Sanctuary Advisors LLC Invests $2.80 Million in TC Energy Corporation $TRP

Key Points

• Sanctuary Advisors LLC acquired 42,300 TC Energy shares worth approximately $2.8 million during the second quarter. Institutional investors collectively own 83.13% of the company.
• TC Energy beat quarterly earnings expectations, reporting $0.68 EPS versus the $0.61 consensus and revenue of $2.80 billion. Analysts expect full-year EPS of $2.78.
• The company declared a quarterly dividend of $0.8775, equivalent to $3.51 annually and a 5.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $89.

Sanctuary Advisors LLC bought a new stake in TC Energy Corporation (NYSE:TRP - Free Report) TSE: TRP in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 42,300 shares of the pipeline company's stock, valued at approximately $2,803,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in TC Energy during the second quarter worth about $977,976,000. Bank of Nova Scotia acquired a new stake in TC Energy in the 2nd quarter valued at about $298,788,000. Hudson Portfolio Management LLC acquired a new stake in TC Energy in the 2nd quarter valued at about $724,000. Elevation Point Wealth Partners LLC purchased a new position in TC Energy in the 2nd quarter worth approximately $2,639,000. Finally, Greenland Capital Management LP purchased a new position in TC Energy in the 2nd quarter worth approximately $232,000. 83.13% of the stock is owned by hedge funds and other institutional investors.

TC Energy Price Performance

Shares of TRP stock opened at $61.85 on Wednesday. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.61 and a quick ratio of 0.54. The company has a market capitalization of $64.45 billion, a PE ratio of 25.67 and a beta of 0.66. The firm's 50-day moving average is $66.66 and its two-hundred day moving average is $65.32. TC Energy Corporation has a 12 month low of $49.27 and a 12 month high of $71.47.

TC Energy (NYSE:TRP - Get Free Report) TSE: TRP last posted its quarterly earnings results on Thursday, July 30th. The pipeline company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.07. The business had revenue of $2.80 billion during the quarter, compared to analysts' expectations of $2.76 billion. TC Energy had a net margin of 22.91% and a return on equity of 11.10%. During the same quarter in the prior year, the company posted $0.82 EPS. Analysts predict that TC Energy Corporation will post 2.78 earnings per share for the current year.

TC Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 30th. Investors of record on Tuesday, September 29th will be issued a $0.8775 dividend. The ex-dividend date is Tuesday, September 29th. This represents a $3.51 dividend on an annualized basis and a yield of 5.7%. TC Energy's dividend payout ratio is currently 102.49%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TRP shares. National Bank Financial upgraded TC Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 4th. Barclays reaffirmed an "overweight" rating on shares of TC Energy in a report on Thursday, July 16th. Scotiabank reiterated an "outperform" rating on shares of TC Energy in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of TC Energy in a research note on Tuesday, May 26th. Finally, Morgan Stanley cut TC Energy from an "overweight" rating to an "equal weight" rating in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, TC Energy currently has an average rating of "Moderate Buy" and an average price target of $89.00.

TC Energy Profile

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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