quarter valued at approximately $40,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Stock Performance

Shares of TRP opened at $62.57 on Tuesday. TC Energy Corporation has a 1 year low of $49.27 and a 1 year high of $71.47. The stock has a market capitalization of $65.19 billion, a PE ratio of 25.96 and a beta of 0.66. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.54 and a current ratio of 0.61. The stock has a 50-day simple moving average of $66.21 and a 200-day simple moving average of $65.39.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last released its earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.07. The firm had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same period in the prior year, the firm earned $0.82 earnings per share. On average, analysts predict that TC Energy Corporation will post 2.78 earnings per share for the current fiscal year.

TC Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Stockholders of record on Tuesday, September 29th will be issued a $0.8775 dividend. This represents a $3.51 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date is Tuesday, September 29th. TC Energy's dividend payout ratio (DPR) is presently 102.49%.

Analyst Ratings Changes

TRP has been the subject of several recent analyst reports. TD Securities reissued a "hold" rating on shares of TC Energy in a research note on Thursday, July 16th. Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. BMO Capital Markets reissued an "outperform" rating and set a $99.00 price objective on shares of TC Energy in a research report on Friday, July 31st. US Capital Advisors upgraded shares of TC Energy from a "hold" rating to a "moderate buy" rating in a report on Thursday, August 20th. Finally, National Bank Financial raised shares of TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $89.00.

About TC Energy

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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